Renovus Capital Partners Has Acquired Great Lakes Institute Of Technology
Wayne, PA – Renovus Capital Partners, an education, training and human capital focused private equity firm, announced today that it has acquired Great Lakes Institute of Technology (“GLIT”).
Founded in 1965 in Erie, Pennsylvania, GLIT is a well-respected provider of healthcare-focused postsecondary education in the Great Lakes region. GLIT specializes in associates and diploma level degree programs in the fields of nursing, sonography, dentistry and veterinary sciences. GLIT has two campuses including a brand-new location to support the increasing demand for its niche programs. The school was previously owned by a local entrepreneur, Rick Griffith. Together with his team, he brings over 100 years of experience owning and operating postsecondary educational institutions. The management team has remained in place following the transaction.
Atif Gilani, a Founding Partner of Renovus, said, “As strong believers in the merits of affordable, career-oriented education for non-traditional students, we are excited to become involved with the school. We plan to significantly invest in geographical expansion and new programs in the coming years.”
“As healthcare costs continue to rise and the average age of healthcare practitioners increases, the demand for entry level professionals is at an all-time high. GLIT’s programs directly address this growing need and we are pleased to back a team with a proven track record in this area,” added Brad Whitman, a Founding Partner of Renovus.
“I am pleased to partner with an experienced ownership group that has demonstrated a long-term commitment to our sector. With Renovus’ financial and operational resources, I am confident that the school will continue to thrive and serve the local community,” commented Rick Griffith.
GLIT is the fifth platform company for Renovus’ second fund, Renovus Capital Partners II, L.P. DLA Piper served as the legal counsel and CTS Capital Advisors as a financial advisor to Renovus.
About Renovus Capital
Founded in 2010, Renovus Capital Partners is an education, training and human capital focused private equity firm. Renovus is based outside of Philadelphia and manages over $500 million of capital through two private equity funds. To date, the firm has acquired 20 portfolio companies specializing in areas such as educational technology, educational content, traditional education, corporate consulting and professional training, and technology services. The firm is an active investor in profitable and growing enterprises where the Renovus team, in partnership with management, can create value through operational improvements, strategic growth initiatives and acquisitions. More information can be found at www.renovuscapital.com.