Loyalist Group Limited announced the acquisition of MTI Community College Inc. The MTI Community College Inc is an accredited community college operator with seven campuses located in the Greater Vancouver Area, British Columbia. The total purchase price was for US$8 million. US$6.0 million from the deal will be subjected to certain closing adjustments, was paid in cash by Loyalist Group. The US$2.0 million from the deal which was subjected to certain post-closing adjustments was paid by non-interest bearing, secured and subordinated promissory notes which are due May 15, 2014.
"We are eager to begin integrating MTI into our platform, which allows us to further pursue our plan of offering everything from basic ESL through English-language accreditation in multiple professional disciplines," said CEO Andrew Ryu. "MTI is the perfect complement to our existing suite of programs, as it will allow us to attract new students and retain our existing students for longer. We're very pleased to welcome MTI's respected management team to the Loyalist team."
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