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Apollo Education Group

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This article is about the educational services company. For the private equity firm, see Apollo Management. For the group of near-earth asteroids, see List of Apollo asteroids.
Apollo Group, Inc.
Company typePublic
Nasdaq: APOL
NASDAQ-100 Component
S&P 500 Component
IndustryFor-profit education
Founded1973
HeadquartersPhoenix, Arizona, U.S.
Key people
John Sperling
(Executive chairman)
Charles Edelstein
(Co-CEO)
Gregory Cappelli
(Co-CEO)
RevenueIncrease US$ 4.926 billion (FY 2010)[1]
Decrease US$ 1.011 billion (FY 2010)[1]
Decrease US$ 553.0 million (FY 2010)[1]
Total assetsIncrease US$ 3.601 billion (FY 2010)[1]
Total equityIncrease US$ 1.389 billion (FY 2010)[1]
Number of employees
35,194 faculty (2010)[1]
21,777 employees (2010)[1]
Websiteapollogrp.edu

Apollo Group, Inc. (Nasdaq: APOL) is an S&P 500 corporation based in the South Phoenix area of Phoenix, Arizona. Apollo Group, Inc., through its subsidiaries, owns several for-profit educational institutions.

The company owns and operates four higher-learning institutions: the University of Phoenix, Western International University, Axia College, the College for Financial Planning, the Institute for Professional Development. It also owns Insight Schools (Online Public High Schools for Washington, Wisconsin, and other locations), and Olympus High School. As of November 2005, the combined enrollment of the four U.S. domestic universities (UOPX, WIU, Axia, CFFP) was approximately 315,350 students. Of these, nearly 90% attend the University of Phoenix, which Apollo describes as "the nation’s largest regionally accredited private university" [3].

As of September 2008 the company also owns and operates Meritus University (Meritus) in Canada.[2] On January 24, 2011, citing how "enrollment will continue to be insufficient to sustain the required quality academic and student service infrastructure we and our students demand", Meritus University announced its closure, with their last classes taking place on March 14, 2011. Additionally, Apollo Group, Inc is the owner of BPP, and joined forces with Carlyle Group for tactical investments in education to expand student base. Apollo also purchased UNIACC college in Santiago, Chile and ULA college in Mexico.[3]

History

Apollo Group, Inc. was founded in 1973. [4]

Corporate revenues for the year ending August 31, 2005 were $2.251 billion.[5] As of August 31, 2005, Apollo Group offers its programs and services at 90 campuses in 39 states, Puerto Rico, Alberta, and British Columbia, as well as the Netherlands.

Recently, Charles "Chas" Edelstein became the Chief Executive Officer of Apollo Group, a position that remained vacant for many years. Chas joins Joe D'Amico, the Chief Financial Officer, President, and Treasurer as the two key executive officers. Edelstein joined Apollo Group in late 2008 from Credit Suisse.[6]

Joint venture with Carlyle Group

According to a news release October 22, 2007, Apollo Group and the Carlyle Group will form a $1 billion joint venture to invest in international education services which will be named Apollo Global. Apollo Group has committed approximately $801 million and will own 80.1% of the new company. Carlyle has committed approximately $199 million and will own 19.9%. Apollo Global will replace the existing Apollo International, a separate company in which Apollo had invested.[7][8]

Apollo Global

Apollo Group has formed Apollo Global to manage and form subsidiaries, assets, and holdings overseas. As part of their first acquisitions, Apollo Global acquired Universidad de Artes, Ciencias y Comunicacion 'UNIACC' in Chile as well as the now defunct Meritus University in Canada.[9][10] Apollo Global acquired BPP Professional Education of the United Kingdom for $607 million in July 2009.[11]

List of subsidiaries

Controversy

TIn January 2008, Apollo was found liable for misleading investors by not disclosing a Department of Education report critical of the University of Phoenix's recruitment practices. The jury awarded the plaintiffs $280 million.[17]

News articles

References

  1. ^ a b c d e f g "2010 Form 10-K, Apollo Group, Inc". United States Securities and Exchange Commission.
  2. ^ Apollo Group News - The New York Times
  3. ^ http://chronicle.com/article/Apollo-Group-Buys-University/40503. Retrieved 30 April 2011. {{cite news}}: Missing or empty |title= (help)
  4. ^ [1]
  5. ^ Apollo Group 2005 annual report
  6. ^ Apollo Group Management
  7. ^ Apollo Group and the Carlyle Group Form $1 Billion Joint Venture to Make Investments in the International Education Services Sector, Apollo website, October 27, 2007
  8. ^ Apollo Goes Global, Inside Higher Education, October 22, 2007, Doug Lederman
  9. ^ Apollo Group, Inc. Launches New University, May 13, 2008
  10. ^ Apollo Global Completes Acquisition of Universidad de Artes, Ciencias y Comunicacion 'UNIACC', April 1, 2008
  11. ^ Ross Sorkin, Andrew (31 July 2009). "Apollo Pays $607 Million for BPP of London". The New York Times. Retrieved 2009-08-06.
  12. ^ Apollo Group, Inc. Announces Acquisition of Insight Schools
  13. ^ Apollo Group, Inc. Launches New University
  14. ^ Apollo Global Completes Acquisition of Universidad de Artes, Ciencias y Coumnicacion 'UNIACC' [2]
  15. ^ Apollo Group Enters Mexican Education Market
  16. ^ Apollo Group Completes Acquisition of Aptimus
  17. ^ Jury Finds U of Phoenix Parent Company Liable for $280 Million Chronicle of Higher Education January 16, 2008
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