BETHESDA, Md., Feb. 13, 2014 /PRNewswire/ --RLJ Credit Management, LLC today announced the closing of RLJ Credit Opportunity Fund I, LP (RLJ Credit or the Fund). With the closing of this Fund, RLJ Credit Management, LLC has approximately $135 million in assets under management.
RLJ Credit and its limited partners are pleased that, in cooperation with the SBA, we have created one of the largest minority-owned SBIC Funds. Under the direction of Trevoir Gregg, Co-Founder and Managing Partner, we are confident that RLJ Credit will generate significant returns on assets and become one of the preeminent Funds for senior debt and subordinated debt investments in lower middle market companies, said Robert L. Johnson, Founder and Chairman of The RLJ Companies.
RLJ Credit is committed to generating attractive investment returns for its limited partners by supporting US small businesses, said Trevoir Gregg. Lower middle-market companies are essential to the overall health of our domestic economy. In addition to forming the basis for job growth and healthier communities, lower middle-market companies are very good areas in which to invest.
RLJ Credit is a portfolio company of The RLJ Companies and provides subordinated debt, unitranche and minority equity capital in support of leveraged buyouts, strategic acquisitions, recapitalizations and growth initiatives for small and mid-sized businesses throughout the United States. RLJ Credit anticipates investments in upwards of $10 million per transaction, with the resources to complete larger transactions.
About RLJ Credit Opportunity Fund
RLJ Credit Opportunity Fund makes senior debt and subordinated debt investments in lower middle market companies. RLJ Credit provides flexible capital solutions to facilitate buyouts, recapitalizations, refinancings, and growth financings. The Principals of RLJ Credit have extensive experience partnering with middle market companies, across a broad range of industries, to support growth and create value. We successfully partner with private equity firms, investment banks, and operating executives to deliver our full range of financial and strategic resources. For more information visit: www.rljcredit.com.
About The RLJ Companies
The RLJ Companies, founded by Robert L. Johnson, is an innovative business network that provides strategic investments in a diverse portfolio of companies. Within The RLJ Companies portfolio, Johnson owns or holds interests in businesses operating in a publicly traded hotel real estate investment trust; private equity; financial services; asset management; automobile dealerships; sports and entertainment; and video lottery terminal (VLT) gaming. The RLJ Companies is headquartered in Bethesda, MD, with affiliate operations in Charlotte, NC; Little Rock, AR; Los Angeles, CA; San Juan, PR; and Monrovia, Liberia. Prior to founding The RLJ Companies, Johnson was founder and chairman of Black Entertainment Television (BET). For more information visit: www.rljcompanies.com.
SOURCE The RLJ Companies
Students who attend Everest College in Vancouver will notice some welcome changes -- including reduced tuition and more help finding a job -- when the college is under new ownership and moves from for-profit to nonprofit status in January.
The Vancouver campus is among 56 Everest and WyoTech campuses in 17 states that are being acquired from Corinthian Colleges Inc. by nonprofit Zenith Education Group, a new unit of Educational Credit Management Corp. Group Inc. ECMC Group Inc. is a student loan guarantor. The $24 million sale was announced Thursday. Corinthian is based in Santa Ana, Calif.
Spokesmen for both Corinthian Colleges and ECMC Group emphasized that the Vancouver campus would not be closed and students could continue their education without interruption. Most students are in programs that are two years or shorter. Many diploma programs are less than a year.
You wont see significant changes in campus operations when the sale closes, said Kent Jenkins Jr., a Corinthian Colleges spokesman who works in the Washington, DC, office. In the short run, students who are enrolled now will have the same classes, the same faculty, the same schedules. Anyone who is a student now will be able to continue their coursework. The accreditation status is the same. None of that is affected.
ECMC Chief Executive Officer David Hawn said under the new ownership, tuition will be reduced by 20 percent, and students will receive increased help in finding employment.
In addition, the company will offer millions of dollars in institutional grants. None of these students will be forced to take out expensive private loans, said an ECMC spokeswoman in the Washington, DC, office.
The financially troubled Corinthian Colleges Inc. has been seeking a buyer for the schools for several months. During that time, there havent been changes to programs or interruptions of service for students, said Jenkins.
Corinthian is under investigation by the US Department of Justice, the federal Consumer Financial Protection Bureau, and the Securities and Exchange Commission, as well as the Washington state Attorney Generals office.
The current enrollment of 184 students is significantly down from the about 300 the school reported in June.
Any time you have the uncertainty weve had in the last few months, youre going to see some decline in enrollment, Jenkins said.
Everest Colleges Vancouver campus is at 120 NE 136th Ave., Suite 130. The campus offers degree and/or certificate programs in the fields of accounting, administrative assisting, bookkeeping, business administration, medical assisting, medical billing and coding, and paralegal. It was started in Vancouver in 1999 as a massage therapy program and continues to offer massage therapy. The schools tuition ranges from about $15,000 to $40,000 a year with programs between eight months and two years on average.
In addition to the Vancouver campus, the acquisition includes the five other campuses in Washington in Bremerton, Everett, Renton, Seattle and Tacoma. In the Portland metro area, the college has campuses in downtown Portland and in Tigard, Ore.
Orange County-based Corinthian Colleges Inc. said Thursday that it has agreed to sell off 56 campuses for $24 million to a nonprofit entity that collects student loan debt on behalf of the federal government.
The deal between Corinthian and Educational Credit Management Corp., a so-called student loan guaranty agency, represents a large share of Corinthians campuses. In July, Corinthian agreed to sell off 85 campuses and wind down operations at 12 others as part of a settlement with the US Department of Education.