Executive Summary
Founded in 2002 by father-son duo Michael Weissman and Richard Weissman, The Learning Experience (TLE) built a highly profitable, curriculum-first early childhood education platform with a differentiated franchise model. By 2014, the business was highly profitable and growing quickly, prompting leadership to seek a strategic partner to guide the next phase of growth while providing liquidity to the Weissman family and early investors.
Norwest took a majority position in 2014, partnering closely with management to sharpen strategy, strengthen leadership, and professionalize operations. During Norwest’s hold, TLE revised its franchise strategy, opened more than 120 new locations, significantly increased EBITDA as royalties and fees grew to represent more than 50% of revenue, and earned “Hall of Fame” recognition from Franchise Business Review. In 2018, TLE was acquired by Golden Gate Capital.
Building a Scalable, Curriculum-First Education Platform
The Learning Experience was founded on the belief that early childhood education could be both mission-driven and operationally excellent. By combining a curriculum-first approach with technology-enabled systems, TLE created a franchise model designed to scale.
When Norwest first engaged with the company, TLE was already highly profitable and expanding rapidly. But as the business entered its next chapter, the leadership team recognized the need for a partner who could help navigate more complex strategic and operational decisions, while preserving the company’s core strengths.
Several investors and buyers expressed interest, but TLE ultimately chose Norwest for its industry experience, strategic resources, and “invited guest” approach.
“Beyond being just an investor, Norwest was a trusted strategic advisor,” said Richard Weissman, CEO and co-founder. “They helped us formulate and execute a very successful strategy that led to an unprecedented growth period for our business.”
Norwest took a majority position in late 2014, providing liquidity to the Weissman family and committing to work alongside management to enhance the fundamental value of the business.
“Beyond being just an investor, Norwest was a trusted strategic advisor. They helped us formulate and execute a very successful strategy that led to an unprecedented growth period for our business.”
A Hands-On Partnership Focused on Strategy and Execution
From the outset, the partnership centered on building the infrastructure required to support TLE’s next phase of growth. Norwest worked closely with management on long-range planning to define a clear five-year strategy to strengthen the leadership team and governance structure.
During the first year, Norwest supported large-scale executive recruiting, including the hiring of a COO and CMO, sourced outside board members and strategic advisors, and implemented KPI reporting to better measure system-wide performance. Financial planning and capital markets guidance helped the business scale efficiently, while Norwest’s network introduced functional experts across IT, social media, and other critical areas.
This work laid the foundation for disciplined expansion, ensuring profitable, repeatable growth.
Refining the Franchise and Corporate Store Strategy
A key inflection point in the partnership was the refinement of TLE’s franchise strategy to drive EBITDA growth. Together, the board and management designed a plan to acquire and open high-margin locations while selectively re-franchising other corporate locations.
Executing this strategy required new leadership and more sophisticated financial and operational capabilities. Norwest partnered closely with management to recruit a seasoned COO and build a corporate-store-focused executive team. After an extensive search, the team hired a 25-year retail operations veteran in 2015. Under his leadership, corporate store performance improved, acquisition transitions were managed more effectively, and reporting and operational controls were strengthened.
Norwest also supported negotiations with senior lenders, helping amend TLE’s credit agreement and expand access to cost-effective, equity-friendly financing. With improved visibility into store-level performance and a strengthened balance sheet, TLE was able to pursue acquisitions that generated meaningful incremental EBITDA.
Outcomes and Impact
The revised franchise strategy fueled accelerated growth during Norwest’s hold. TLE opened more than 120 new locations, while franchise royalties and fees grew to represent more than 50% of total revenue—significantly increasing EBITDA.
TLE’s performance and culture earned industry recognition, including “Hall of Fame” status from Franchise Business Review. In 2018, the company was acquired by Golden Gate Capital, marking a successful outcome for the business, its founders, and its investors.
