Northcentral University, a Leading Accredited Online University, Announces Acquisition by NCU Holdings, LLC

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New Owners Include Rockbridge Growth Equity, LLC; Falcon Investments, LLC; and NCU Founder Dr. Donald Hecht

Northcentral University

We believe that NCU has a talented management team and exceptional learning model. We plan to leverage the online marketing capabilities and technology capacity of Quicken Loans, and its deep infrastructure, to continue growing NCU's leadership position

Northcentral University (http://www.ncu.edu), an accredited online university and innovator in fully online higher education, announced today that it is now wholly owned by NCU Holdings, LLC, whose primary owners are Rockbridge Growth Equity, LLC (http://www.rbequity.com), Falcon Investments, LLC (http://www.falconinvestments.com) and Dr. Donald Hecht, NCU's founder. Financial details were not disclosed.

"We are very pleased about finalizing our partnership with Rockbridge and Falcon and the positive impact this association will have on the growth of NCU," said NCU Founder Dr. Donald Hecht.

Founded in 1996, NCU is regionally accredited by the Higher Learning Commission of the North Central Association of Colleges and Schools. It also is the only online university offering bachelor's through doctoral degrees to be accredited by the Association of Collegiate Business Schools and Programs (ACBSP). NCU currently educates approximately 8,000 students in a variety of bachelor's, master's and doctoral programs in the schools of Business and Technology Management, Education and Psychology.

Combining rigorous academics with the convenience of fully online degree programs, NCU is focused primarily on graduate-level degrees, with over 90 percent of its students enrolled in doctoral and master's online degree programs.

NCU has grown revenues substantially at an average annual rate of 47 percent since 2005. This growth is attributed to the high quality of its educational offerings, competitive tuition and the flexibility afforded by NCU's unique 100 percent online, one-on-one learning model. NCU has no residency requirements, which gives students, who live in 50 states and 84 countries, additional flexibility.

Northcentral University will maintain its headquarters in Prescott Valley, Arizona.

"Board Chairman Martin Gottlieb and all current board members are to be thanked for their valuable contributions during these negotiations, and will continue in their roles as NCU board members," stated Dr. Hecht.

As a leading online university, NCU employs a variety of marketing strategies to acquire students and grow enrollment, with NCU students coming from all 50 states and 84 different countries. Privately held Rockbridge Growth Equity, has a strategic relationship with Quicken Loans Inc., the nation's largest online, direct-to-consumer mortgage lender, which has significant online marketing, technology and Web-based capability.

"We believe that NCU has a talented management team and exceptional learning model. We plan to leverage the online marketing capabilities and technology capacity of Quicken Loans, and its deep infrastructure, to continue growing NCU's leadership position," said Rockbridge Growth Equity Partner Dan Gilbert, who also is Chairman and Founder of Quicken Loans.

"With Rockbridge Growth Equity and Falcon Investments, Northcentral University will have two outstanding partners to assist the institution with its future growth plans," said David Shefrin, president of David Shefrin and Associates who represented NCU in this transaction.

"Rockbridge Growth Equity and Falcon Investments bring a substantial amount of value to the table above and beyond providing capital. We are thrilled to work with them to advance NCU's leadership position in the online education industry," commented Dr. Clinton Gardner, NCU president.

About Northcentral University
Founded in 1996, Northcentral University is an online higher education institution currently serving nearly 8,000 students worldwide. NCU (http://www.ncu.edu) offers bachelor's, master's and doctoral degrees in the schools of Business and Technology Management, Education and Psychology. More than 94 percent of NCU faculty mentors have a doctoral degree or the highest degree in their field, as well as significant practical experience in their field.

NCU focuses on customizing academic programs to each student's professional interests while providing the convenience of accredited online degree programs. NCU is regionally accredited by the Higher Learning Commission of the North Central Association of Colleges and Schools. NCU's School of Business and Technology Management was the first and only online university to be accredited by the Association of Collegiate Business Schools and Programs (ACBSP).

About Rockbridge Growth Equity
Rockbridge Growth Equity (http://www.rbequity.com) is a private equity firm that has dedicated capital focusing on transactions in the financial services, consumer-direct marketing, business services and sports, media & entertainment industries. Rockbridge is affiliated with other leading businesses in its target sectors including Quicken Loans, One Reverse Mortgage, Title Source, ePrize, Flash Seats, Veritix and the Cleveland Cavaliers.

About Falcon Investments
Falcon Investment Advisors, LLC is a private equity firm with offices in Boston, New York, and Dallas, specializing in providing subordinated debt and other junior capital. Founded in July 2000 by Mr. Sandeep Alva, Falcon has over $700 million under management. Falcon has substantial investing experience across a variety of industries, including the education industry through its ownership of American Institute of Technology (AIT).

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Cynthia Jones
NCU
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