Articles

Announcements

Speakers Bureau

Glossary

Carter Morse & Mathias Announces Sale of Progressus Therapy to Sylvan Education Solutions

SOUTHPORT, Connecticut, November 17, 2003 -- Carter Morse & Mathias today announced that Tampa-based Progressus Therapy, Inc., has been acquired by Sylvan Education Solutions.  Progressus is the leading multi-state provider of speech-language, occupational, and physical therapists to school districts and communities nationwide.  Sylvan Education Solutions is the nation's leading provider of supplemental education and support services to public and non-public schools.  Carter Morse & Mathias was Progressus’ exclusive financial advisor in the transaction.

 Founded in 1999, Progressus currently works with 175 school districts in 20 states.  Michael McBurnie, founder and president of Progressus, is a 20-year industry veteran and entrepreneur who created and sold another staffing company in the mid-1990s.  After rapidly building Progressus from start up, he engaged Carter Morse & Mathias in late 2002 to advise in positioning the company for sale and finding a partner that would value Progressus strategically.

"We are thrilled to be joining the Sylvan Education Solutions team," said McBurnie. "Joining the nation's leading provider of school-based educational services will allow us to expand our services, geographic scope and offerings, while we will continue to provide the same high-quality therapy to students across the country."

Sylvan Education Solutions is a subsidiary of Educate, Inc., a private provider of K-12 services that purchased the K-12 businesses of Sylvan Learning Systems, Inc., in July 2003.  "By bringing Progressus Therapy together with Sylvan Education Solutions, we are able to offer our clients a single source of talented personnel and proven programs to meet schools' needs in both mainstream classrooms and special education settings," said Jeffrey H. Cohen, president of Sylvan Education Solutions.

School districts are required by federal law under the Individuals with Disabilities Education Act (IDEA) to provide individualized services to qualifying students.  More than 6.3 million children now receive services through IDEA and more than one million of these children have speech or language impairments as their primary disability.

"Many school districts are finding that it is much easier and cost-effective to outsource for qualified therapists rather than to recruit and employ them directly," McBurnie said. "Together with Sylvan Education Solutions, Progressus looks forward to meeting their current and future needs, and to becoming the nation's pre-eminent partner for special education services."

Carter Morse & Mathias is a regional investment banking firm, founded in 1987 and headquartered in Southport, Connecticut.  It specializes in providing senior-level advisory expertise to entrepreneurial companies seeking merger and acquisition services or institutional capital to accomplish corporate and shareholder objectives. 

 For more information contact, Gary Mathias, Managing Director, (203) 254-3333 x300