Princeton Review Inc. is selling its test preparation business for $33 million in cash to a private equity firm and plans to change its name as it focuses on its online education division.
The Framingham-based company is best known for the test preparation materials that it sells under the Princeton Review brand, which is also being sold as part of the deal to an affiliate of Charlesbank Capital Partners, a Boston-based private equity firm.
The company’s test prep business has struggled as customers are opting for less expensive SAT-preparation programs.
Princeton Review said the sale will help it expand its Penn Foster division, which provides online degrees and vocational programs in fields like health care, technology and education. It will adopt a new name, as yet undetermined.