K12 Techno Services has a very specific type of school it likes to find. They're old, debt-ridden, maybe run by an ageing owner with no succession plan. It moves in, rebrands it Orchids, adds a basketball court, and locks the deal in for 50 years. Ownership never changes hands. The management, though, does.
The model is built for patience. It takes 12 years for a school to turn a profit. But K12's cap table is full of private equity firms running on 10-year fund cycles, and they need a way out.
So what happens when a business built for the long game has to keep moving fast?
Tune in.
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