Anthology Bankruptcy Signals Stress in PE Higher Ed Strategy

Anthology filed for Chapter 11 bankruptcy in Texas Southern Bankruptcy Court in September, reporting more than $1 billion in liabilities across the company and its subsidiaries. The edtech platform was built through multiple roll-ups, starting with Leeds Equity Partners’ 2008 investment in Campus Management and later combining Campus Management with Campus Labs and iModules in 2020.

Anthology expanded further by acquiring online learning platform Blackboard in 2021. The article attributes the failure to operational hurdles and integration challenges that took longer than expected to right-size, alongside a revenue decline of $80 million in the two years before the bankruptcy filing.