FORTUNE — That was quick.
Just two weeks ago, Google Capital invested $40 million in Renaissance Learning, in a deal that valued the education company at $1 billion. On Thursday, Renaissance, which is majority owned by Permira, a European private equity firm, is being sold to another private equity firm, Hellman & Friedman, for $1.1 billion.
There’s no doubt that the deal will give Renaissance the financial backing it needs to accelerate its business. And there is no doubt that its sale is a major win for Permira, which purchased the company for $440 million in 2011.
But it begs the question of why Google (GOOG), through its growth fund Google Capital, poured cash into the company just two weeks ahead of the sale at a premium of just 10% over the valuation at which it invested.
Google declined to comment.
Jack Lynch, CEO of Renaissance, would only say that discussions with Hellman & Friedman had begun before the Google deal but had not yet culminated in an agreement two weeks ago. “We didn’t know precisely when we were working with Google whether we would have a deal with Hellman & Friedman,” he said in an interview.
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People familiar with the transaction say that at the time of its investment, Google was aware that Renaissance might be sold. Also, as part of its investment, Google entered into a strategic relationship with Renaissance that could include collaborating on content and distribution, which will continue.
Still, with the rapid turn of events, not everything appeared to have been ironed out. People close to the deal said that Google was talking with Hellman & Friedman late Wednesday about remaining an investor in the company.
In a press release, both buyer and seller praised Renaissance.
Anupam Mishra, managing director at Hellman & Friedman: “Renaissance is at the forefront of personalized learning and will have a meaningful impact on education in the 21st century. We are proud to be a part of it.”
Nic Volpi, a partner in Permira’s Silicon Valley office, said: “We’ve been grateful to be a part of this dedicated and mission-driven team. We wish Jack and H&F great success as they continue to grow a fantastic business.”
