Educate's history March 2003: Sylvan Learning Systems...

September 26, 2006

Educate's history

March 2003:

Sylvan Learning Systems Inc. announces plans to sell its tutoring centers and related business to Apollo Management LP for about $300 million. The tutoring portion, which gets the Sylvan label, becomes a private entity under a new corporate name, Educate Inc. The remaining, publicly-traded company focuses on higher education and plans to rename itself. Both companies are headquartered in Baltimore.

May 2004:

Sylvan Learning changes its name to Laureate Education Inc.

September 2004:

Educate goes public with $11 a share offering.

January 2005:

Educate buys Hooked on Phonics for $13 million.

August 2005:

Hooked on Phonics, once an infomercial phenomenon, is repackaged as a retail brand. The company announces plans to sell the brand at major retailers nationwide.

October 2005:

Educate announces plans to sell Education Station, the main piece of its No Child Left Behind business.

February 2006:

Educate reports $4.7 million loss in the fourth quarter of 2005. It announces a series of management and operational changes.

January to June 2006:

Educate reports decrease in first- and second-quarter earnings.

March 2006:

Educate enters into agreement to co-produce children's series Reading Rainbow. The partnership is part of company's strategy to expand into broadcast media.

August 2006:

Educate sells Education Station for $6 million to Knowledge Learning Corp.

September 2006:

Three Educate executives, including Chief Executive Officer R. Christopher Hoehn-Saric, and Sterling Capital Partners propose buyout offer.

[Source: Educate and Sun archives]

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