Calvert School, the private, pre-kindergarten through eighth grade day school in North Baltimore, announced Wednesday that it has sold its more than 100-year-old distance learning business to a private equity firm.
The terms of the sale of Calvert Education Services to an investment group led by the Baltimore-based Camden Partners Holdings LLC were not disclosed.
"It has a wonderful reputation as a real leader in both home schooling and online education," said David Warnock, Camden Partners' chairman. The investment group won ownership of Calvert Education Services through a competitive bidding process, said Warnock, a former chairman of CES' board.
The Calvert School's board of trustees unanimously approved the sale, school spokeswoman Stephanie L. Coldren said in email to members of the Calvert School community.
"The Board concluded that the sale of CES will ensure the long-term financial stability of the School, strengthen CES, and simplify management and oversight for the day school," she said.
The development and marketing of Calvert Education Services' virtual, distance learning and home school programs "requires more capital than Calvert School can provide," said Carville Collins, chairman of the school's board of trustees, in a separate statement.
Calvert School is maintaining a "meaningful economic interest" in CES, he said.