Claremont Preparatory School, a six-year-old institution in Lower Manhattan that has had difficulty fulfilling its ambitions, is being sold to a private-equity-backed firm, in a sign of growing investor interest in private schools in New York City.
The sale to the firm, Meritas, which is owned by Sterling Partners, illustrates the growing force of profit-seeking companies in private education, a development loaded with potential and risks. Private equity firms are as well known for their top-notch management teams as for their cost-cutting mandates, which have been widely tested in the world of business but are relatively new to the field of elementary and secondary education.