Touro sells online division for $190M
By SARAH ROHRS/Times-Herald staff writer
Article Launched: 11/02/2007 08:53:23 AM PDT
Touro University's development plans for Mare Island's north end got a major shot in the arm Thursday when the sale of the college's online division was finalized.
A private equity firm, Summit Partners announced Thursday it brought Touro University International for $190 million, officials said.
Proceeds from the sale go to Touro College, the umbrella over the Vallejo Touro University, and the online division which serves about 8,000 students world-wide, primarily serving in the military.
Just how much of the $190 million proceeds will go to Touro's plans for Mare Island's north end isn't yet known. Dick Hassel, Touro University vice president of administration, said funds will likely pay for infrastructure costs associated with a new cancer treatment and research center.
"This is a brick in the road to building the north end," Hassel said
Touro is working with Siemen's Medical Solution to build a combined particle therapy center as part of the school's ambitious $1.2 billion plans for a 191-acre parcel on Mare Island's north end. The City Council will likely consider the plans later this year or in early 2008.
The sale of the online school will not impact Vallejo's Touro students, Hassel said.
In the wake of the sale, the new university has been renamed TUI University, and will be operating as an independent entity.
Marge Louderback, TUI University senior assistant to the president, said students taking online classes will not see any changes, and administration, faculty and staff members will remain the same.
TUI University offers programs leading to bachelor's, master's, and doctoral degrees in business administration, health sciences, education, and information systems.
TUI University is accredited by the Accrediting Commission for Senior Colleges and Universities of the Western Association of Schools and Colleges, one of the seven regional bodies that accredit most independent and public colleges and universities.
Summit Partners has offices in Boston, Palo Alto, and London. Founded in 1984, the firm has raised nearly $9 billion in capital in its private equity, venture capital, and subordinated debt funds, according to a firm announcement about the sale.
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