Texas Post-Secondary School
Becomes First Holding of Education Futures Group, LLC
Prospect Partners and Veteran Post-Secondary School Operator Jim
Tolbert Acquire Computer Career Center
1, 2006: Prospect Partners, LLC and veteran post-secondary
school operator Jim Tolbert are pleased to announce the acquisition
with management of Computer Career Center of El
Paso, Texas. Computer Career Center is the first investment of Education
Futures Groups, LLC, formed last year by Prospect Partners and Mr.
Tolbert to acquire smaller accredited post-secondary schools throughout
the United States and abroad.
Founded in 1985, Computer
Career Center provides specialized post-secondary vocational training
and occupational education programs to help students in southwest
Texas achieve their career goals. The school offers a wide array
of programs -- including allied health, business, IT and legal curricula
-- that award associate degrees and diplomas.
Prospect Partners and
Mr. Tolbert partnered with Computer Career Center President Lee
Chayes in the acquisition. Ms. Chayes, who will continue to oversee
the company as President, is a shareholder in the new company. Mr.
Tolbert is Chief Executive Officer both of Education Futures Group
and of Computer Career Center.
"We are very impressed
with Lee and the school she has built," says Mr. Tolbert. "Computer
Career Center is a high-quality, growing school in a dynamic market
and is led by an experienced operator and team."
Adds Maneesh K. Chawla,
a Principal at Prospect Partners, "Computer Career Center is
a great fit with the Education Futures Group strategy and will be
an excellent platform for growth. As we expand, we will look at
adding new campuses either organically or by making additional acquisitions
that meet our criteria."
Prospect Partners and
Education Futures Group will focus on acquisitions of smaller accredited
post-secondary education operating companies -- those with revenues
between $1 million and $10 million -- in secondary markets across
the United States, where the target companies could benefit from
an operationally-oriented buyer with a strong capital base.
"We are experienced
buyers in the education market and can navigate today's regulatory
hurdles to complete a transaction," Mr. Chawla says. "Jim
is a seasoned executive with tremendous experience, capability and
credibility in the post-secondary education industry. He also has
a highly visible leadership position within the sector as Chairman
of the Career College Association."
Prior to forming Education
Futures Group, Mr. Tolbert was Chief Financial Officer and minority
owner of Education Corporation
of America, a leading operator of post-secondary schools in
the southeastern United States and a former portfolio company of
Prospect Partners and Education Corporation of America management,
including Mr. Tolbert, formed the company in
1999 to acquire Virginia College, then an $11 million post-secondary
technical school with two campuses in Alabama. Over the next five
years, Education Corporation of America grew to nine campuses in
four southeastern states and approximately $60 million in revenues.
In December 2004, Prospect Partners and management recapitalized
Education Corporation of American with another financial buyer,
which became the lead investor in the company.
For more information on
Education Futures Group, visit www.educationfuturesgroup.com
or email Mr. Tolbert at firstname.lastname@example.org.
About Prospect Partners,
Prospect Partners, LLC,
of Chicago, Illinois is a leading investor in unique lower-middle-market
companies, managing two private equity funds totaling $270 million.
Since its founding in 1998, Prospect Partners has focused on management-led
leveraged acquisitions and has invested in more than 50 small niche
leaders with revenues typically between $10 and $30 million; the
firm's investments span many niche consumer, specialty distribution
and service markets throughout the United States. For more information
on Prospect Partners, please visit www.prospect-partners.com