The school is one of only two for-profit law schools in the
According to news reports, Sterling Capital, a private equity firm based in Baltimore and Chicago, has declined to disclose the value of the transaction.
Florida Coastal, based in
Sterling Capital plans on moving the school’s campus to a larger facility in downtown
Florida Coastal is co-owned by its chancellor, Don Lively. The company was founded by a group of investors in 1996 with a $1.5 million (€1.2 million) investment. The school’s initial attempt to gain accreditation failed, according to reports. “Mainstream lawyers thought it was a joke,” Lively told the Florida Times-Union.
Florida Coastal students pass the state bar exam at a rate of 75.8 percent, similar to the state average, according to reports.
Similarly, New York-based New Mountain Capital's 2001 investment in publicly traded Strayer Education has proven a big success.
Sterling Capital, which also manages a related venture fund, was founded in 1983. Its most recent transaction was the acquisition of a