Education Management Corporation (NASDAQ: EDMC) is an operator of for-profit post-secondary educational institutions, primarily in the United States. The company's institutions provide primarily career-focused educational programs. It is the second largest for-profit college company in the United States, after the Apollo Group.
The company is based in Pittsburgh, Pennsylvania and employs approximately 10, 000 faculty and staff and had enrollment of approximately 132, 000 students as of May, 2012. . EDMC was founded in 1962, and is 41% owned by Goldman Sachs. The Chair of EDMC's Board of Directors is John "Jock" McKernan, Jr., the husband of Senator Olympia Snowe (R-ME) and a former Governor of Maine from 1987 to 1995. The company operates a total of 105 individual schools, plus branches, under its four subsidiary names: The Art Institutes, Argosy University, Brown Mackie College, and South University.
On September 21, 2009, EDMC commenced an initial public offering of 20,000,000 shares of its common stock. The shares trade on The NASDAQ Global Market under the ticker symbol “EDMC”. This move to become a public company followed a June 1, 2006 transaction, in which a consortium of private equity investors acquired Education Management in a transaction valued at approximately $3.4 billion. The principal investors in Education Management are Providence Equity Partners, Goldman Sachs Capital Partners and Leeds Equity Partners. The leveraged buyout of EDMC was the largest buyout in the for-profit education sector to that point.
The company has been the target of investigations and lawsuits alleging overzealous and inappropriate recruitment practices. EDMC employs a restrictive ebook policy to help boost profits.
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