Winter Harbor LLC

Mastery Education

Leading Educational Publisher Seeks Refinancing

 

Formerly Peoples Education, Mastery Education is a publisher and marketer of educational materials in printed and digital formats for the kindergarten through 12th grade school market. Their materials focus on improving studentsā€™ skills, knowledge and readiness for formative assessments. While operating under Peoples Education, the company saw $25 million in revenue each year.

Our Role

Winter Harbor was initially hired to perform a full business assessment, focusing on Peoples Education's recent sales performance. After we delivered our assessment, Peoples Education reengaged us to negotiate a refinancing agreement with a new lender.

  • Assessed recent sales performance and projected financial results of Peoples Education.

  • Presented findings to secured lender and company executives.

  • Projected and managed weekly cash flow for Peoples Education while operating under a forbearance agreement and with significant amount of past-due accounts payable owed to key vendors.

  • Created an information memorandum to seek new or additional financing and distributed to multiple lenders.

  • Negotiated modification to the forbearance agreement with the existing lender.

  • Assisted Peoples Education with securing new financing.

Engagement Outcome

Winter Harbor was initially hired to perform a full business assessment, focusing on Peoples Education's recent sales performance. We assisted with managing cash flows and sales, while Peoples Education operated under a forbearance agreement set by their existing lender due to the significant amount accounts payable owed by key vendors. After we delivered our assessment, Peoples Education reengaged us to create an informational memorandum and negotiate a refinancing agreement with new potential lenders. The Company was able to finance its debt with a new lender, which assumed one hundred-percent of the existing debt at a discount.