Friday, 29 July 2016
Last updated 8 hours ago
Oct 30 2007 | 4:19pm ET
The Carlyle Group is going back to school with its newest classmate, the Apollo Group. The two firms have formed a $1 billion joint venture to make a range of investments in the international education services sector.
Apollo has committed up to $801 million, and will own 80.1% of the joint venture, while Carlyle gets a 19.9% stake for $199 million. Apollo, which operates for-profit post-secondary schools such as the University of Phoenix and the Institute for Professional Development, will target investments and partnerships primarily outside the U.S. “with attractive demographic and economic growth characteristics.”
Greg Cappelli of Apollo said, “We are very excited about this new joint venture and our partner, The Carlyle Group. Our core competencies in the education space, combined with Carlyle’s industry relationships and strategic assets across the global education sector, will allow us to successfully capitalize on the tremendous global opportunity that exists in the marketplace.”
Brooke Coburn, co-head of Carlyle Venture Partners III, said, “Global demand for higher education is strong. Apollo Group’s operational expertise coupled with Carlyle’s global network, make this a powerful partnership.”
Apollo Group has been involved in the education sector for more than 30 years.