Pluralsight Announces Agreement to Recapitalize Business

Funds managed by the Investor Group to receive shares of Pluralsight

Investment of new capital provides assurance of continuity to customers and partners and supports acceleration of growth initiatives

Pluralsight (the "Company"), the technology workforce development company, today announced an agreement to recapitalize its business with a group of existing lenders led by funds managed by Blue Owl Capital Inc. and including funds managed by Ares Management Corp., Goldman Sachs Asset Management and by Oaktree Capital Management, L.P., among others (collectively, the "Investor Group").

Under the terms of the agreement, the Investor Group will own 100% of the company. The recapitalization will strengthen Pluralsight's balance sheet, significantly reduce outstanding debt, and provide over $200 million of capital to accelerate growth initiatives and support long-term strategic goals.

The completion of the recapitalization and additional investment provides the resources needed to deliver for customers and execute the Company's updated customer centric strategy to accelerate growth.

"We are pleased to have reached an agreement that supports Pluralsight's growth plans. The most recent quarters' improved customer retention and new bookings performance highlight that the team is well positioned to execute on the significant and growing, global eLearning market opportunity," said Erik Bissonnette, Managing Director, Blue Owl Capital Inc.

"Thanks to innovations across artificial intelligence, technology is evolving at an unprecedented pace, making the need to acquire and grow tech skills imperative for organizations and individuals," said Jeff Ray, Chairman of the Board of Pluralsight. "Pluralsight is uniquely positioned to address this need with expert-authored content, skill assessments and hands-on learning experiences. I look forward to working with the team to accelerate progress on our growth strategy and deliver on our mission to inspire and empower the technology workforce to achieve their goals."