Monday, March 03, 2008

ITT Educational Services (ESI) Attracts An Activist Investor

In a 13D filing after the close on ITT Educational Services Inc. (NYSE: ESI), Blum Capital disclosed an 8.4% stake (3,345,200 shares) in the company.

In a pretty standard disclosure, Blum Capital did not make any direct requests on ITT Educational, but said they will monitor their investment and may enter discussions with management, the Board of Directors or others. Blum may discuss ideas that, if effected may result in any of the following: the acquisition by persons of additional Common Stock of the Issuer, an extraordinary corporate transaction involving the Issuer, and/or changes in the board of directors or management of the Issuer.

Blum Capital Partnersi s a $2.8 billion investment firm based in San Francisco. The firm makes strategic block and control investments in public and private transactions. The firm's investment strategy combines the private equity process applied to the public markets along with an ability to play a constructive and active role in unlocking value from portfolio companies through the implementation of financial, operational and governance initiatives.

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