BOSTON, MA– February 15, 2024 – New Heritage Capital (“Heritage”) is pleased to announce the successful exit of its investment in Carnegie (or, the “Company”). The Company was acquired by Shamrock Capital, a Los Angeles-based investment firm, where it will continue to deliver high touch marketing and enrollment solutions to its college and university partners.
Founded in 1984 by Joe Moore and headquartered in Westford, MA, Carnegie is a leader in higher education marketing and enrollment strategy. Heritage worked closely with Carnegie management to execute 6 add-ons acquisitions during its partnership that helped broaden the Company’s full suite of solutions. These acquisitions strengthened Carnegie’s offerings in financial aid strategy, predictive modeling, Slate CRM optimization, student search, website development, and small college services. Combined with its integrated digital marketing, research, strategy, creative, and lead generation services, Carnegie offers a complete solution and transparent approach to its customers. Now with approximately 390 employees and over 750 university clients, Carnegie is poised to continue disrupting the higher education industry with its full-service enrollment solutions.
Joe Moore, Founder and Chairman of Carnegie, said, “Carnegie has always held the personalized, high-quality experience that it provides to its college and university partners as its highest priority. Heritage enabled us to maintain this commitment, while also supporting our investment in the Carnegie team and its portfolio of solutions. It’s truly been the ideal partnership.”
“Alongside Heritage, the Company has built upon its modern solution for higher education customers. We’re excited to continue investing in our team, adding and integrating new capabilities, and pushing the boundaries of innovation” said Gary Colen, CEO of Carnegie.
“It has been a pleasure working with the Carnegie team and we are incredibly proud of what the team has been able to accomplish during our partnership,” said Nickie Norris, Senior Partner at Heritage. “Heritage is solely focused on partnering with strong founder-owned businesses such as Carnegie to help them unlock their full potential – we are excited to follow their continued success.”
Advisors
R.W. Baird acted as financial advisor and Choate Hall & Stewart, LLP and Reinhart Boerner Van Deuren s.c. acted as legal advisors to Carnegie and Heritage.
Heritage is a Boston-based private equity firm with a more than twenty-year history of partnering with growing, middle market, founder-owned businesses. With its innovative investment structures like the Private IPO®, Heritage provides founders with a combination of liquidity and growth capital while allowing founders to maintain control of their business. With decades of experience at managing growth, Heritage gives its partners the strategic, operational and financial guidance to help its companies reach their growth objectives.
The above quotes are provided by Joe Moore and Gary Colen, Founder & Chairman and CEO of Carnegie. Mr. Moore and Mr. Colen are not investors in any New Heritage Capital fund and were not paid for the quotes included above. However, due to their positions at Carnegie, they may be inclined to have a favorable view of New Heritage Capital.
