Dream Center Foundation has acquired certain assets from Education Management Corporation
Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce the successful completion of Dream Center Foundation’s (“DCF”) acquisition of selected assets of The Art Institutes, Argosy University and South University from Education Management Corporation (“EDMC”).
South University, Argosy University, Western State College of Law and Art Institutes collectively have 56 campuses in more than 30 cities and more than 44,000 students, as well as over 5,000 employees and approximately 6,000 adjunct faculty members. Each institution offers courses online and on campus, and together, they offer more than 100 programs of study in everything from health and behavioral sciences to business, education and digital arts.
The assets will be consolidated under a newly formed holding company owned by DCF, named Dream Center Education Holdings, LLC (“DCEH”). Dream Center Foundation funds services that address immediate and long-term needs of underprivileged communities, with DCEH focusing on its educational services. This new platform will be led by Brent Richardson, formerly Chief Executive Officer and Executive Chairman of Grand Canyon University. For more information on Dream Center Education Holdings, visit www.dreamcenterfoundation.org.
“We are pleased to announce the completion of this transfer,” said Dream Center Foundation Managing Director, Randall Barton. “We are thrilled the various regulatory agencies looked favorably upon our vision to refocus these schools exclusively on providing quality and accessible education empowering people throughout our nation. These schools have been serving communities across America for more than 100 years, and they have a bright future ahead of them.”
Mr. Barton added, “Lincoln did an outstanding job advising us with respect to this transaction. Without their consistent and fully dedicated senior-level attention to all aspects of the acquisition, we would not have been able to complete this very complicated financing structure and be in a position to operate these schools and ensure continued educational opportunities for the student body.”
Lincoln acted as exclusive financial advisor to DCF and DCEH with respect to the transaction, including the structuring and negotiation of debt capital in support of the acquisition.
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