Orbis Education to be Acquired by Grand Canyon Education, Inc.
CARMEL, Ind., Dec. 18, 2018 /PRNewswire/ -- Orbis Education announced today that it has entered into a definitive business combination agreement with Grand Canyon Education, Inc. (GCE). Under the terms of the transaction, GCE will acquire all of the outstanding stock of Orbis Education, and all Orbis academic and healthcare partnerships will remain in place. In addition, Orbis Education will continue to operate its business from Carmel, Ind. and other current and planned locations. Current Orbis executive and other management are expected to remain in place.
Grand Canyon Education, Inc. is a regionally accredited provider of postsecondary education services focused on offering graduate and undergraduate degree programs in its core disciplines of education, healthcare, business and liberal arts. The company offers programs online, on ground at a campus in Phoenix, Ariz., and onsite at facilities it leases and at facilities owned by third-party employers.
Orbis partners with universities to expand pre-licensure healthcare programs to help overcome the shortage of skilled healthcare providers in the U.S. The partnerships enable the delivery of high-quality, clinically intensive education programs that fast-track students into the nursing, occupational therapy and other healthcare professions.
"During the process of seeking additional investment in our fast-growing business, we looked for a partner with significant capital resources and cultural compatibility. Although many companies expressed strong interest in our business, in the final analysis, Grand Canyon Education emerged as the best partner for our future growth," said Steve Hodownes, chief executive officer of Orbis Education. "This is a transformational opportunity for our academic and healthcare partners as well as for our employees."
Dan Briggs, founder of Orbis Education added, "Since its inception, Orbis has maintained a passion for and focus on helping academic institutions create healthcare programs that have outstanding outcomes and produce the quality and quantity of workplace-prepared graduates our healthcare systems need and deserve nationwide. I am confident and excited that Grand Canyon Education will bring additional resources and capabilities to bear in continuing that mission."
For this transaction, Macquarie Capital is serving as financial advisor to Orbis Education. The transaction, which is subject to customary closing conditions, is expected to close in Q1, 2019.
About Orbis Education
Orbis Education Services, LLC develops, markets and manages healthcare education solutions that result in outstanding student outcomes and help alleviate workforce shortages for hospitals and healthcare systems. Founded in 2003, the Carmel, Indiana-based company forms strategic partnerships with academic institutions and healthcare systems to enable the delivery of high-quality, clinically intensive nursing, occupational therapy and other healthcare education programs. The company provides course development, site management, program marketing and enrollment, and student support. For more information, visit www.orbiseducation.com.
About Grand Canyon Education, Inc.
Grand Canyon Education (GCE), incorporated in 2008, is a publicly traded education services company. GCE is uniquely positioned in the education services industry in that its leadership has 30 years of proven expertise in providing a full array of support services in the post-secondary education sector and has developed significant technological solutions, infrastructure and operational processes to provide superior services in these areas on a large scale. GCE provides services that support students, faculty and staff of partner institutions such as marketing, strategic enrollment management, counseling services, financial services, technology, technical support, compliance, human resources, classroom operations, curriculum development, faculty recruitment and training, among others. For more information about Grand Canyon Education, Inc. visit the Company's website at www.gce.com.
SOURCE Orbis Education Services, LLC
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