Corinthian Colleges Plans New Acquisition

Corinthian Colleges Inc., continuing its aggressive expansion strategy, said Wednesday that it has agreed to acquire Grand Rapids Educational Centers Inc., which operates campuses with about 460 students in Grand Rapids and Kalamazoo, Mich., and Merrillville, Ind. Financial terms were not disclosed.

Santa Ana-based Corinthian said it expects to complete the purchase during its third fiscal quarter ending March 31. The transaction must receive regulatory clearance in Michigan and Indiana and be approved by Grand Rapids stockholders.

The acquisition would be the latest in a series of deals that have positioned Corinthian as one of the nation’s largest operators of private vocational schools and colleges. The company operates 51 colleges in 18 states, including 16 in California.

Its stock, which more than tripled last year, gained $1.44 Wednesday to close at $37.81 a share in Nasdaq trading.