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Nobel Learning Communities Raises $6.9M

WEST CHESTER, PA-The locally based for-profit education provider sells its charter school in Desert Heights, AZ for $3.9 million and raises $3 million by selling stock to four investors at $5.10 a share.

By Marita Thomas | Updated on September 12, 2003

WEST CHESTER, PA-Locally based Nobel Learning Communities Inc. raises $6.9 million. Partnership With Parents Inc. buys its charter school in Desert Heights, AZ for $3.9 million. The remainder of the funds derives from selling stock to four investors.

The sale of the Desert Heights facility, the for-profit education provider’s only school in that state, is in keeping with announced plans to dispose of non-core assets, says George Bernstein, CEO. Bernstein, the former president of Pearle Vision, became Nobel’s CEO in late July.

Four investors provide $3 million in the form of preferred stock convertible to common stock at $5.10 per share. The firms are Camden Partners Holdings, Allied Capital Corp., Mollusk Holdings and Blesbok Holdings.

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