Press release
American Public Education, Inc. Completes Acquisition of Rasmussen University
- Acquisition Nearly Doubles Revenue Size of American Public Education, Inc ("APEI") to Approximately $600 Million - Combination Creates Nursing Platform
About this update from American Public Education, Inc.
[{"type":"text","content":"- Acquisition Nearly Doubles Revenue Size of American Public Education, Inc (\"APEI\") to Approximately $600 Million\n - Combination Creates Nursing Platform Serving Nearly 11,000 Nursing Students with Almost $200 Million of Nursing Revenue\n\n\nCHARLES TOWN, W.Va., Sept. 2, 2021 /PRNewswire/ -- American Public Education, Inc. (Nasdaq: APEI), the parent company of American Public University System (\"APUS\") and Hondros College of Nursing (\"HCN\"), today announced that it has completed its acquisition of Rasmussen University (\"Rasmussen\").\n\n \n \n \n \n \n \n\n \nWith the closing of the Rasmussen acquisition, APEI is nearly doubling in revenue to approximately $600 million and significantly diversifying its revenue streams to approximately one-third military and veteran students, one-third nursing students, and one-third online adult learners. The combined entity will serve over 110,000 students and is expected to generate approximately $90 million in adjusted EBITDA before synergies.1\nRasmussen is a nursing- and healthcare-focused institution, and collectively with Hondros, APEI is now the largest educator of pre-licensure nursing students in the country with enrollment of nearly 11,000. On a trailing 12-month basis as of June 30, 2021, nursing represented $200 million of revenue and almost a third of APEI's total revenue. Rasmussen adds approximately 8,500 nursing students to the 2,300 nursing students already served by Hondros.\n\"With our current nursing footprint of 30 campuses across eight states and a full complement of nursing programs, we are well-positioned to help address the significant, long-term nursing shortage across the country, both now and over the next several years,\" said APEI President and CEO Angela Selden. \"This acquisition is a very meaningful step forward in APEI's ongoing transformation. We are focused on delivering high-quality education that leads to strong employment and career opportunities for our students at some of the most affordable tuition rates, helping to maximize students' return on their higher education investment.\"\nRasmussen is expected to generate approximately $275 million of revenue for the full year 2021. The transaction is expected to generate cost savings in excess of $5 million in the first 12 months post-close and at least $10 million in the second and third years afte...