American Public Education, Inc. (NASDAQ: APEI) – parent company of online learning provider American Public University System (APUS), which operates through American Military University (AMU) and American Public University (APU) – today announced that it has entered into a definitive agreement to acquire 100% ownership interest in National Education Seminars, Inc., operating as Hondros College (Nursing Programs), for approximately $46 million in cash. The transaction is expected to close in the fourth quarter of 2013, subject to various conditions, including accreditor and regulatory approvals.
Hondros College’s nursing programs include a diploma in practical nursing (PN), an associate degree in nursing (ADN), and an online registered nurse to bachelor of science in nursing (RN - BSN) completion program to more than 1,500 students at four campus locations in the suburban areas of Cincinnati, Columbus, Dayton and Cleveland.
The acquisition will further strengthen APEI’s position in the areas of nursing, healthcare and public health education, according to Dr. Wallace E. Boston, president and chief executive officer of American Public Education, Inc. “As an established school of nursing, Hondros College’s nursing programs serve some of the critical education needs of our nation’s healthcare industry,” stated Dr. Boston. According to the Bureau of Labor Statistics, the number of professional nurses is expected to grow from 2.74 million in 2010 to 3.45 million in 2020, an increase of 26%. Moreover, the total number of job openings for nurses due to job growth and replacement is expected to be 1.2 million in 2020.
“We believe the school is a model of excellence in nursing education that will also allow us to evaluate a blended, online/on-campus educational platform in a more focused setting,” Dr. Boston continued. “This transaction will advance our long-term strategic plan focused on high academic quality, pathways for improved student retention and enhanced health science and technology programs.”