Gryphon Investors’ Portfolio Company, Delta Career Education Corporation, Acquires Berks Technical Institute
San Francisco, CA April 10, 2008 — Gryphon Investors announced today that it has completed the acquisition of Berks Technical Institute (“Berks”) from ForeFront Education through Gryphon’s post-secondary education platform, Delta Career Education Corporation (“Delta”). Terms of the deal were not disclosed.
Berks is an accredited career college located in Wyomissing, Pennsylvania. The school has a diverse program offering of 12 career diploma and associate degree programs in the areas of Allied Health, Business, Paralegal, Criminal Justice, Computer Networking, and Drafting and Design.
Delta Career Education Corporation was formed by Gryphon Investors through the acquisitions of National Career Education in December 2004, Delta Educational Systems in May 2006 and the Academy of Court Reporting in August 2006. Including the acquisition of Berks, Delta now operates 29 campuses across 12 states and provides career education to over 11,000 students.
“We are pleased to support our strong management team at Delta in this acquisition,” said David Andrews, Founder and Managing Partner of Gryphon Investors. “Despite the currently difficult financing environment, we will continue to aggressively pursue accretive acquisitions.”
John Rogers, a Principal at Gryphon Investors, added, “The acquisition of Berks represents an exciting opportunity for Delta to expand our already strong presence in the attractive Pennsylvania market.”
Alan Sussna, who was elevated from the role of President to the role of Chief Executive Officer at Delta in February 2008, will leverage his proven track record of success in consumer marketing, strategic consulting and operational management as he leads Delta going forward. Mr. Sussna stated, “We are excited about the Berks acquisition and look forward to building upon the school’s historical track record of consistent performance to achieve further organic growth. We are also enthusiastic about partnering with the school’s excellent faculty and staff.”
Former Delta CEO Joe Kennedy, who is also a significant shareholder, is continuing his full-time role at the Company as Vice Chairman, focusing on best practices in the schools and additional acquisition opportunities. He added, “I am excited to close this acquisition and to personally focus on pursuing additional add-on acquisitions during the coming year.”
About Gryphon Investors
Based in San Francisco, Gryphon Investors focuses on leveraged acquisitions of, and growth investments in, middle-market companies in partnership with experienced management. Having managed more than $1 billion of discretionary equity capital, Gryphon has an extensive track record of investing $25 to $75 million of its own capital in companies with sales ranging from $25 to $250 million. Gryphon prioritizes investment opportunities where it can form proactive partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, professional resources and significant financial and operational expertise. Visit www.gryphoninvestors.com for more information.