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December 15, 2009
Generation Partners, a $340 million private investment firm, announced the sale of MedVance Institute (“MedVance” or the “Company”) to Education Affiliates Inc. Generation Partners was the Company’s largest shareholder and first institutional investor.
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 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 a merger 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 and CEO, 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 companies ability to continue growing becomes that much greater.”
“MedVance has been a highly successful investment for our firm”, commented Mark Jennings, Managing Partner at Generation Partners. “During the period of our ownership, MedVance grew to become a leader in its industry and has helped thousands of students pursue careers in healthcare and the MedVance management team, led by CEO John Hopkins, has done an outstanding job building the Company. The combination of MedVance with Education Affiliates creates a powerful institution which will undoubtedly extend the Company’s leadership position to better serve students and healthcare providers.” He added “Generation remains committed to the education industry through our ownership of Post University, a regionally accredited university in Connecticut with a 120 year history offering Associates, Bachelors and Masters Degrees through both campus and online programs.”
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. |
