Apollo Education Group is the parent entity for the University of Phoenix and other for-profit educational services in the US. It is the country's largest private university, specialising in long-term higher education programs for working adults. However, performance has been declining sharply in recent years because of reductions in federal aid since 2014, a sharp increase in student fee defaults, and since 2015 investigations into allegations of deceptive practises and predatory telemarketing. Revenues have fallen from a high of $4.9bn in 2010 to just $2.1bn for the year to Aug 2016. At that point the group had some 142,500 enrolled students on its books, compared to 471,000 six years earlier. University of Phoenix accounts for around 75% of revenues. The group offers a huge variety of undergraduate and graduate courses, which are either studied online or through a network of more than 100 local learning centres and campus locations spread across 39 states. More recently, the group established a presence in the UK and Latin America through a partnership with investment firm Carlyle. Other brands under the umbrella include BPP Law School and Business School in the UK, Open Colleges of Australia and the Universidad Latinoamericana in Mexico. The group was founded in 1973 by John Sperling, formerly a professor at San Jose State University, to build upon a growing trend among working adults of seeking additional professional or academic qualifications. He remained chairman until his retirement in 2013. His son Peter Sperling succeeded him as chairman. The family continues to control all of the group's voting shares, although the group was until recently publicly quoted. In 2017, it was acquired for around $1.1bn by a consortium of private equity funds led by Apollo Global Management, an entirely separate and unaffiliated investment company. Gregory Cappelli is CEO; Peter Cohen is president of University of Phoenix. Adbrands does not currently profile this company but subscribers may access account assignments and contact information. The searchable account assignments database is available to full subscribers to Adbrands.net premium services. Click here to access Adbrands account assignments (subscribers only); or see here for information on how to subscribe.
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Capsule checked 16th March 2018
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