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February 3, 2015
CHS Capital Completes Sale of Royall & Company

Chicago-based private equity firm CHS Capital™ completed the sale of Royall & Company, a portfolio investment of CHS Private Equity V LP, to The Advisory Board Company (NASDAQ: ABCO).

Headquartered in Richmond, Virginia, Royall is the industry leader in marketing and advisory services for undergraduate and graduate recruiting, financial aid and advancement (alumni giving) for traditional colleges and universities.

CHS invested in Royall in December 2011 and worked closely with management to restructure the organization and the sales and marketing approach to accelerate growth in both core and strategically- important adjacent markets. During CHS' ownership, Royall was also able to complete the acquisition of a market leader in financial aid leveraging and also formed a strategic partnership for international student recruitment. These collective efforts resulted in dramatic increases in customer counts and revenue growth.

"We have had a great partnership with CEO John Nester and the Royall management team," said Tom Formolo, Partner at CHS Capital. "Royall's market leadership expanded meaningfully during our involvement and the company is positioned well for continued success."

"We found the operational insights and strategic expertise that CHS brought to the table a valuable contributor to our continued growth," said John Nester. "During their ownership, we achieved all-time highs in new client development and significant growth in our financial aid business with the acquisition of Hardwick-Day. We look forward to continuing our growth through our numerous synergies with The Advisory Board Company."

CHS Capital is a Chicago-based private equity firm with over 25 years of experience investing in the middle market. Through partnerships with strong management teams, CHS Capital aims to accelerate earnings growth and drive value creation through human capital initiatives, performance improvement actions and strategic growth activities. Throughout its history, CHS Capital has made investments in over 395 businesses and invested $2.9 billion of capital. For additional information, please visit www.chsonline.com.