Private Equity Investments In Education Companies

Ten Largest Educational Services LBO Deals By U.S.-Based Sponsors. peHUB.com Date Target Name Value ($ Mil) Acquirer 07/20/07 Laureate Education Inc. 3,704.229 Management-led investor group that includes Kohlberg Kravis Roberts & Co., Citigroup Private Equity and others. 06/01/06

Education Management Corp. 3,144.959

08/22/06

913.000

06/14/07

Meitec Corp.'s Novations Group Inc. Educate Inc.

11/17/06

Aspen Education Group Inc.

291.000

07/01/03

Laureate Education Inc.'s 290.448 'Sylvan Learning Systems Inc.-Tutoring Centers SoftBank Corp.'s 'ZD 172.000 Education Vatterott Educational Centers 105.000 Inc. Concorde Career Colleges Inc. 98.274

02/11/00 01/17/03 09/01/06 07/27/06

518.450

JW Childs Associates LP's Pan 58.000 Am International Flight Academy--Certain Assets

Providence Equity Partners LLC and Goldman Sachs Group Inc.'s EM Acquisition Corp. MCG Global LLC Management-led investor group that includes Sterling Capital Partners and Citigroup Private Equity. North Castle Partners LLC's CRC Health Corp. Apollo Advisors LP's Apollo Management LP Wasserstein & Co.'s US Equity Partners LP Wellspring Capital Management LLC Liberty Partners LP American Capital Ltd.'s American Capital Strategies Ltd.

Five largest Educational Services M&A Exits By U.S.-Based Sponsors. Date Target Name Value ($mil) Acquirer 05/19/03 Leeds Equity Partners LLC's 310.000 DeVry Inc. Ross University 12/11/06 HIG Capital LLC's Total Safety 183.000 DLJ Merchant Banking Inc. Inc. 04/15/09 Carlyle Group LLC's Wall 145.000 Pearson PLC Street English 07/03/02 Allied Capital Corp.'s Wyo84.400 Corinthian Colleges Inc. Tech Acquisition Corp. 07/27/06 JW Childs Associates LP's Pan 58.000 American Capital Strategies Ltd. Am International Flight Academy--Certain Assets Six Largest Educational Services IPOs By U.S.-Based Sponsors. IPO Date Company Name * (Ticker Firm(s) Invested Symbol) in Company 12/17/2003 Universal Technical Institute Inc. (UTI) 11/20/2008 Grand Canyon Education Inc. (LOPE)

Transportation Resource Partners Charlesbank Capital Partners LLC Endeavour Capital

06/23/2005 Lincoln Educational Services Corporation (LINC) 09/23/2004 Educate, Inc. 06/30/1983 Wicat Systems Inc. (WCAT) 04/16/2009 Rosetta Stone Inc. (RST) Source: Thomson Reuters and peHUB.com

Stonington Partners Inc. Apollo Management Citigroup Private Equity Sterling Group L.P. Lambda Funds Graphite Capital ABS Capital Partners Norwest Equity Partners