November 09, 2009

West Palm Beach , FL — MedVance Institute (“MedVance” or the “Company”) today announced Education Affiliates Inc. (“EA”) has entered into an agreement to acquire the Company from Generation Partners (“Generation”) and other shareholders.

 Headquartered in West Palm Beach, FL, MedVance is a national leader in medical and allied health-related career training that offers a complete range of diploma and degree-granting healthcare programs at campuses in Florida, Texas, Louisiana and Tennessee.  MedVance was founded to provide an outstanding education in a supportive environment by following a mission of helping all students to succeed in their chosen careers.  The Company is committed to graduating qualified professionals who can participate in the community’s medical services and contribute to the health and well being of all those they serve.  The Company currently serves approximately 5,000 students at its 10 campuses.

 “This is an acquisition that makes sense on so many levels.  The two companies have a terrific geographic overlap with a nice compliment of program offerings that will be cross-pollinated across all schools,” said MedVance Chairman, CEO and President, John Hopkins.  “Both companies have exceptional reputations, solid financial results, complimentary resources which, when combined gives us both added depth of resources and heightened financial strength.  This will provide our students broader program choices and our associates more career opportunities as the combined company’s ability to continue growing becomes that much greater.”  

The transaction, which is expected to be completed in the fourth quarter, is subject to certain regulatory approvals and customary closing conditions.

 BMO Capital Markets served as financial advisor to MedVance with respect to this transaction, while Greenberg Traurig LLP is acting as legal counsel and Powers Pyles Sutter & Verville PC as regulatory counsel to MedVance and Generation.  Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel and Powers Pyles Sutter & Verville PC as regulatory counsel to EA. 

 About Education Affiliates Inc. Headquartered in Baltimore, MD, Education Affiliates Inc. is a leading post-secondary education company with a strong focus on allied health programs.  Founded by JLL Partners and CEO Duncan Anderson in 2004, EA has become one of the most prominent privately held school groups in the industry and currently operates a network of 40 campuses concentrated in 13 states in the eastern United States; EA also offers students an alternative on-line platform.  EA’s programs allow students to earn various degrees including certificates, diplomas, associate’s degrees, and bachelor’s degrees; EA currently has an enrollment of over 16,000 full time students.  Further information related to EA can be found on its website, www.edaff.com. 

About Generation Partners

Founded in 1996, Generation Partners is a private equity firm with $345 million of capital currently under management.  Generation provides equity capital to growth companies through buyout and growth equity investments.  Over the past 22 years, the firm’s principals have invested in more than 50 companies.  Generation focuses on recurring revenue service businesses with strong growth drivers and specializes in helping companies break through the $100 million mark and beyond.  Further information related to Generation can be found on its website, www.generation.com.