Investment Team

Steve Hart - President and Founder

Steve Hart

Steve Hart serves as president of Hart Capital LLC (“Hart Capital”) which he founded in 1997 as a family office to invest in a diversified portfolio of assets with a strong Education Industry focus.

Steve co-founded, with Larry Brown, Florian Education Investors LLC (“FEI”) in May 2013. FEI was established to build a multi-campus and online school group focused on the allied health sector. In December of 2013, FEI acquired Health Career Institute LLC (“HCI”). HCI is an ACCSC accredited postsecondary vocational education company offering on ground and online diploma and degree programs to the allied health community. Programs include: EMT, Paramedic, ASN, BSN, Fire Science diploma and degree programs; and continuing education and American Heart Association training and courses. HCI is non- Title IV and since its acquisition has achieved average enrollment, revenue and EBITDA compound annual growth of 30%, 39% and 21%, respectively.

Steve was the co-owner (1999 - 2010) & director (1999 - 2007) of Lincoln Educational Services Corporation. Hart Capital sourced the transaction to acquire Lincoln for $42.5 million in partnership with a PE fund. Hart Capital oversaw Lincoln’s acquisition program between 1999 and 2005 during which period Lincoln acquired 16 schools. In 1999 Lincoln had 13 schools with 5,400 students and $67 million in revenue and $3.1 million in EBITDA. By the end of fiscal 2009, Lincoln had grown to 43 schools with 29,340 students, $553 million in revenue and $112 million in EBITDA. Hart Capital completed the exit from its position in Lincoln in early 2010 achieving a gross IRR and Cash-on-Cash return of 29.3% and 6.9x, respectively.

Steve was co-founder of a family-owned conglomerate (1983 – 1997) where he acquired and managed manufacturing and distribution companies involved in automotive, printing, apparel & industrial textiles, electronics, synthetic foam, and home furnishing industries.

Steve served as chairman of the State of Connecticut Investment Advisory Council (1995 - 2003), which oversees the State of Connecticut Retirement Plans and Trust Funds, and, as a trustee (1996 – 2003), and chairman (2003) of the Stanford University Graduate School of Business Endowment Trust. He also served as a member of Golden Seeds, an angel stage investment firm focused on empowerment of women entrepreneurs. He currently serves as a board member at Blue Harbour Group LP (2010 – present), a hedge fund (2010-present) based in Greenwich, Connecticut.

Steve earned an MBA from Stanford University Graduate School of Business and a BA in mathematics - economics from Wesleyan University.



Larry Brown – Operating Partner

Larry Brown

Larry Brown has more than 40 years of career school experience. Larry joined Hart Capital in 2010. Larry co-founded, with Steve Hart, Florian Education Investors LLC (“FEI”) in May 2013. FEI was established to build a multi-campus and online school group focused on the allied health sector.

In December of 2013, FEI acquired Health Career Institute LLC (“HCI”). HCI is an ACCSC accredited postsecondary vocational education company offering on ground and online diploma and degree programs to the allied health community. Programs include: EMT, Paramedic, ASN, BSN, Fire Science diploma and degree programs; and continuing education and American Heart Association training and courses. HCI is non- Title IV and since its acquisition has achieved average enrollment, revenue and EBITDA compound annual growth of 30%, 39% and 21%, respectively.

Larry founded Beam Reach Education in October of 2007 with the intention of building a premier career school company focused on the acquisition and expansion of schools offering skilled trades programs. Beam Reach’s strategy was intended to address the country’s shortage of skilled trades workers and continued investment in infrastructure repair, estimated to reach $1.6 trillion in the next 5 years. In September of 2008, Beam Reach Education completed its platform acquisition of the Tulsa Welding School, the largest accredited welding school in the nation with campuses in Tulsa, Ok and Jacksonville, Florida. In November of 2009, the company acquired the largest single-campus HVAC School in the country, The Refrigeration School, located in Phoenix, Arizona. The company’s revenues more than doubled in the ensuing two year period. He finalized the sale of his stock in April, 2011.

Larry was named President and Chief Operating Officer of Lincoln Educational Services in 1999, at that time the company had 13 schools, 5200 students and $70 million in Revenues. Under his leadership, Lincoln went public in 2005 and by the end of 2006, had 37 schools in 17 states with 18,000 students enrolled and revenues exceeding $300 million. He is known for staff development, high ethical standards, values and a strong belief in delivering quality education to students. Lincoln provides 10 scholarships yearly to students in their system known as the Lawrence E. Brown, Leadership Award.

Larry can be reached at: 201.841.1367 or lbrown@hartcapital.com

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