TA Associates plans to buy Vatterott Educational Centers Inc. from Wellspring Capital Management for an undisclosed sum.
Founder John Vatterott sold the St. Louis vocational school to Wellspring, a New York-based private equity firm, for $50 million in 2003.
The Vatterott management team, led by Chief Executive Pam Bell, will continue to lead the company under TA’s ownership.
St. Louis-based Vatterott is one of the largest private proprietary post-secondary education companies in the nation, serving more than 7,500 students a year at 23 campuses in Ohio, Illinois, Tennessee, Missouri, Iowa, Nebraska, Oklahoma, Kansas and Texas. Last month, Vatterott opened a campus in Fairview Heights, Ill., its first in southern Illinois.
The transaction is expected to close in the fourth quarter.
TA Associates, a private equity firm with offices in Boston, London, Menlo Park, Calif., and Mumbai, has invested in nearly 400 companies and manages more than $16 billion in capital.
Wellspring manages more than $2 billion of private equity capital.