DETROIT — Superior Capital Partners LLC, a Detroit-based private equity firm, and Plymouth Venture Partners, an Ann Arbor-based venture capital firm, announced a joint investment in XanEdu Holdings LLC.
XanEdu is a division of NAPC Holdings LLC, a platform that was created by Superior in 2009 for the acquisitions of XanEdu and NA Publishing Inc.
Details of the investment, including the amount and terms, were not disclosed.
XanEdu is a publisher of customized course materials for the higher education market. Based in Ann Arbor, XanEdu has nearly 100 employees located in offices in Ann Arbor, Louisville, Ky. and Acton, Mass.
XanEdu custom course materials are used by more than 630,000 students at 1,000 institutions.
Folio-X, XanEdu’s award-winning e-learning system, was launched in December 2010, the same year the iPad was introduced.
The financing will enable XanEdu to expand the capabilities of the Folio-X platform and accelerate its growth initiatives including new publisher partnerships, content development, and custom publishing editorial services.
Said Plymouth CEO Mark Horne: “Our due diligence revealed the proven potential for XanEdu to expand its leading position in the higher education custom textbook and e-learning market. We’re confident that they have the right strategy and management team in place to continue delivering on its mission.”
Added Superior managing partner Mark Carroll: “We’re honored that Mark Horne, Ian Bund and the rest of the Plymouth team share our belief in the growth potential of XanEdu. During Superior’s ownership period, the company has transformed from a traditional provider of mostly print-based coursepacks to a provider of a wide variety of custom-developed solutions that are now delivered via the Folio-X digital platform. Plymouth provides us with an investment partner with deep experience in accomplishing aggressive growth initiatives in a technology driven market.”
And XanEdu CEO Alar Elken said: “This combined investment from Plymouth and Superior provides XanEdu with the resources to accelerate the transformation of XanEdu into a dynamic e-learning company. Education is becoming more portable, more dynamic and more engaging. Students are demanding mobility, interactivity, and currency. We have the resources in place to assist instructors, students, and institutions in accessing greater choices and in providing greater flexibility in their learning materials at a lower price point than traditional solutions.”