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January 6, 2012
CHS Capital Completes Equity Investment in Royall & Company

Chicago-based CHS Capital™ has completed an equity investment in Royall & Company, the industry leader in strategic direct marketing and advisory services to traditional colleges and universities. Funds for CHS Capital’s investment in Royall come from CHS Private Equity V LP, a $1.3 billion investment fund formed in 2005. Incumbent owners, Chicago Growth Partners and Royall senior management, both retained significant ownership in Royall following the CHS investment.

Headquartered in Richmond, Virginia, Royall provides strategically-driven, technology-enabled marketing services to traditional colleges and universities in connection with undergraduate and graduate student recruiting, as well as alumni giving. Royall has extensive direct marketing expertise, sophisticated targeting and analysis tools and more than 20 years of insight into student and parent preferences. For additional information, please visit the company’s website at

“We were impressed with CHS Capital’s strong relationships in the education sector and the excellence and integrity they demonstrated throughout the courtship process,” said John Nester, President & CEO of Royall. “Their resources and expertise will be beneficial as we grow in our core markets, as well as expand our service offerings.”

Tom Formolo, Partner at CHS Capital, said, “We are excited about investing alongside John Nester and the rest of the Royall management team. They have grown the business dramatically based upon consistent superior performance for their clients. As a result, Royall is the dominant provider of mission critical, higher education marketing services and is very well-positioned for further growth in both its core and adjacent markets. We also look forward to partnering with Chicago Growth Partners given their great track record of investing in education services companies.”

The investment in Royall shares many characteristics in common with CHS Capital’s other Consumer & Business Services investments in Fund V, including Heartland Dental Care, Inc. and Suture Express, Inc. Each of these businesses is high growth, mission driven and is changing its industry through innovation. In each case, CHS was able to invest alongside management to facilitate accelerated growth. Given the substantial size of the industries these companies serve, superior performance results in significant growth potential. Royall is a perfect fit for CHS Capital’s investment portfolio.

CHS Capital is a Chicago-based private equity firm with 24 years of experience investing in the middle market. Targeting companies with enterprise values between $75 million - $500 million, CHS Capital partners with strong management teams to add value through human capital initiatives, performance improvement actions and strategic growth activities. CHS Capital has completed nearly 350 transactions with specialized expertise in the Consumer & Business Services, Distribution, and Industrial, Infrastructure & Energy industries. Founded in 1988, CHS Capital has raised a total of $2.9 billion of capital across five private equity funds. For additional information about CHS Capital, please refer to the firm’s website at