Listen to this article

Lincoln said it will fund the acquisition with available cash and through borrowings under its existing credit facility.West Orange-based Lincoln Educational Services Corp. (Nasdaq: LINC) announced today that it has agreed to acquire Briarwood College in Southington, Conn., for approximately $11.4 million in cash. Briarwood, which is regionally accredited by the New England Association of Schools and Colleges, currently offers two bachelor’s degree programs and 31 associate’s degree programs to approximately 700 students. Briarwood, which generated $9.2 million in revenue for its fiscal year ending June 30, is expected to maintain its existing management, according to Lincoln.

Lincoln said it will fund the acquisition with available cash and through borrowings under its existing credit facility. The transaction is expected to close during December, according to the educational services provider.

Lincoln currently operates 35 campuses in 17 states under five brands, with a combined average enrollment of approximately 18,540 students for the quarter ended June 30, the company said. Shares of Lincoln traded at $13.13 Wednesday morning.