The Princeton Review

In 1981, fresh out of Princeton University, John Katzman started tutoring students for the SAT out of his New York apartment. He soon partnered with Adam Robinson, who had developed techniques to understand and approach the test systematically. Together, they founded The Princeton Review, building a business on the premise of helping students crack the code of standardized tests rather than just drilling content. This approach positioned them as an ally to students against what they framed as a flawed system. The company grew rapidly through a franchise model, expanding across the United States and internationally. In June 2001, The Princeton Review went public, raising nearly $60 million in its IPO to fund internet operations and buy back franchises. However, the journey forward wasn't smooth. By 2012, the company was acquired by private equity fund Charlesbank Capital for $33 million. This marked a shift to private ownership after a decade on the public markets. The ownership changes continued. In 2014, The Princeton Review was acquired by Tutor.com, an IAC company. Then, in 2017, it was bought by the global education company ST Unitas, before being acquired again in 2022 by Primavera Capital Group. Despite the series of acquisitions, the core business of tutoring and test preparation remains central to its identity.