University of Phoenix Sold Amid Shrinking Enrollment

Stephen L Kanaval |

Apollo Education Group (APOL), the owner of the for-profit University

of Phoenix, will become a privately run institution by the summer of this year.

Enrollment has plunged 20% from a year ago and the net revenue is down 18%. The

company is also under investigation for unfair business practices. University

of Phoenix will now be in the hands in a group of investors that include

Vistria Group, Apollo Global Management, and Najafi Companies. “The Apollo

Education Group Board of Directors reviewed strategic alternatives and believes

this transaction is in the best interest of all shareholders and strongly

supports our transformation efforts,” said a statement from Greg Cappelli,

chief executive officer of Apollo Education Group. The Chicago-based Vistria

group has strong ties to the Obama administration because Martin Nesbit, the

leader of Vistria, is the leader of the Obama Library planning committee. Tony

Miller, chief operating officer of Vistria, is the former Deputy Secretary of

the Department of Education. Shares were up in pre-market trading this morning.

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