BIRMINGHAM, Ala. and ST. LOUIS, Jan. 4, 2018 /PRNewswire/ -- Education Corporation of America (ECA), which operates private, accredited colleges across the U.S., has entered into an agreement to acquire certain campuses and other selected assets of Vatterott Educational Centers (VEC), another operator of private, accredited colleges. The newly acquired campuses serve well over 90% of VEC's students, will be held by ECA's wholly owned subsidiary, Virginia College, LLC, and will retain the strong VEC brands. The acquired campuses will continue to operate as Vatterott College, Vatterott Career College, L'Ecole Culinaire and ex'treme institute.
After the transaction closes, the combined ECA footprint will include more than 80 career-oriented campuses and online programs across 22 states, serving more than 25,000 students. The transaction is expected to close in early 2018 following receipt of all required approvals. Financial terms were not publicized.
"We are very excited about this acquisition," said Stu Reed, Chief Executive Officer of Education Corporation of America. "ECA is committed to being the premier provider of postsecondary education with a career focus, and the purchase of the majority of VEC campuses helps us realize that goal. They expand our footprint into key markets in the Midwest and add a range of new trades-oriented programs to our current offerings. We feel it's a great fit culturally as well, because both organizations are passionate about helping students transform their lives through career education."
Rene Crosswhite, President of VEC, stated, "We couldn't have found a better partner for Vatterott than Education Corporation of America. The transitioning VEC schools will be strengthened through this partnership for the benefit of our students. We believe the acquisition will provide a bright future for VEC, and it should be relatively seamless for faculty, administrators and students."
The VEC campuses share ECA's focus on career education and a commitment to student success. There is little geographic redundancy, with only one overlapping market, enabling ECA to add campuses in key new markets in the Midwest serving approximately 3,000 students. The VEC campuses will contribute to ECA's strengths and to the full portfolio's future growth.
Education Corporation of America operates Virginia College, Brightwood College, Brightwood Career Institute, Golf Academy of America, Ecotech Institute and New England College of Business. Virginia College, Brightwood College and Brightwood Career Institute offer diploma/certificate and associate's degrees in career-focused programs through 64 campuses located across the country. Ecotech Institute and Golf Academy of America offer diploma/certificate and associate's degree programs in specialized fields at six campuses, while regionally accredited New England College of Business offers business-focused associate's, bachelor's and master's degrees, as well as undergraduate and graduate certificates, in an online setting.
Vatterott Educational Centers operates Vatterott College, L'Ecole Culinaire and ex'treme institute, which offer diploma/certificate programs, associate's and bachelor's degrees across 19 campuses located primarily in the Midwest, and online programming. This acquisition represents 94 percent of VEC's current student population; the remaining 6 percent of students will finish their programs at the campuses to be retained by VEC.
SOURCE Education Corporation of America