New York's Claremont Prep Is Sold To a For-Profit Network

Jenny Anderson:

Claremont Preparatory School, a six-year-old institution in Lower Manhattan that has had difficulty fulfilling its ambitions, is being sold to a private-equity-backed firm, in a sign of growing investor interest in private schools in New York City.

The sale to the firm, Meritas, which is owned by Sterling Partners, illustrates the growing force of profit-seeking companies in private education, a development loaded with potential and risks. Private equity firms are as well known for their top-notch management teams as for their cost-cutting mandates, which have been widely tested in the world of business but are relatively new to the field of elementary and secondary education.

Posted by Jim Zellmer at April 5, 2011 1:36 AM
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