WASHINGTON, DC, March 19, 2001 - The shareholders of Strayer Education, Inc. (Nasdaq: STRA) have approved the transaction between the Company and an investment group led by New Mountain Capital, LLC, a New York-based private equity investment firm. Based on the terms of the agreement, New Mountain Partners and DB Capital Partners purchased in escrow $150 million of convertible preferred shares from Strayer Education, Inc.
Robert S. Silberman, the former President and Chief Operating Officer of CalEnergy Company Inc. and former Assistant Secretary of the Army, has been named President and Chief Executive Officer of Strayer Education, Inc. Scott W. Steffey, former Vice Chancellor of the State University of New York system, has been named Executive Vice President and Chief Operating Officer. Steven B. Klinsky, Founder and Chief Executive Officer of New Mountain Capital, LLC has been named non-executive Chairman of the Company's Board of Directors.
Robert S. Silberman commented, "We are committed to creating long term value for all shareholders through implementing a new strategic vision for Strayer Education, Inc. This vision includes accelerating new campus growth, maximizing online opportunities, developing corporate and institutional alliances, developing international opportunities, and considering selective acquisitions."
The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.065 per share ($0.26 annually) for the quarter ending March 31, 2001. The dividend is payable on April 23, 2001, to shareholders of record on April 9, 2001.
This release contains statements that are forward looking. They are based on the Company's current expectations and are subject to a number of known and unknown risks. The Company's actual results may differ materially. The known and unknown risks include the pace of growth of student enrollment, continued compliance with Title IV of the Higher Education Act, and the economic environment. Further information about these and other relevant risks and uncertainties may be found in the Company's annual report on Form 10-K and its other filings with Securities and Exchange Commission, all of which are available from Commission and from the Company's worldwide web site at www.strayeredu.com, as well as from other sources. The foregoing information concerning Strayer Education, Inc. represents our outlook only as of the date noted above, and we undertake no obligation to update or revise any forward looking statements, whether as a result of new developments or otherwise.
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