PITTSBURGH, March 3, 2017 /PRNewswire/ -- Education Management Corporation (EDMC) today announced the execution of a definitive agreement for the sale of substantially all the assets of EDMC and its schools to Dream Center Foundation (DCF), a not-for-profit foundation. The sale is expected to be completed in summer of 2017.
The transaction includes all the faculty and staff of South University, Argosy University and The Art Institutes locations currently enrolling new students. It also includes a majority of the employees from EDMC's corporate offices. Students currently enrolled at the education systems will continue in their studies.
The Dream Center Foundation is an endowment fund that provides opportunity and resources to many people in the United States through its 110 locations across the country. The transaction provides the various schools the opportunity to educate students as part of a not-for-profit organization.
"The post-secondary institutions owned by EDMC have been serving the educational needs of students for more than 100 years, and as our almost a half million alumni will attest, we provide opportunities to help people improve their lives. I am so pleased to announce this transaction as the next step in continuing our educational commitment to students for years to come. The dedication of our faculty and staff together with the vision of the DCF Board will only serve to improve educational opportunities for all students," said Mark McEachen, president and chief executive officer of EDMC.
"For three years, the Dream Center Foundation has actively explored educational partnerships or acquisitions that might enhance our ability to provide quality education to scores of Americans through our Dream Center in Los Angeles and via our partners, nationwide," added Dream Center Foundation managing director Randall Barton. "We believe this is the opportunity we have been looking for, and it aligns perfectly with our mission which views education as a primary means of life transformation."
The transaction is subject to a number of operational and other closing conditions, including the receipt of regulatory approvals from the U.S. Department of Education, institutional accrediting agencies, state licensing boards and programmatic accreditation bodies.
About Education Management Corporation
Education Management Corporation is one of the largest providers of post-secondary education in the United States, based on student enrollment and revenue, with a total of 102 locations in 31 U.S. states. The company offers academic programs to students through campus-based and online instruction, or through a combination of both. The company is committed to offering quality academic programs and strives to improve the learning experience for its students. Its educational institutions offer students the opportunity to earn undergraduate and graduate degrees and certain specialized non-degree diplomas in a broad range of disciplines, including business, culinary, design, education, fashion, health sciences, information technology, legal, media arts, and psychology and behavioral sciences. Education Management Corporation, 210 Sixth Avenue 33rd Floor Pittsburgh, PA 15222 © 2017 Education Management Corporation. Our email address is firstname.lastname@example.org.
About the Dream Center Foundation
The Dream Center Foundation funds programs providing educational opportunity, emergency food and medical services, transitional housing for homeless families, youth and veterans as well as support for victims of human trafficking through its principal partner, the Dream Center Los Angeles. Each month more than 50,000 people are assisted in Los Angeles alone, and countless others through its network in 41 states and 21 countries.
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SOURCE Education Management Corporation