Primus Announces Sale of ATI
1/5/2010
CLEVELAND, OHIO – Primus Capital Fund V (“Primus”) is pleased to announce the sale of ATI Holdings, Inc. (“ATI”) to an affiliate of the private equity firm BC Partners. Primus joined The Riverside Company in its acquisition of ATI in April 2004. During Primus’ investment period, ATI expanded from eight schools to 23 schools and an on-line learning division and grew revenues and EBITDA on a compound annual basis by 31% and 45%, respectively.
Primus’ investment in ATI builds on its track record of backing some of the most successful companies in the for-profit post-secondary education sector, including prior investments in DeVry, Inc. (NYSE: DV) and Corinthian Colleges, Inc. (NASDAQ: COCO). Primus maintains an active portfolio of education-related companies and continues to seek new investment opportunities in the industry.
“Working with knowledgeable investors that could contribute unique and complementary resources was a critical requirement in my decision to join the company.” Arthur Benjamin, ATI’s CEO, further added that “Primus and Riverside’s experience in supporting rapidly growing companies was invaluable in developing and executing ATI’s growth plan and liquidity strategy.”
“It has been a pleasure working with the management team at ATI and Riverside to help build one of the largest privately held career school companies," said Scott Harper, Managing Director and head of Primus’ education investment efforts. “ATI’s success was a function of a strong, dedicated management team that shared a common vision with its investment partners of providing the highest quality training to young adults in professions that are in high demand.”
About Primus
Founded in 1983, Primus invests in established middle-market companies in the business services, healthcare, and education industries. Primus partners with experienced management teams to accelerate growth and improve the operating performance of the companies in which it invests. Primus is currently investing its sixth fund in transactions that include buyouts, control and minority recapitalizations, and expansion financings. More information about Primus can be found at www.primuscapital.com.
About ATI
ATI operates an on-line learning division and 23 career training centers located in Texas, Florida, Oklahoma, Arizona, and New Mexico serving 15,500 students. The Company offers diplomas, certificates, and associate degree programs in allied health, wellness, skilled trades, business, and IT. ATI is headquartered in Dallas, TX and has 1,500 employees.
