Big Atlanta for-profit college sues investment firm over failed $44M deal – Atlanta Business Chronicle
A big Atlanta for-profit college is suing a New York investment firm over a failed buyout deal.
In a complaint filed Aug. 19 in federal court in Atlanta, Interactive College of Technology said it signed a letter of intent in August 2019 to be acquired by Minerva Capital Management Inc. for $44 million.
Minerva Capital is an investment firm that focuses almost exclusively on the for-profit, vocational education industry.
Interactive College of Technology said it was founded in 1982 and now operates seven campuses in Georgia, Texas and Kentucky. The college offers associate degrees, diploma degrees and English as a second language certification. Its main campus is in Chamblee.
“In all, the institution operates seven campuses, with a population exceeding 3,000 students,” its website states.
In its lawsuit, Interactive College of Technology said it began talks about a possible sale to Minerva Capital in 2018. In December 2018, a verbal agreement was reached for the purchase of ICT by Minerva Capital.