PRESS RELEASE – Read it on BusinessWire

Alpine Investors VI and VI-A, LP and its affiliates (together “Alpine”) has entered into an agreement to acquire the Riverside clinical and standardized testing portfolio of Houghton Mifflin Harcourt in a corporate carve-out for a purchase price of $140 million. The Riverside clinical and standardized testing portfolio includes, among others, the well-regarded brands Cognitive Abilities Test (“CogAT”)Iowa AssessmentsWoodcock Johnson, and Battelle Developmental Inventory (“BDI”).

Alpine has named Rajib Roy as the CEO of Riverside. Roy brings with him nearly thirty years of experience in post M&A integration, business transformation and sustained growth in multiple industries. Roy has served as CEO and President in multiple privately held and public companies in his past. In this role, Roy will report directly to the Board.

“We are very excited about the prospect of growth in the assessment and clinical markets and find Riverside to be very well positioned to capture that growth through investments in technology, analytics and human talent,” said Roy. “We further find Alpine to be the perfect partner in that journey with its commitment to continue to invest in this market and its industry-leading focus on investing in people first.”

Providing a smooth transition and continuity of services for HMH and Riverside customers will be a priority for both teams.

“HMH is confident that the Riverside portfolio will excel with Alpine Investors; our teams share a commitment to the success of the students and educators we serve,” said Andrew Matorin, SVP, Corporate Development, HMH. “Riverside, Alpine and HMH will work closely together throughout the transition process so that customers continue to receive the high-quality services that they know and trust.”

“The Riverside team has done an exceptional job creating real brand equity and trust behind its products. Alpine is excited to help drive growth for these brands and products via digital transformation,” said Dan Sanner, Partner at Alpine Investors.

The Riverside clinical and standardized testing portfolio contributed approximately $80 million in billings to HMH in 2017.

Lazard Middle Market served as exclusive financial advisor to HMH and WilmerHale acted as HMH’s legal counsel.

About Riverside

Riverside is a leading provider of classroom and clinical assessments. It has over 80 years of foundational and industry leading research, and 18,000 customers nationwide. Riverside is comprised of several iconic, leading brands that are trusted by educators, administrators, psychologists, researchers, and hospitals.

CogAT is the leading K-12 assessment in measuring students’ verbal, quantitative, and nonverbal reasoning abilities. This assessment is used most commonly for placement into gifted programs for students. Iowa Assessments has been a leading research-based assessment tool for measuring student achievement for over 80 years. Thousands of psychologists and clinicians throughout the country trust Riverside’s Woodcock Johnson and Battelle Developmental Inventory (“BDI”) assessments to diagnose developmental delays and cognitive impairments.

About Alpine Investors

Alpine Investors is a software and services focused private equity firm that specializes in majority buy-outs of founder owned businesses and corporate carve-outs. Alpine differentiates itself through its PeopleFirst strategy, which is founded on the belief that the key to building enduring companies is working with, learning from and developing exceptional people. Alpine offers a unique CEO-in-Residence (CIR) program where Alpine partners with CEOs first and places them into companies as part of the transaction. This provides a unique solution for founders and companies that desire additional management support post-transaction. Through its CIR program, Alpine has deployed more than 20 CEOs into companies since 2013. Alpine is based in San Francisco, CA and has over $1.3 billion of assets under management. For more information, visit

Forward-Looking Statements

This news release may contain certain statements that are not historical facts, including information regarding the intentions, beliefs or current expectations of the parties concerning, among other things, the transaction discussed herein, the results of operations, financial condition, liquidity, prospects, growth, strategies, the industry in which the companies operate and potential business decisions. Those statements constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in or implied by the forward-looking statements, including, but not limited to, changes in state and local education funding and/or related programs, legislation and procurement processes; adverse or worsening economic trends or the continuation of current economic conditions; changes in consumer demand for, and acceptance of, our products; industry cycles and trends; conditions and/or changes in the publishing industry; and other factors. We undertake no obligation, and do not expect, to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise.


Alpine Investors
Matt Picciano
Alpine Investors
Esther Jang
VP, Marketing
Houghton Mifflin Harcourt
Bianca Olson
SVP, Corporate Affairs