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Sard Verbinnen & Co. is repping Strayer Education Inc. as it announced a “merger of equals” with Capella Education, another “for profit” college chain, via an exchange of stock that will give Strayer investors a 52 percent stake in the combine.
The new entity will operate under the Strayer corporate name, serve 80,000 students, and benefit from a cost-savings of $50M per-year phased in over the next 18 months.
Strayer CEO Karl McDonnell will helm the resulting corporation with Strayer University and Capella University as independent and separately accredited institutions.
Herndon-based Strayer earned $27.1M during the nine-month period ending Sept. 30 on revenues of $336M. Capella weighed in with $30.8M net and $329.4M revenues in the same period.
Sard Verbinnen’s David Reno, Andy Duberstein and Bryan Locke and Capella’s Mike Buttry handle media for the transaction that is expected to close a year from now.
Leigh Whitaker will return to the University of Pennsylvania on Oct. 1 as VP for government and community affairs.
Temple University has named Brian Keech VP-government & community relations after a national search.
Maine’s Bowdoin College has named NYU Abu Dhabi's Martin Mbugua senior VP-communications and PA. He takes the spot on August 1.
Notre Dame hires Pedro Ribeiro, who most recently served as SVP for communications and PA at the Association of American Universities, as VP for PA and communications, effective Oct. 2.
