Providence Equity Takes On Career Education's Italian Unit

Law360, New York (November 14, 2011, 5:29 PM EST) -- Career Education Corp. has sold its Italian subsidiary Istituto Marangoni to Providence Equity Partners LLC for an undisclosed sum, the for-profit educator said Monday, the same day it announced a plan to buy back $100 million in stock.

Istituto Marangoni, headquartered in Milan with additional locations in Paris and London, provides education to fashion and design students, Career Education said.

"Istituto Marangoni and its world-renowned fashion and design programs [were] not core to our long-term European strategy," Career Education CEO Steven H. Lesnick said. "Istituto Marangoni...
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