Primus Forms New Education Services Platform Company

1/15/2008

LAUDERDALE LAKES, FL — Primus Capital Funds ("Primus") has formed American Institutes Holdings, LLC ("American Institutes"), a for-profit post-secondary school company that provides career oriented education in the fields of health care, business, technology, massage therapy, and cosmetology. Primus Capital Fund VI, LP committed $12.5 million in equity to American Institutes and was joined by management and other industry executives who invested an additional $2.8 million. The financing positions American Institutes to expand beyond its current operations in Florida, New Jersey, and Connecticut.

Scott Harper and Loyal Wilson will represent Primus on American Institutes’ board of directors.

Randy Proto, CEO of American Institutes and a co-investor in the financing, commented, "Primus is an ideal partner to help us build American Institutes into a leading provider of educational services to young adults who seek better employment opportunities. The American Institutes management team partnered with Primus based on their successful investment experience in Corinthian Colleges and DeVry and the Primus partners’ understanding of the challenges of growing a company in the heavily regulated post-secondary sector."

Scott Harper added, "Primus was looking for a new growth platform in the post-secondary education sector and sought a management team capable of building and running a large school business. We were attracted by Randy Proto and his team’s history of working together to build value for the shareholders of their previous education services companies, including Whitman Education Group. The American Institutes executives have demonstrated their commitment to the endeavor by making a significant investment alongside Primus."

Founded in 1983, Primus Capital Funds is a private equity firm that invests in high-growth companies within the healthcare, business services, communications and for-profit education industry sectors. Transaction types include management-led buyouts, control and non-control recapitalizations and growth capital.