BALTIMORE - A private school in Baltimore has sold its century-old distance learning business to a private equity firm.
The sale was announced Wednesday by the Calvert School, a private, pre-kindergarten through eighth grade day school.
Terms of the sale of Calvert Education Services to the group led by Baltimore-based Camden Partners were not released. Camden Partners Chairman David Warnock told The Baltimore Sun ( http://bsun.md/TIpqP2) that the investment group bought CES following a competitive bidding process. Warnock, a former CES board chairman, says CES has a reputation as a leader in home schooling and online education.
School spokeswoman Stephanie Coldren says the school's board decided the sale will ensure the long-term financial stability of the school as well as simplifying management and oversight of the school while strengthening CES.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)