Private equity firm Huron Capital has sold its portfolio company, Ross Education, in a transaction that produced 18.7 times its original investment and a 76 per cent internal rate of return.
Based in St. Clair, Michigan, Ross Education operates a group of 17 post-secondary schools that offer career-oriented training in allied health fields.
BMO Capital Markets and Goldberg Kohn served as Ross Education’s investment bankers and legal counsel, respectively.
Huron originally acquired the business in March 2005 in partnership with chief executive Paul Mitchell.
Under their ownership, Ross implemented a plan designed to revitalise the company. Key initiatives included adding numerous new programmes, opening seven new branch locations, completing an add-on acquisition and making substantial investments in people, facilities and systems.
John Higgins, a partner with Huron, says: "The Ross transaction is a tremendous milestone for the company and for our investors. We are thrilled to have had the opportunity to work closely with Paul and his team to shape Ross into one of the most unique and successful businesses in the sector."
Huron Capital is a private equity firm investing in lower middle-market companies.
