September 29, 2021 – New Canaan Funding Mezzanine VII SBIC, LP (“NCF VII SBIC”) provided financing to support the acquisition of Literacy Resources, LLC (d/b/a Heggerty, “Heggerty” or the “Company”) by L Squared Capital Partners (“L Squared”). NCF provided debt and equity financing as part of this acquisition.
Heggerty, headquartered in Oak Park, Illinois, is a leading early childhood literacy solutions provider offering a comprehensive suite of phonemic and phonological awareness solutions. Heggerty’s product offering is anchored by its daily systemic phonemic and phonological awareness curriculum delivered in print and digital modalities that are used by more than 250,000 educators spanning from early pre-K to 5th grade. Heggerty has supplemented its foundational curriculum offering with a growing suite of solutions, including digital video content, digital assessment and screening tools, intervention curriculum, and decodable readers. Heggerty’s products are supported by professional development services and implementation support delivered by literacy specialists that embody Heggerty’s mission: to equip teachers with effective and engaging products and professional learning opportunities that help prepare and empower all students to become lifelong readers.
New Canaan Funding (“NCF”), with offices in Naples, Florida, New Canaan, Connecticut and Wheaton, Illinois, is a mezzanine firm focused on the middle market private sponsor community. Since its beginnings in 1995, NCF has targeted acquisitions, recapitalizations and growth financings in conjunction with its private equity clients. NCF is currently investing out of its seventh fund. The investment in Heggerty represents NCF VII SBIC’s fifth investment in the fund. This financing represents the second investment with L Squared.
L Squared Capital Partners is an investment firm headquartered in Newport Beach, California that seeks to make long-term investments in leading growth companies that operate in targeted sectors of Education Technology, Tech-Enabled Services and Software, and Industrial Technology and Services. L Squared’s unique investor base of family offices enables it to focus on long-term value creation driven by revenue and earnings growth, not financial engineering or market timing. The principals of L Squared have worked together for over a decade and have over 100 years of combined experience investing in growing private companies.
Contact and additional information for L Squared Capital Parnters can be found at www.LSquaredCap.com.
Contact at New Canaan Funding:
Earl Mix III
emix@newcanaanfunding.com 203-966-1071 ext. 224
