Education Corporation of America

April 9, 1999



Company led by Kenneth C. Horne Will Pursue Other Post-Secondary Education Acquisition
BIRMINGHAM, AL: Virginia College, a leading post-secondary school operating campuses in Birmingham and Huntsville, Alabama, was acquired by a wholly-owned subsidiary of Education Corporation of America, a holding company formed by Prospect Partners, LLC and current management including Kenneth C. Horne, James Hutton, Diane S. Clower and James Foster. All of the Virginia College operating executives will remain in place. Mr. Horne will serve as Chief Executive Officer and Dr. Hutton will become Chief Operating Officer of the newly formed company.

Education Corporation of America will focus on building a larger business regionally through a combination of acquisitions and internal growth.

Virginia College offers diplomas and degrees in a wide variety of technical fields including computer network support and administration, medical assistant and administration, legal assistant, office administration, computer aided drafting and interior design. Students are typically high school graduates in their late 20’s or early 30’s seeking to improve their careers. Virginia College is an accredited senior college by Accrediting Council of Independent Colleges and Schools and participates in the U.S. Department of Education’s Title IV financing program.

"We are truly excited about expanding upon the foundation that we’ve established through Virginia College. The formation of Education Corporation of America provides a strong capital base from which to build a significantly larger presence in the post-secondary education market." said Ken Horne, CEO of Education Corporation of America.

Chicago-based Prospect Partners, LLC manages a $105 million private equity fund focused on financing management-led leveraged acquisitions and providing growth capital for lower middle market businesses with niche strategies.

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January 4, 2005
Prospect Partners Completes Recapitalization of Education Corporation of America

July 19, 2001
Virginia College Expands to Include Medical Career Center, Inc. at Pensacola, Florida and Mobile, Alabama