Key Takeaways
- • CIC Partners successfully exited its investment in American College of Education (ACE) in Q4 2025, concluding a strategic partnership that began in 2020 and delivering what CIC characterized as an "exceptional return" for investors.
- • Bain Capital Double Impact acquired ACE as part of a growth investment aimed at expanding the online education provider's footprint in affordable, high-quality degree programs across education, business, healthcare, and nursing.
- • During the five-year CIC partnership, ACE expanded program offerings, increased student enrollment and degree offerings, and grew to serve more than 52,000 alumni across 60+ programs while maintaining accreditation standards.
- • Leadership continuity underpinned the value creation, with Chairman Tom Evans and President & CEO Geordie Hyland driving operational performance and strategic positioning for the ownership transition.
- • Tyton Partners and Everberg Capital Partners provided advisory and preferred equity support respectively to facilitate Bain Capital Double Impact's acquisition, signaling institutional confidence in the education sector's growth trajectory.
Summary
CIC Partners, a Dallas-based middle-market private equity firm, has realized its investment in American College of Education following completion of a transaction in the fourth quarter of 2025. The exit marks the conclusion of a five-year partnership initiated in 2020 and signals the beginning of ACE's next growth phase under new ownership by Bain Capital Double Impact, the impact investing arm of Bain Capital.
During its tenure as majority investor, CIC oversaw significant operational expansion at ACE, an accredited online private college headquartered in Indianapolis. The firm credited ACE's leadership—particularly Chairman Tom Evans and President & CEO Geordie Hyland—with strengthening the institution's market position in affordable, high-quality online education. Under their stewardship, ACE expanded its program portfolio to more than 60 offerings spanning education, business, healthcare, and nursing; grew student enrollment; and expanded degree offerings while maintaining institutional accreditation. The organization has cumulatively served more than 52,000 alumni across its 20-year operating history.
CIC Partners framed the investment outcome as aligned with its core strategy of partnering with owner-operators to build differentiated customer value propositions. In a statement, the firm noted that ACE's "exceptional return" was driven by the institution's ability to attract significantly increased student enrollment through its high-quality, affordable education model. Tom Evans, in his statement, credited CIC partners Bayard Friedman and Marshall Payne with providing strategic guidance and support instrumental to enterprise value creation and positioning ACE for the transition.
Bain Capital Double Impact's acquisition reflects broader institutional appetite for impact-driven investments in the education technology and online learning sectors. The transaction was supported by advisory services from Tyton Partners and preferred equity financing from Everberg Capital Partners, indicating multi-stakeholder confidence in ACE's growth trajectory and market opportunity.
Financial terms of the transaction were not disclosed.
During its tenure as majority investor, CIC oversaw significant operational expansion at ACE, an accredited online private college headquartered in Indianapolis. The firm credited ACE's leadership—particularly Chairman Tom Evans and President & CEO Geordie Hyland—with strengthening the institution's market position in affordable, high-quality online education. Under their stewardship, ACE expanded its program portfolio to more than 60 offerings spanning education, business, healthcare, and nursing; grew student enrollment; and expanded degree offerings while maintaining institutional accreditation. The organization has cumulatively served more than 52,000 alumni across its 20-year operating history.
CIC Partners framed the investment outcome as aligned with its core strategy of partnering with owner-operators to build differentiated customer value propositions. In a statement, the firm noted that ACE's "exceptional return" was driven by the institution's ability to attract significantly increased student enrollment through its high-quality, affordable education model. Tom Evans, in his statement, credited CIC partners Bayard Friedman and Marshall Payne with providing strategic guidance and support instrumental to enterprise value creation and positioning ACE for the transition.
Bain Capital Double Impact's acquisition reflects broader institutional appetite for impact-driven investments in the education technology and online learning sectors. The transaction was supported by advisory services from Tyton Partners and preferred equity financing from Everberg Capital Partners, indicating multi-stakeholder confidence in ACE's growth trajectory and market opportunity.
Financial terms of the transaction were not disclosed.
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