Ncu Sold

Discussion in 'General Distance Learning Discussions' started by Trickie, Oct 25, 2008.

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  1. Trickie

    Trickie New Member

    [FONT=Verdana, Times New Roman, Times, Serif]Below appeared in local Prescott Newspaper, although they incorrectly named the former owner as "Ben" Hecht instead of Don Hecht.[/FONT]
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    [FONT=Verdana, Times New Roman, Times, Serif]Monday, October 06, 2008[/FONT]

    [FONT=Verdana, Times New Roman, Times, Serif]PRESCOTT VALLEY - A Detroit-area, private equity firm has agreed to buy a for-profit online university that is based here and serves students from throughout the world.

    Northcentral University officials announced Monday that they have signed a definitive agreement for the sale with Rockbridge Growth Equity LLC of Livonia, Mich.

    Rockbridge joined with Primus Capital, a Cleveland-based private equity fund with substantial education industry experience, to finance the sale, a press release stated.
    [FONT=Verdana, Times New Roman, Times, Serif]Monday, October 06, 2008[/FONT]

    [FONT=Verdana, Times New Roman, Times, Serif]PRESCOTT VALLEY - A Detroit-area, private equity firm has agreed to buy a for-profit online university that is based here and serves students from throughout the world.

    Northcentral University officials announced Monday that they have signed a definitive agreement for the sale with Rockbridge Growth Equity LLC of Livonia, Mich.

    Rockbridge joined with Primus Capital, a Cleveland-based private equity fund with substantial education industry experience, to finance the sale, a press release stated.

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    [FONT=Verdana, Times New Roman, Times, Serif][FONT=Verdana, Times New Roman, Times, Serif][FONT=Verdana, Times New Roman, Times, Serif]Steve Linden, senior associate with Rockbridge, said, "We have not closed the acquisition yet, but we expect to shortly," within a month.

    Linden also declined to disclose the sale price.

    Both Rockbridge and Northcentral see the acquisition as a growth opportunity, and approached each other about the potential sale, according to Cynthia Jones, director of marketing at NCU.

    "Rockbridge was interested because they are prominent in online space," she said, noting Rockbridge founding partner Dan Gilbert also founded Quicken Loans, an online lender.

    Jones and Linden said they do not expect any changes in management of Northcentral, which Ben Hecht, PhD., founded in 1996 in Prescott.

    "We are a financial investor," Linden said. "We are leaving the running of the (Northcentral) business to the current CEO," said Clinton Gardner, PhD.

    A prepared statement from Rockbridge Partner Kevin Prokop says: "We believe that with NCU's talented management team and exceptional learning model, and our online marketing capabilities, we can build one of the industry leaders in for-profit education."

    The press release says Rockbridge has $150 million in dedicated capital and is "focused on middle-market transactions in the financial services, consumer-direct marketing, business services and sports, media and entertainment industries."

    Gilbert, Rockbridge's founder, also is majority owner of the Cleveland Cavaliers basketball team.

    Like Rockbridge, Northcentral has experienced growth. The prepared statement says the growth rate has averaged 47 percent since 2005, and current enrollment exceeds 7,500 students.

    Northcentral offers 100 percent online education, with 95 percent of its students enrolled in doctoral and master's online degree programs, according to the press release. NCU offers degrees in education, business and psychology, Jones said.

    She said students, who come from throughout the United States and overseas, average 41 to 43 in age.

    Northcentral moved in May 2007 from Whipple Street in Prescott to a 52,000-square-foot building on University Drive, off Superstition Drive, in Prescott Valley, Jones said.

    She said NorthCentral has 150 on-site employees and 430 off-site faculty members, some of whom work full time for the university.

    [FONT=Verdana, Times New Roman, Times, Serif]Steve Linden, senior associate with Rockbridge, said, "We have not closed the acquisition yet, but we expect to shortly," within a month.

    Linden also declined to disclose the sale price.

    Both Rockbridge and Northcentral see the acquisition as a growth opportunity, and approached each other about the potential sale, according to Cynthia Jones, director of marketing at NCU.

    "Rockbridge was interested because they are prominent in online space," she said, noting Rockbridge founding partner Dan Gilbert also founded Quicken Loans, an online lender.

    Jones and Linden said they do not expect any changes in management of Northcentral, which Ben Hecht, PhD., founded in 1996 in Prescott.

    "We are a financial investor," Linden said. "We are leaving the running of the (Northcentral) business to the current CEO," said Clinton Gardner, PhD.

    A prepared statement from Rockbridge Partner Kevin Prokop says: "We believe that with NCU's talented management team and exceptional learning model, and our online marketing capabilities, we can build one of the industry leaders in for-profit education."

    The press release says Rockbridge has $150 million in dedicated capital and is "focused on middle-market transactions in the financial services, consumer-direct marketing, business services and sports, media and entertainment industries."

    Gilbert, Rockbridge's founder, also is majority owner of the Cleveland Cavaliers basketball team.

    Like Rockbridge, Northcentral has experienced growth. The prepared statement says the growth rate has averaged 47 percent since 2005, and current enrollment exceeds 7,500 students.

    Northcentral offers 100 percent online education, with 95 percent of its students enrolled in doctoral and master's online degree programs, according to the press release. NCU offers degrees in education, business and psychology, Jones said.

    She said students, who come from throughout the United States and overseas, average 41 to 43 in age.

    Northcentral moved in May 2007 from Whipple Street in Prescott to a 52,000-square-foot building on University Drive, off Superstition Drive, in Prescott Valley, Jones said.

    She said NorthCentral has 150 on-site employees and 430 off-site faculty members, some of whom work full time for the university.

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  2. airtorn

    airtorn Moderator

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