Scotiabank approves $20.4M for EDIC College acquisition

Written by  //  May 1, 2012  //  Banking, Financial District  //  No comments

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Diego Masola, vice president of commercial and corporate banking

Scotiabank de Puerto Rico recently approved $20.4 million in financing to Renovous Capital, LP to complete its acquisition of EDIC College Inc., the bank announced Monday.

“This transaction allows us to partake of the growth of this academic institution, while giving us the opportunity to again support Puerto Rico’s economic development, this time through such an important aspect for any society as is education,” said Diego Masola, senior vice president of Scotiabank de Puerto Rico’s corporate and commercial banking unit.

Renovous Capital, LP is a private fund that invests in educational institutions headquartered in Philadelphia.

Meanwhile, EDIC College, which has two locations in the town of Caguas, provides educational services to 1,500 students who aspire to earn associate degrees or certifications in health-related areas.

“Our commitment to Puerto Rico is constant and we’re here to support institutions that share this vision,” said Masola.

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