Good Afternoon,
For more than 100 years, post-secondary institutions owned by Education Management Corporation have served the educational needs of students across the country. We proudly provide very talented and dedicated students with the opportunity to pursue their dreams and passion in a wide range of areas of study. We are able to do so due to the commitment of our faculty and staff who provide a great learning environment so our students can take their talents into society and build meaningful lives. With almost a half a million alumni across the country, it is clear that we have been very successful.
Today, I am pleased to reveal a further step in the evolution of educational excellence with the announcement of an agreement to sell substantially all of the assets of EDMC, including the Center, corporate offices, all faculty and staff at Argosy University (including Western State College of Law), “core” Art Institutes not currently in teach-out and South University to Dream Center Foundation (DCF), a not-for-profit foundation.
After careful consideration and examination of the best strategic direction for our schools and programs over the next decade, the Board of Directors and I came to the conclusion that the best way to ensure continued classroom excellence and student success was to enter into this transaction.
This deal aligns our organization and goals with the realities of the education environment in which we operate today. Our schools will exist as a not-for-profit, stand-alone entity owned by DCF, offering our campuses and students the chance to educate and learn in an environment divorced from the challenges of the for-profit sector.
The new organization is subject to several operational and other closing conditions and is also subject to the receipt of a number of regulatory approvals, but it is expected to be completed by late summer 2017.
I am very aware that a transaction such as this raises anxiety and that you will have questions. We commit to trying to answer each and every question you may have. I will start right away and embark on a two-week tour to hold town halls to talk about this fantastic opportunity and answer your questions.
This is a terrific and very positive step toward continuing to build on our success. It is truly a reflection on all of you and your unwavering commitment to educating our students, who remain our number-one priority throughout this transition.
Regards,
Mark
Mark McEachen
President and Chief Executive Officer
Education Management Corporation