How buying the Art Institutes brought Dream Center to the brink of collapse

Education Dive | January 23, 2019

Dream Center Education Holdings (DCEH) went into receivership last week, shortly after making a deal to transfer control of most of the remaining campuses in the Art Institutes chain.The campuses now under receivership, which weren't part of the transfer deal, could be sold or close, said DCEH attorney Robert Glickman, adding, "In a perfect world, you would want a sale to occur and the university to continue."A company that generates leads on prospective students had moved in court to put DCEH, which owed the firm more than $250,000, under a receiver to protect the nonprofit's assets, including its remaining campus operations. DCEH agreed in court papers with the necessity of receivership, acknowledging its dire financial position and the need to ensure its remaining schools can continue functioning.On Friday, a federal court in Ohio approved the proposed receiver, Mark Dottore, a Cleveland-based consultant who had already been working with DCEH.

Spotlight

The US Department of Education offers a clear definition of CBE: “Transitioning away from seat time, in favor of a structure that creates flexibility, allows students to progress as they demonstrate mastery of academic content, regardless of time, place, or pace of learning. 

Spotlight

The US Department of Education offers a clear definition of CBE: “Transitioning away from seat time, in favor of a structure that creates flexibility, allows students to progress as they demonstrate mastery of academic content, regardless of time, place, or pace of learning. 

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NovoEd Makes Inclusion in the Global List of Top Learning Systems

NovoEd | January 10, 2023

NovoEd, the leading social and collective learning platform for deep capability building, recently announced about the nomination for The Craig Weiss Group's 2023 Learning System Awards. NovoEd's exceptional user interface and experience, extensive data, and focus on cohort-based learning have helped propel it into the top ten Learning Systems of 2023. This announcement caps off a memorable year marked by multiple industry honors. The 2023 Learning System Awards assessment were based on an analysis of 1,000 systems from all over the world, to determine The top 20 were selected based on criteria like UI/UX for learners and administrators, functionality, metrics, content curation, third-party content/course providers, training and support, and mobile capabilities. Peers regard Craig Weiss as the most influential individual in the world for learning systems and among the top three for e-learning. For the past five years, the Awards have assisted exceptional participants in gaining worldwide recognition. Craig Weiss, CEO and Lead Analyst of The Craig Weiss Group and FindAnLMS, said, “Our methodology for analyzing the capabilities and unique functionalities of a multitude of learning systems is driven by getting to know these vendors and their products firsthand." He also said, "NovoEd's platform offers the fullest cohort-based learning experience in the industry. If you are seeking a cohort-based learning system for your learners, this is the dominant player.” (Source: Cision) "Our team has continued its investments in product innovation and partner solutions this year to equip our clients with a capability-building platform that drives organizational alignment at scale," said NovoEd Chief Marketing Officer Christina Yu. (Source: Cision) About NovoEd Founded in 2012 at Stanford's Social Algorithms Lab, NovoEd is a capability-building platform that harnesses social and collaborative learning to accelerate performance readiness at scale. It uses cohort-based experiences to draw upon the knowledge of a group while still putting the learner at the center of the discussion.

