CIC Partners announced it has successfully realized its investment in American College of Education, marking the end of a strategic partnership that began in 2020 and the start of ACE’s next phase of growth with a newly announced investment from Bain Capital Double Impact.
CIC, a Dallas-based middle-market private equity firm, said ACE strengthened its position in affordable, high-quality online education during the partnership by expanding its program offerings and increasing student enrollment, degree offerings, and sustainability. ACE, an accredited online private college headquartered in Indianapolis, has served more than 52,000 alumni over its 20-year history and offers more than 60 programs spanning education, business, healthcare, and nursing.
CIC credited ACE’s leadership team, including Chairman Tom Evans and President and CEO Geordie Hyland, with driving performance over the investment period. The firm also framed the outcome as aligned with its strategy of partnering with owner-operators to build differentiated customer value propositions.
The transaction was completed in the fourth quarter of 2025. Financial terms were not disclosed.
KEY QUOTES:
“Working with CIC Partners has been a transformative experience for ACE. I want to specifically thank Bayard Friedman and Marshall Payne for their engagement and dedication to our mission. Their strategic guidance and support were instrumental in driving value across the enterprise and positioning us for this transition.”
Tom Evans, Chairman, American College of Education
“We are incredibly proud of what ACE has accomplished under Tom Evans’ and Geordie Hyland’s (President & CEO) leadership. This investment delivered an exceptional return for our investors because ACE’s high-quality, affordable education attracted significantly more students to enroll. That focus on maximizing student ROI led to outstanding commercial success.”
Bayard Friedman, Managing Director, CIC Partners
“We have known Tom Evans for many years and were excited to join him in the original buyout of ACE five years ago. We seek to build deep and lasting relationships with exceptional executives like Tom, and we are thrilled that he has become a CIC Operating Partner and look forward to working with him in the future.”
Marshall Payne, Partner, CIC Partners
