Education Futures Group, LLC
Formed to Acquire Post-Secondary Education Companies
Industry Veteran Jim Tolbert Teams With Prospect Partners to Pursue
Smaller Schools in Secondary Markets
20, 2005: Jim Tolbert, the former Chief Financial Officer of Education
Corporation of America ("ECA"), a leading operator of
post-secondary schools in the southeastern United States, has formed
Education Futures Group, LLC ("EFG"), a new firm focused
exclusively on the acquisition of accredited post-secondary
education operating companies throughout the United States. Education
Futures Group has teamed with Prospect Partners, LLC,
a private equity investment firm headquartered in Chicago, to help
it identify and qualify acquisition opportunities. Mr. Tolbert and
Prospect Partners were partners and investors in ECA from 1999 through
Prospect Partners and Education Futures Group will focus on acquisition
opportunities where the target companies could benefit from an operationally-oriented
buyer with a strong capital base. Most important, Prospect Partners
and EFG are experienced buyers in the education market and can navigate
today's regulatory hurdles to complete a transaction.
EFG will focus on smaller
schools -- those with revenues between $1 million and $10 million in secondary
markets across the United States. Prospect Partners and EFG have
committed over $10 million of equity capital to fund these acquisitions.
"Jim is a seasoned
executive with tremendous experience, capability and creditability
in the post-secondary education industry. Jim and the Education
Futures team will be excellent partners to smaller post-secondary
schools," says Louis W. Kenter, a Principal at Prospect Partners.
"The success of ECA speaks to his experience building and growing
post-secondary schools. Jim has a great ability to anticipate, identify
and profitability capitalize on opportunities in the marketplace
which foster growth."
Mr. Tolbert left ECA in
January, 2005, to pursue new opportunities, including the formation
of Education Futures Group.
"I am excited about
the opportunity to once again team with Prospect Partners to identify
post-secondary education companies with exceptional potential,"
Mr. Tolbert says.
Mr. Tolbert continues
to serve on the Executive Committee and on the Board of Directors
of the Career College Association.
Prior to forming Education
Futures Group, Mr. Tolbert was Chief Financial Officer and a minority
owner of Education Corporation of America, a former portfolio company
of Prospect Partners. Prospect Partners and ECA management, including
Mr. Tolbert, formed ECA in 1999 to acquire Virginia College, then
an $11 million post-secondary technical school with two campuses
in Alabama. Over the next five years, ECA grew to nine campuses
in four southeastern states and approximately $60 million in revenues.
In December 2004, Prospect Partners and management recapitalized
ECA with another financial buyer, which became the lead investor
in the company.
For more information on Education
Futures Group, contact Mr. Tolbert at 205-283-7416, or by email
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 45 small niche
leaders with revenues typically between $10 and $30 million; the
company'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