02/05/2008
BOSTON, MA – Parthenon Capital, a private equity firm with offices in Boston and San Francisco, announced today that it completed an investment in Bryant & Stratton College, Inc., a leading provider of post-secondary career education. The purpose of the recapitalization was to facilitate an orderly ownership succession plan while providing liquidity and diversification of investment for existing shareholders. Following the transaction, Mr. Bryant H. Prentice III, the Company’s former majority owner, and the current senior management team will remain significant shareholders in the Company. The transaction, which has been pending regulatory approval since 2007, closed on February 1.
Founded in 1854, Bryant & Stratton College is one of the oldest and most respected proprietary schools in the country. The College is committed to outcomes-based career education across a number of program areas. Bryant & Stratton operates within the degree-granting segment of the post-secondary education industry, offering Bachelor and Associate degrees in a diverse range of areas. Based in Buffalo, New York, the College operates through 15 physical campuses and a robust online segment. Evidencing its commitment to superior educational outcomes, Bryant & Stratton College is regionally accredited by the Commission on Higher Education of the Middle States Association of Colleges and Schools.
The Company will continue to be led by its existing management team, including President and Chief Executive Officer John Staschak. Mr. Staschak commented “We are excited to complete this important event. The Company aspired to partner with a private equity firm that would allow the current management team to remain in place, thus preserving the culture we have developed over our 150 year history. We selected Parthenon Capital as our partner in part because of their commitment to the existing mission, vision and values of the College. Going forward, our mission will remain the same. We will continue to provide high quality career education to our students and meet the needs of the employers who hire our graduates.”
David Ament, a Partner at Parthenon Capital who is involved in the firm’s business services investments, said “We are very excited to have the opportunity to partner with Bryant H. Prentice III and management in this transaction. We believe Bryant & Stratton’s history, accreditation, program diversity and commitment to student outcomes makes it unique in the marketplace. We are very pleased to be part of the Company going forward.”
McColl Partners advised Bryant & Stratton College in the transaction.
Bryant & Stratton College, Inc. is a career college delivering outcomes-based education and training through a flexible, contemporary curriculum in a personalized environment. The Vision of the College is to be recognized as a premier college providing workplace solutions through education, training and lifelong learning. For more information, visit www.bryantstratton.edu
Parthenon Capital is a leading mid-market private equity firm with offices in Boston and San Francisco. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in business services, financial and insurance services and healthcare, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. Parthenon’s 25 person investment team has deep experience in corporate strategy, capital markets and operations, enabling the firm to pursue complex, multi-faceted opportunities. For more information, visit www.parthenoncapital.com