Lincoln International represents Rasmussen University, a portfolio company of Renovus Capital Partners, in its announced sale to American Public Education, Inc.

The combined organization will generate approximately $600 million in annual revenue on a pro forma basis and will be the #1 educator of pre-licensure nurses in the United States (ADN/RN and PN/LPN) with over 10,000 nursing students.

“Rasmussen University has a 120-year heritage of educating adult learners and a comprehensive laddered nursing curriculum. Our emphasis on affordability and student outcomes with a strong connectedness to the employment market are attributes that strongly align with APEI’s overall mission, service to its students and its value creation strategy,” stated Tom Slagle, Chief Executive Officer of Rasmussen University.

“This transaction represents a unique opportunity for Rasmussen to combine forces with a respected leader in higher education, creating a platform to meaningfully increase the number of licensed and highly-qualified nursing professionals in our communities and create more academic programs at scale,” commented Atif Gilani, founding partner of Renovus Capital Partners, which acquired Rasmussen in 2019. “We are pleased to have assisted in growing Rasmussen University’s best-in-class nursing and high-end healthcare programs and improving Rasmussen’s operating results.” Renovus Capital Partners is a Philadelphia-area based private equity firm specializing in the knowledge and talent sectors.

Zack Shah, Managing Director in Lincoln’s education services team, added, “We are proud to have worked with the Rasmussen team and look forward to seeing the company’s continued evolution under this partnership. The company has established a highly differentiated nursing education platform serving one of the fastest growing segments of the healthcare market.”

Lincoln acted as the exclusive investment banking advisor to Rasmussen, working closely with the company’s management team and shareholders throughout the sale process. APEI will acquire 100% ownership of Rasmussen University for $329 million, consisting of $300 million in cash and $29 million of non-voting preferred stock, which represents the estimated value of tax step-up benefits. APEI may substitute cash for the preferred shares at the time of closing, at its election. APEI expects to fund the transaction with a combination of cash on hand of approximately $125 million and up to $175 million of fully committed debt financing.

About Rasmussen

Rasmussen University is regionally accredited by the Higher Learning Commission and is dedicated to meeting the evolving needs of diverse communities through in-demand, flexible, accessible and affordable educational programs. A pioneer in career-focused education since 1900, Rasmussen leads advancements in innovations such as employer-led and expert designed curriculum and comprehensive student support services to help working adults advance their educations. Additionally, Rasmussen University is a national leader in competency-based education. Rasmussen University offers undergraduate and graduate programs online and across its 24 Midwest and Florida campuses. Rasmussen encourages its students, faculty and staff to strive for academic excellence, community enrichment and service to the public good. For more information about Rasmussen University, please visit


  • Lincoln International is pleased to announce the signing of a definitive agreement whereby Renovus Capital Partners will sell Rasmussen University to American Public Education, Inc. (APEI)

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