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Scotiabank approves $20.4M for EDIC College acquisition

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.

Author Details
Author Details
Business reporter with 27 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other segments of Puerto Rico’s economy.

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