New Story Schools, an Audax Private Equity-backed special education provider, is in the midst of a sale process, according to three sources familiar with the matter.

Mountville, Pennsylvania-based New Story is working with Lazard on the process, according to two of the sources. TripleTree is co-advising, according to one of the sources.

New Story generates around USD 50m in EBITDA, said two of the sources. It is expected to generate adjusted EBITDA of USD 55m and USD 305m in revenue this year, one source said. Founded in 1997, New Story was acquired by Audax in 2019 for an undisclosed price.

The company offers a range of services to more than 3,800 primary and secondary education students across Virginia, North Carolina, Pennsylvania, Ohio, Maryland, New Jersey, and New York, according to a press release. It offers autism support, applied behavior analysis (ABA), speech and language therapy and other services. It operates private schools and works with public schools.

Last year, New Story paid USD 11m for the Virginia assets of the bankrupt Center for Autism & Related Disorders (CARD), formerly held by Blackstone Group [NYSE:BX], according to news reports.

New Story also acquired Altamont Capital Partners-backed Rebecca School and Aaron School in August 2022 for an undisclosed price, in a process managed by DC Advisory, according to a press release.

Representatives of New Story, Lazard, TripleTree and Audax did not return calls for comment.