In the News: 2003

Sale of Career Choices to Corinthian Colleges

Dow Jones News
10 June 2003

SANTA ANA, Calif. - Corinthian Colleges Inc. (COCO) agreed to acquire two education service providers to expand its technology and allied health divisions.

In a press release Tuesday, Corinthian said it agreed to acquire Career Choices Inc. and its 10 campuses in California, Washington and Oregon for about $56 million. The deal includes both Ashmead College and Eton Technical Institute, which marks the company's expansion in the Pacific Northwest. Career Choices is a portfolio company of Lombard North American Partners L.P., a fund managed by Lombard Investments Inc.

Corinthian also agreed to acquire the assets of East Coast Aero Tech LLC, which operates a campus in Bedford, Mass., for about $2.9 million. The deal expands Corinthian's curriculum to include aircraft maintenance technology training. Corinthian expects to fund the deals with cash on hand and borrowings from its $100 million credit facility. The company expects to complete the acquisitions of during its fiscal first quarter ending Sept. 30, subject customary closing conditions.

Corinthian is a for-profit post-secondary education company that operates 68 colleges and two continuing education centers in 21 states.