NEUBERGER BERMAN CAPITAL SOLUTIONS LEADS ACQUISITION OF MINORITY STAKE IN COLIBRI GROUP

NEW YORK, Nov. 27, 2023 /PRNewswire/ -- Neuberger Berman, a private, independent, employee-owned investment manager, announced that funds advised by Neuberger Berman have acquired a minority stake in Colibri Group ("Colibri" or "the Company"). Neuberger Berman joins existing investor Gridiron Capital, a leading private equity firm based in New Canaan, CT, which will retain a majority stake in Colibri.

Headquartered in St. Louis, MO, Colibri is a leading provider of career lifecycle management for mandatory professional education solutions across the accounting, real estate, healthcare, financial services, valuation and property services, and teacher education end markets. The Company specializes in comprehensive education solutions for professionals to successfully pursue and maintain their licenses and provides training for both qualifying and continuing education.

Proceeds from the investment were used to facilitate Colibri's acquisition of Therapeutic Research Center ("TRC"), which is a leading provider of lifelong learning solutions for pharmacists, pharmacy technicians, prescribers, nurses and other clinicians. Over 1 million healthcare professionals rely on TRC's advisory and education content to access concise, unbiased, and timely recommendations and clinical resources.

NB Capital Solutions led the process, with investments made from several Neuberger Berman client portfolios. Terms of the investment were not disclosed.

"We are excited to partner with management, as well as Gridiron Capital, to support Colibri's continued growth. We have long admired Colibri's demonstrated track record of developing and acquiring market-leading professional education brands and believe the Company's solutions will continue to be valued by customers in the years to come," said J.T. Munch, Managing Director, Neuberger Berman Capital Solutions.

"TRC is a fantastic business that will accelerate our focus around becoming the most admired professional learning company in the world. Wes Crews and the world-class team at TRC will contribute significantly to achieving this vision," said Jeff James, Chief Executive Officer of Colibri.

"As our seventeenth strategic partnership since investing in Colibri in May 2019, TRC marks a continuation of Colibri's acquisition strategy to diversify end markets served, enhance product offerings and expand geographically," said Will Hausberg, Senior Managing Director at Gridiron Capital. "We are proud of the collaboration between the Colibri and Gridiron teams to achieve this strategic milestone and are excited to welcome TRC to the team," added Kevin Jackson, Managing Partner at Gridiron Capital.

Houlihan Lokey served as Colibri and Gridiron's financial advisor and exclusive placement agent in the purchase of TRC Healthcare. Robert W. Baird & Co. also served as a financial advisor. Finn Dixon & Herling LLP served as legal counsel. Morgan Stanley & Co. LLC served as the lead financial advisor to TRC, with support from William Blair & Company, LLC and Deloitte Corporate Finance LLC, and Kirkland & Ellis LLP served as legal counsel in connection with the sale. Latham & Watkins LLP served as legal advisor to Neuberger Berman.

About Colibri Group

Colibri Group is building the future of professional education. Today, millions of licensed professionals start and advance their careers through the company's online and in-person learning solutions for licensing, continuing education, test preparation and professional development. Headquartered in St. Louis, Missouri, Colibri Group provides a holistic learning experience for students and professionals to achieve more and thrive throughout their careers in real estate, financial services, teacher education, healthcare, valuation and property services, among other professions. Visit colibrigroup.com for more information.

About TRC Healthcare

TRC Healthcare is a premier source of lifelong learning solutions for healthcare professionals. TRC is most recognized for their education and CE offerings within the highly regarded Pharmacist's Letter, Prescriber's Letter, and Pharmacy Technician's Letter. TRC also offers Pharmacy Technicians University, the leading online training program for pharmacy technicians. The Natural Medicines database makes it easy for subscribers to find unbiased, evidenced-based research about alternative drug therapies.

About Gridiron Capital

Gridiron Capital is an investment firm focused on partnering with founders, entrepreneurs, and management teams, and creating value by building middle-market companies into industry-leaders in branded consumer, B2B and B2C services, and niche industrial segments in the United States and Canada. We help transform growing companies by winning together through hard work, partnerships grounded in shared values and a unique culture that comes from hands-on experience building and running businesses. As a team led by former operators and entrepreneurs, we know what it takes to run successful businesses on a day-to-day basis. Additional information is available on the firm's website: www.gridironcapital.com.

About NB Capital Solutions

NB Capital Solutions provides bespoke capital solutions to private equity-owned companies, enabling sponsors and management teams to achieve long-term strategic objectives. NB Capital Solutions manages ~$6 billion in capital commitments and has made investments in over 90 companies across its two funds. For more information, please visit www.nbcapitalsolutions.com.

About Neuberger Berman

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. Neuberger Berman's investment philosophy is founded on active management, engaged ownership and fundamental research, including industry-leading research into material environmental, social and governance factors. Neuberger Berman is a PRI Leader, a designation awarded to fewer than 1% of investment firms. With offices in 26 countries, the firm's diverse team has over 2,750 professionals. For nine consecutive years, Neuberger Berman has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). The firm manages $439 billion in client assets as of September 30, 2023. For more information, please visit our website at www.nb.com.

Media Contact: Alex Samuelson, 212 476 5392, [email protected]

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