Mosaica Education, Inc. to Acquire Advantage Schools Inc.
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 schools." 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. MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X21797809
SOURCE Mosaica Education, Inc.
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