EDIC College in Caguas, a university with a focus on health sciences, has merged with Columbia Central University, EDIC’s parent company Philadelphia-based investment firm Renovus Capital Partners confirmed.
The combined institution will operate under the Columbia Central University brand and will continue to serve more than 2,000 students from its four physical campuses and online platform.
The merger transaction was consummated following the approvals from regulatory and accrediting bodies including the U.S. Department of Education, the Board of Postsecondary Institutions of Puerto Rico and the Middle States Commission on Higher Education.
“This merger reaffirms our commitment to higher education in Puerto Rico – commitment that we have always maintained with our students, graduates, employees and faculty,” said José A. Córdova, now CEO of the combined institution.
EDIC College, initially known as the “Economic Development for Industry and Commerce Inc.,” was established in 1982 in Caguas by a group of educators looking to provide technical and managerial advice and guidance to small entrepreneurs to help them establish and develop their businesses, according to the school’s website.
In December 2013, EDIC College opened its first campus in the municipality of Carolina. In January 2017, it opened its second campus in Bayamón.
“With this merger and change of ownership, the legacy of Mr. Alex A. De Jorge and his contributions to quality education will continue to be cultivated as they have for the past 54 years,” said Daritza Mulero, president of Columbia Central University.
Renovus Capital purchased EDIC College Inc. in 2012, after locking down $20.4 million in financing from Scotiabank de Puerto Rico, as this media outlet reported.
“As experienced investors in Puerto Rico and believers in the student value proposition offered by the proprietary schools there, we are delighted to bring two exceptional and complementary institutions under one platform,” said Atif Gilani, founding partner of Renovus Capital Partners.
“The combined institution will have the academic resources and infrastructure to offer quality and affordable healthcare programs such as Nursing both on campus and online,” he said.
Columbia Central University was founded in 1966, as Caguas City College.