History
Aspen Education Group, Inc. was formed in December 1997 as a spin-off of College Health Enterprises. In 1998, Aspen was reported to have annual revenues of $28 million. That same year, the Sprout Group and Frazier Healthcare Ventures of Seattle purchased major interests in the company. In 2002, Aspen obtained an investment of $15 million from Warburg Pincus and $48 million or more in loans from CapitalSource and Caltius Mezzanine. For 2006, it projected revenue of $150 million. In late 2006, Bain Capital acquired Aspen Education Group for $300 million. Private equity investors were attracted to the business because, unlike most educational companies, its revenue comes from payments by private individuals rather than from government sources. In 2005, the New York Times reported that analysts estimated that companies like Aspen had profits between 10 and 20 percent of their revenues.
In the 2009 timeframe Aspen closed six programs. In March 2011, Aspen announced its intention to close five programs and consolidate three others citing "reduced demand for therapeutic schools and programs in today's economy". The closed programs include Bromley Brook School, New Leaf Academy of Oregon, NorthStar Center, Aspen Ranch and SunHawk Adolescent Recovery Center. In addition the program at Aspen Achievement Academy merged into Outback Therapeutic Expeditions. Youth Care of Utah merged into Island View Residential Treatment Center, and Passages to Recovery moved to the SUWS Adolescent Program to expand the services offered there.
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