Anaheim-based New Horizons Worldwide Inc. said Tuesday that private equity investor Camden Partners Holdings LLC has bought a 13% stake in the company.
New Horizons, an operator of for-profit schools, sold $6 million of preferred shares in the company to funds managed by Baltimore-based Camden Partners. The preferred shares pay a 6% dividend initially and can be converted into New Horizons common stock at $3.75 per share.
The stock sale has been approved by New Horizons’ board.
As part of the investment, David L. Warnock, partner and cofounder of Camden Partners, has been named to New Horizons’ board. The company now will have nine board members with the addition of Warnock.
Meanwhile, Wells Fargo & Co. agreed to extend the expiration of a $3.5 million loan to New Horizons to Aug. 15.
Shares of New Horizons, which offers computer and other information technology courses and certifications, closed down 5% at $4.6 on Tuesday. Camden’s investment was announced after the close of trading.
