FOR IMMEDIATE RELEASE
April
9, 1999 |
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EDUCATION CORPORATION OF AMERICA ACQUIRES
VIRGINIA COLLEGE
Company led by Kenneth C. Horne Will Pursue Other Post-Secondary
Education Acquisition
BIRMINGHAM, AL: Virginia College, a leading post-secondary school
operating campuses in Birmingham and Huntsville, Alabama, was acquired
by a wholly-owned subsidiary of Education Corporation of America,
a holding company formed by Prospect Partners, LLC and current management
including Kenneth C. Horne, James Hutton, Diane S. Clower and James
Foster. All of the Virginia College operating executives will remain
in place. Mr. Horne will serve as Chief Executive Officer and Dr.
Hutton will become Chief Operating Officer of the newly formed company.
Education Corporation of America will focus on building a larger
business regionally through a combination of acquisitions and internal
growth.
Virginia College offers diplomas and degrees in a wide variety
of technical fields including computer network support and administration,
medical assistant and administration, legal assistant, office administration,
computer aided drafting and interior design. Students are typically
high school graduates in their late 20’s or early 30’s
seeking to improve their careers. Virginia College is an accredited
senior college by Accrediting Council of Independent Colleges and
Schools and participates in the U.S. Department of Education’s
Title IV financing program.
"We are truly excited about expanding upon the foundation
that we’ve established through Virginia College. The formation
of Education Corporation of America provides a strong capital base
from which to build a significantly larger presence in the post-secondary
education market." said Ken Horne, CEO of Education Corporation
of America.
Chicago-based Prospect Partners, LLC manages a $105 million private
equity fund focused on financing management-led leveraged acquisitions
and providing growth capital for lower middle market businesses
with niche strategies.
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