Education Management Corp., a for-profit education company based in Pittsburgh, said it has completed the sale of 31 Art Institute schools and two other educational systems to the Dream Center Foundation.
The $60 million transaction, proposed in March, includes faculty and staff at all EDMC schools currently accepting new students. That includes the Art Institutes, Georgia-based South University and California-based Argosy University. It also includes a majority of the employees from EDMC’s corporate offices.
All told, the proposed deal will shift roughly 60,000 students and 15,000 employees at schools managed by EDMC to the Dream Center, a Los Angeles-based philanthropic organization affiliated with a Pentecostal church that funds programs across the country for underprivileged people.
“We are pleased with the close of this transaction and our attention remains with the students still enrolled in EDMC schools,” said EDMC president and CEO, Mark McEachen, in a press release on Tuesday. “We will honor our commitment to them and will continue providing them with the quality education they have come to expect from EDMC.”