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EDUCATION TECHNOLOGY

AVISTA CAPITAL PARTNERS ACQUIRES SPEAR EDUCATION

Spear Education | December 20, 2022

Avista Capital Partners ("Avista"), a leading private equity firm focused exclusively on healthcare, today announced its acquisition of Spear Education ("Spear" or the "Company"), a tech-enabled provider of digital and in-person clinical training, practice analytics and consulting solutions for the dental market. Transaction terms were not disclosed. Headquartered in Scottsdale, AZ, Spear is the industry's leading dental education provider. Spear offers unmatched breadth of content including 5,000+ on-demand videos, 300+ hands on workshops annually, and 100+ study club modules. Spear's solutions enable dentists to learn higher acuity skills and generate new revenue streams, providing a high ROI to dental practices and practitioners across the spectrum of experience. Avista Partner Sriram Venkatraman, said: "Avista sees Spear as a compelling investment opportunity given its industry leadership, demonstrated growth potential and diversified business model. We look forward to leveraging our deep experience in the healthcare technology sector and dental end-market to help accelerate Spear's growth trajectory. "Spear has achieved robust growth over the last several years, with increases in membership and the expansion of our digital content. We are well positioned to capitalize on the tremendous opportunities ahead, against the backdrop of an accelerating industry. We are thrilled to have Avista as a partner as we pursue a multi-lever expansion strategy that will result in compelling benefits for our customers, employees and the entire dental industry." CEO of Spear Education Kaleim Manji, Steve Schiess, an Avista Strategic Executive with over 30 years of experience in the dental industry, most recently as the CEO of Zest Dental Solutions, a former Avista portfolio company, added, "Spear offers dentists a tremendous value proposition. Spear's education and training courses enable dentists to learn new skills that drive the retention of procedures in-house which, in turn, delivers a high return on their Spear investment. We believe there are multiple opportunities to accelerate both the dental practices' and Spear's growth. Wilkie Farr & Gallagher LLP acted as legal advisor and William Blair acted as financial advisor to Avista. About Spear Education Spear Education is dentistry's premier source for continuing education. The company serves dentists of all clinical skill levels and transforms practices and the lives of patients by offering physical hands-on courses, extensive peer-to-peer regional learning, and comprehensive online educational tools. For more information, go to www.speareducation.com. About Avista Capital Partners Founded in 2005, Avista Capital is a leading New York-based private equity firm with over $8 billion invested in more than 40 growth-oriented healthcare businesses globally. Avista partners with businesses that feature strong management teams, stable cash flows and robust growth prospects – investing in the medical devices, pharmaceuticals, outsourced pharmaceutical services, healthcare technology, healthcare distribution and diagnostics, and consumer healthcare sectors. Avista's Strategic Executives and Advisors are an integral part of the team, providing strategic insight, operational oversight and senior counsel, which helps drive growth and performance, while fostering sustainable businesses and creating long-term value for all stakeholders.

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EDUCATION TECHNOLOGY

EpicQuest Education Announces Advancement of its International Growth Strategy

EpicQuest Education Group | December 21, 2022

EpicQuest Education Group International Limited , (the "Company" or "EpicQuest Education"), a provider of comprehensive education solutions for domestic and international students interested in college and university programs in the US, Canada and the UK, today announced that on November 10, 2022, the Company expanded its international growth strategy with its signing of a non-binding Memorandum of Understanding ("MOU") with ICBT Campus of Sri Lanka ("ICBT"). The MOU articulates specific partnership programs and collaboration activities between Davis College and EduGlobal College, the Company's two colleges in which it has controlling interests, and ICBT. "With this MOU, we are continuing to implement our strategic growth plan to enter international educational markets. 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The purpose of the MOU is to establish opportunities for a formal partnership for franchising the first year of Davis College's Associate Degree academic program and EduGlobal College's university pathway foundation program, both of which are to be delivered at ICBT. Both programs would enable ICBT to issue standard internal certificates and transcripts to students who complete these respective first year studies in Sri Lanka. In addition, students who complete the first year of study of the Davis College Associate Degree program at ICBT will be offered guaranteed placement for the second year of the Associate Degree program at Davis College in the US and university placement to complete their undergraduate degrees. A vital component of EpicQuest Education's strategic growth plan is to have Davis College and EduGlobal College become increasingly involved with international collaborations in order to leverage their distinct academic programming and unique culture of learning. 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In addition, Davis College has agreements with numerous four-year US universities for 'transfer pathway' programs that pave the way for students from two-year colleges to gain admission while being able to transfer their course credits. Davis College is accredited by The Higher Learning Commission and the Ohio State Board of Career Colleges and Schools with programs authorized by the Ohio Board of Higher Education. For more information, please visit https://www.daviscollege.edu/. About EduGlobal College EduGlobal College is a private college located in the Metro Vancouver area, British Columbia, Canada. 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