M&A Deal Summary

Corinthian Colleges Acquires Career Choices

On June 10, 2003, Corinthian Colleges acquired education company Career Choices from Lombard Investments

Acquisition Highlights
  • This is Corinthian Colleges’ 1st transaction in the Education sector.
  • This is Corinthian Colleges’ 1st transaction in the United States.
  • This is Corinthian Colleges’ 1st transaction in Indiana.

M&A Deal Summary

Date 2003-06-10
Target Career Choices
Sector Education
Buyer(s) Corinthian Colleges
Sellers(s) Lombard Investments
Deal Type Add-on Acquisition

Target

Career Choices

Evansville, Indiana, United States
Lombard and management formed Career Choices, Inc. ("CCI") to make acquisitions in the post-secondary proprietary education industry in the U.S. CCI made its initial acquisition in 1998, purchasing Sequoia Institute, a vocational school with offerings in automotive and climate control and refrigeration technologies. In 1999, Lombard provided additional capital to help fund CCI's acquisitions of Ashmead College and Eton Technical Institute, both post-secondary schools offering curricula in the allied health fields.

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Buyer(S) 1

Buyer

Corinthian Colleges

Santa Ana, California, United States

Category Company
Founded 1995
Sector Education
Employees10,100
Revenue 1.6B USD (2013)
DESCRIPTION

Corinthian Colleges, Inc. is a post-secondary education companies in the United States and Canada, with more than 113,800 students enrolled. Corinthian company operates 100 schools in 25 states and 17 schools in Canada. CCi serves the large and growing segment of the population seeking to acquire career-oriented education.


DEAL STATS #
Overall 1 of 2
Sector (Education) 1 of 2
Type (Add-on Acquisition) 1 of 2
State (Indiana) 1 of 1
Country (United States) 1 of 2
Year (2003) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-05 Heald College

San Francisco, California, United States

Heald College is a regionally accredited private career college with campuses in California, Oregon and Hawaii.

Buy $395M

Seller(S) 1

SELLER

Lombard Investments

Daly City, California, United States

Category Private Equity Firm
Founded 1985
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Lombard Investments, Inc. is an international private equity firm focused on control and minority investments in Southeast Asia and Greater China. Lombard typically invests $5 to $50 million of equity capital to support expansions, financial restructuring, or management buyouts. Sectors of interest include food/beverage, retail, financial services, media/entertainment, healthcare, education, and energy. Lombard will not invest in untried technologies or companies involved in alcohol, armaments, tobacco, or gambling businesses. Lombard was formed in 1985 and has offices in San Francisco, Hong Kong, Bangkok, and Ho Chi Minh.


DEAL STATS #
Overall 1 of 9
Sector (Education) 1 of 1
Type (Add-on Acquisition) 1 of 4
State (Indiana) 1 of 1
Country (United States) 1 of 2
Year (2003) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-01-01 Good Morning Shinhan Securities

Youngdungpo-Gu, South Korea

In 1998, a consortium comprised of Lombard, H&Q Asia Pacific, and the Government of Singapore Investment Corporation acquired a 51% controlling stake in Good Morning Securities ("GMS") after its major shareholder, Ssangyong Group, became insolvent during the Asian financial crisis and GMS itself became financially troubled. Following extensive corporate restructurings and improvements in corporate governance by the consortium, GMS was reestablished as a viable financial institution. After the financial rescue, GMS was ranked by FinanceAsia as the "Best Equity Brokerage House in Korea" in 2001 and one of "Asia's Best Companies" in 2002. The Asset rated GMS as the "Best Local Brokerage House" in 2001 and "Korea's Best Fixed-Income Broker" in 2002.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-02-20 Frasers Property

Bangkok, Thailand

Frasers Property constructs, leases and manages standard factories primarily for light industrial applications located in various industrial estates throughout Thailand. TICON had a portfolio of 139 factories in eight different industrial estates on the Eastern Seaboard and in an industrial area north of Bangkok. Frasers Property was founded in 1990 and is based in Bangkok, Thailand.

Buy -