NEW YORK, July 2 /PRNewswire/ -- Mosaica Education, Inc. (Mosaica), a
New-York based education management company that operates charter schools in
five states, announced today that it is acquiring Boston-based Advantage
Schools, Inc. The shareholders of Advantage will receive Mosaica stock in
exchange for the assets of Advantage, and, as part of the transaction, they
will also invest additional capital to fund future growth.
The combined company will have operations in nine states and the District
of Columbia. During the last school year the two companies operated 25
charter schools that served 14,000 students.
"We look forward to working with the educators and Boards of these new
schools and welcome them to Team Mosaica," said Michael J. Connelly, President
and CEO of Mosaica.
Geoffrey W. Swett, President of Advantage added, "I am excited about the
opportunities that this acquisition will make available to students in our
schools. We have always believed that academic achievement is the key to this
business, and Mosaica's success on that score made them the ideal partner for
us as we sought the scale necessary to succeed."
Stephen P. Murray, Partner of J.P. Morgan Partners (formerly Chase Capital
Partners), a Director and one of the largest investors in Advantage, said,
"The Advantage shareholders remain committed to the growth of the education
management business. Given Mosaica's track record of outstanding academic
achievement, we look forward to great things for the students in these
John Murphy, Mosaica's Chairman and the Managing General Partner of Murphy
& Partners, Mosaica's largest investor, said, "Companies like Advantage and
Mosaica are, in effect, engineering a fundamental change in the way public
education is provided in this country. This combination will enhance the
quality of education at each of the Advantage and Mosaica schools.
Dr. Dawn D. Eidelman, a founder of Mosaica and the creator of its Paragon(R)
Curriculum said, "We are excited to provide families with powerful academic
innovations through the choice in public education afforded by charter
schools. Both Mosaica and Advantage are committed to providing students with
a solid foundation in academic skills and a rich, relevant program that will
help them become the architects of tomorrow."
Founded in 1997, Mosaica opened its first elementary school in Saginaw,
Michigan; in the 2000-2001 school year, it operated charter schools serving
5,000 students. Mosaica is particularly well known for Paragon(R), its
proprietary afternoon curriculum that integrates history, geography,
literature, music, philosophy and art, engaging students in a hands-on journey
through the history of great ideas in world culture. (Mornings are devoted
exclusively to the fundamentals-language arts, mathematics and science.) In
addition, technology is a key component of all Mosaica-managed schools, with
one classroom-based computer for every three students and an integrated
learning system that provides additional focus for students who may be below
grade-level in reading or mathematics.
Founded in 1996, Advantage opened its first two schools in September 1997.
In the 2000-01 school year, it operated schools serving over 9,000 children
from primarily urban families.
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SOURCE Mosaica Education, Inc.