Charlotte, NC (June 23, 2020) – Ridgemont Equity Partners, a middle market private equity investor, today announced the acquisition of American Safety Council (“ASC” or the “Company”), a leading national provider of mandatory training, education, and certification solutions to regulated end markets. ASC distributes 100% of its life-saving content in digital format and focuses on workplace safety, driver safety and vocational certifications. Financial terms of the transaction were not disclosed.
“ASC has an outstanding management team, led by John Comly, and a uniquely scaled, national platform with nearly two million customers and over four hundred online courses that help people lead safer and more productive lives,” said Rob Edwards, Partner at Ridgemont. “We have followed the business and its impressive growth trajectory for many years and are very pleased to partner with the ASC team to continue to invest in its content and technology and to actively pursue M&A opportunities in adjacent end markets.”
“There has been an ongoing paradigm shift of learning environments gravitating from the classroom to a digital setting, and the current public health crisis has accelerated this movement,” said Charles Anderson, Partner at Ridgemont. “Additionally, the U.S. regulatory landscape has become more stringent in many training and continuing education segments. ASC is extremely well-positioned to provide trusted, high-quality content in a user-friendly online format, and Ridgemont is excited to embark on this next chapter of growth alongside the Company’s management team.”
“Our new partnership with Ridgemont and their team’s strategic and financial support will further propel our business and enable us to advance our capabilities,” said John Comly, CEO of American Safety Council. “We have a purpose-built platform for organic growth and M&A, alongside a winning culture at ASC. Ridgemont shares our vision to build American Safety Council into the leading provider of online training, education and vocational certification in regulated end markets.”
Financing for the transaction was provided by Benefit Street Partners LLC, AB Private Credit Investors and funds and accounts sub-advised by Churchill Asset Management LLC. Alston & Bird LLP provided legal services to Ridgemont. Robert W. Baird & Company served as financial advisor to American Safety Council and William Blair served as financial advisor to Ridgemont.