Milbank LLP advised Nexus Capital Management LP on a new partnership with ACT, the mission-driven provider of the assessments, research and work-ready credentials designed to support education and workplace success. Upon closing, ACT and Encoura, an education data science and research organization that is a wholly owned subsidiary of ACT, will unify and operate as a public benefit corporation with ACT’s name and brand.
The integrated business, known as ACT, will advance the organization’s leadership in education and workforce readiness as it services the needs of all ACT stakeholders through new investments in ACT’s products and people. Proceeds from the partnership will also fund the continuation of an Iowa nonprofit organization that will be headquartered in Iowa City. The nonprofit organization will conduct programs, services and research focused on education and workplace success. The nonprofit will also retain an investment in the new public benefit corporation and have direct representation on ACT’s board of directors.
The Milbank team was led by Global Corporate/M&A partners Richard Presutti and Lowell Dyer with associates Jennifer Lang and Andrew Park. The team also included Executive Compensation partners Mike Shah and James Beebe, and Tax partner Max Goodman.
