Graduation Alliance, a Salt Lake City-based provider of career preparation programs and solutions to prevent students from dropping out of school, is working with BMO to evaluate strategic options for the business, said two sources familiar with the matter.

In May, this news service reported that Graduation Alliance was interviewing banks for a potential sale. The company, with backing from KKR’s Global Impact Fund since 2020, named a new COO in January, as reported. Both sources said KKR is in no rush to sell the business. The previous report said KKR might want to welcome another investor without fully exiting its position in Graduation Alliance because the business has performed well. The company has raised USD 86m, according to PitchBook data.

One source said the company might be waiting to see the outcome of Acceleration Academies‘ sale effort. As reported by Mergermarket, the company launched a sale effort in April.

KKR’s 2020 Global Impact Fund Report said the company supported 2,600 former high school dropouts and 700 at-risk students in obtaining high school diplomas. Older adult graduates reported an average USD 2 increase in hourly wages and six percentage points increase in access to employer sponsored health care benefits. KKR raised USD 2.8bn for its second Global Impact fund in November 2023.

KKR declined to comment and Graduation Alliance and BMO did not return requests for comment.