ABJ - november 18 - Career Education Corporation has announced that it has sold Istituto Marangoni to an investor group led by affiliates of Providence Equity Partners, a Providence, R.I.-based private equity firm holding more than $23 billion of capital commitments. Terms of the deal were not disclosed.

Istituto Marangoni is headquartered in Milan, with additional locations in Paris and London, providing education to students primarily in the areas of fashion and design.

"We determined that Istituto Marangoni and its world renowned fashion and design programs was not core to our long term European strategy centered on curricula offered through our INSEEC group of schools and the International University of Monaco,” said Steven H. Lesnik, Chairman, President and CEO of Career Education Corporation. “We believe that Istituto Marangoni will fit well with an experienced educational operator like Providence and that the new owners will build on the success of the institution in ways that benefit students, faculty and staff.”

"Istituto Marangoni has a tremendous reputation across the world for its outstanding programs," said Karim Tabet, Managing Director of the London office of Providence. "The Providence team looks forward to working with the Istituto Marangoni management team in paving the road to a successful future for the institution and its current and future students."