Accredited Nursing School Broadens APEI’s Emphasis on Health Sciences
and Technology Programs
CHARLES TOWN, W.Va.--(BUSINESS WIRE)--Aug. 28, 2013--
American Public Education, Inc. (NASDAQ: APEI) – parent company of
online learning provider American
Public University System (APUS), which operates through American
Military University (AMU) and American
Public University (APU) – today announced that it has entered into a
definitive agreement to acquire 100% ownership interest in National
Education Seminars, Inc., operating as Hondros
College (Nursing Programs), for approximately $46 million in cash.
The transaction is expected to close in the fourth quarter of 2013,
subject to various conditions, including accreditor and regulatory
approvals.
Hondros College’s nursing programs include a diploma in practical
nursing (PN), an associate degree in nursing (ADN), and an online
registered nurse to bachelor of science in nursing (RN - BSN) completion
program to more than 1,500 students at four campus locations in the
suburban areas of Cincinnati, Columbus, Dayton and Cleveland.
The acquisition will further strengthen APEI’s position in the areas of
nursing, healthcare and public health education, according to Dr.
Wallace E. Boston, president and chief executive officer of American
Public Education, Inc. “As an established school of nursing, Hondros
College’s nursing programs serve some of the critical education needs of
our nation’s healthcare industry,” stated Dr. Boston. According to the
Bureau of Labor Statistics, the number of professional nurses is
expected to grow from 2.74 million in 2010 to 3.45 million in 2020, an
increase of 26%. Moreover, the total number of job openings for nurses
due to job growth and replacement is expected to be 1.2 million in 2020.
“We believe the school is a model of excellence in nursing education
that will also allow us to evaluate a blended, online/on-campus
educational platform in a more focused setting,” Dr. Boston continued.
“This transaction will advance our long-term strategic plan focused on
high academic quality, pathways for improved student retention and
enhanced health science and technology programs.”
In 2006, the college was approved by the Ohio Board of Nursing to offer
a new Associate Degree in Nursing and a Practical Nursing Diploma.
Today, Hondros College, Nursing Programs operates separately from the
other Hondros entities to meet the educational needs of the rapidly
growing nursing profession.
“Hondros College, Nursing Programs looks forward to joining with APEI to
further extend and fulfill our mission,” said Linda Hondros, president
of Hondros College, Nursing Programs. “We will continue to build upon
our successes by leveraging APEI’s unique expertise in academics and its
education technology to address the nursing profession’s educational
needs, advance our nursing offerings, and work to provide innovative
solutions for the many challenges facing the nation’s healthcare
industry.”
Hondros College is accredited by the Accrediting Council of Independent
Colleges and Schools (ACICS), the Commission on Collegiate Nursing
Education (CCNE) and approved by the State Board of Career College &
Schools, as well as the Ohio Board of Nursing (OBN). In addition,
Hondros College, Nursing Programs has relationships with Ohio hospitals
and health care facilities, and was honored as a Top Workplace in 2013
by the Dayton Daily News and by Columbus CEO Magazine.
“The highly qualified nursing faculty is comprised of knowledgeable and
accomplished practitioners who are committed to student success and are
passionate about achieving positive learning outcomes,” stated Dr. Karan
Powell, provost of American Public University System. “Our team is truly
impressed by the academic rigor, compassion, and professionalism
found at Hondros College, Nursing Programs - it is exactly what one
would expect to find in a focused and highly regarded nursing program.”
Hondros College, Nursing Programs reported revenues of approximately
$23.8 million in the full-year 2012. American Public Education currently
expects the acquisition to be accretive to earnings per diluted share in
the full-year 2014. After the transaction closing, the change of control
will also be subject to further approval of Hondros College, Nursing
Programs’ accreditor and the U.S. Department of Education, as well as
other bodies.
Hondros Family will continue to own and operate the Hondros College of
Business that delivers education to the real estate, appraisal,
insurance, financial services and home inspection industries.
American Public Education, Inc.
American Public Education, Inc. (NASDAQ: APEI) is a leading education
services provider founded to prepare adult learners for service and
leadership in a diverse global economy. The Company offers innovative
and affordable educational programs and services to students,
universities and partner organizations through wholly owned
subsidiaries: American
Public University System (APUS) and Hondros College, Nursing
Programs (subject to transaction closing). These institutions serve
over 100,000 adult learners worldwide and offer more than 90 degree
programs in fields ranging from homeland security, military studies,
intelligence, and criminal justice to technology, business
administration, public health, nursing and liberal arts. For additional
information, please visit http://AmericanPublicEducation.com.
Forward Looking Statements
Statements made in this press release regarding American Public
Education, Inc., or its subsidiaries, that are not historical facts are
forward-looking statements based on current expectations, assumptions,
estimates and projections about American Public Education, Inc. and the
industry. These forward-looking statements are subject to risks and
uncertainties that could cause actual future events or results to differ
materially from such statements. Forward-looking statements can be
identified by words such as "anticipate", "believe", "could",
"estimate", "expect", "intend", "may", "should", "will" and "would".
These forward-looking statements include, without limitation, statements
regarding the ability to close the acquisition, obtaining post-closing
approvals, and the benefits of the acquisition. Actual results could
differ materially from those expressed or implied by these
forward-looking statements as a result of various factors, including the
various risks described in the "Risk Factors" section and elsewhere in
the Company’s Annual Report on Form 10-K for the year ended December 31,
2012 and other filings with the SEC, challenges in the integration of
the business, or adverse licensing, regulatory or accreditor actions.
The Company undertakes no obligation to update publicly any
forward-looking statements for any reason, even if new information
becomes available or other events occur in the future.
Source: American Public Education, Inc.
American Public Education, Inc.
Brian Muys
Associate Vice
President, Public Relations
571-358-3145
or
Christopher
L. Symanoskie
Vice President, Investor Relations
703-334-3880