While the Princeton Review has never had more than a retail connection to the town or the university, despite its name, one part of the test tutoring company, recently sold to an India-based company, now will have a Princeton corporate presence.
Three months after announcing it would sell the assets of its K-12 services division, the Princeton Review finalized the $9.5 million sale to Atlanta-based CORE Education and Consulting Services and its India-based parent company CORE Projects & Technologies.
The Princeton Review announced in November that it planned to divest the K-12 Services business because it is not directly aligned with its college and graduate school admissions test preparations and supplemental education opportunities.
CORE is an educational software company that develops and markets products in school management, assessment, accountability, and IT infrastructure systems. The company’s U.S. operations are based in Atlanta, San Francisco, and on Independence Way, where an office has just opened.
Under the terms of the agreement, CORE, which has been acquiring companies around the world, will assume the liabilities of the business arising after the closing of the transaction.
The Princeton Review was founded in New York City in 1981 by John Katzman, who was then a recent Princeton University graduate.
It is now headquartered in Framingham, Massachusetts, and offers private tutoring and classroom and online test preparation to help students improve their scores in college and graduate school admissions tests.
Princeton Review has an office at 252 Nassau Street where it offers one-on-one SAT and GRE tutoring and classes. A spokesperson says that there are no changes there.
CORE Projects & Technologies is $113 million company listed on the Bombay and National Stock Exchanges in India.
CORE Education & Consulting, 1 Independence Way, Princeton 08540; 609-919-0970; fax, 770-234-5327. Prakash Gupta, CEO. www.coreecs.com.
New in Town
Capable Communications, 7 Spruce Road, East Windsor 08520; 609-301-5544; fax, 609-651-4884. John Smith, managing director. www.capablecomm.com.
Capable Communications, a telecommunications and technology consulting firm, has opened an office in East Windsor.
CEO John Smith says the firm is designed to provide outside support in finding the right service providers for clients’ needs.
“It’s hard for a company to keep up with ever-changing telecom technology that is outside their core business, especially in a time when many companies are downsizing,” Smith says.
Capable Communications has partnered with multiple providers — from smaller companies like Ancero, BlueClone Networks, Empire Technologies, and R2P2 to larger service providers like Broadview, PAETEC, AT&T and Verizon — in an effort to take advantage of multiple cost savings and services. Capable also partners with a number of hosted VoIP companies.
Smith, a 22-year veteran in the telecommunications industry, has held sales positions with AT&T, Cable & Wireless, United Asset Coverage, and most recently, M5 Networks. He holds a bachelor’s degree from Rutgers in computer science and business administration.
Ampericon Inc., 195 Nassau Street, Suite 25, Princeton 08542; 609-945-2591. Vivek Bhatnagar, principal. www.ampericon.com.
Ampericon has established its headquarters on Nassau Street. The company provides consulting and installs equipment to help businesses lower their energy costs.
The company has clients in may sectors, and specializes in work for the hotel-motel, retail, office, and manufacturing sector.
GPC Biotech Inc. (GPCB), 101 College Road East, Princeton 08540; 609-524-1000; fax, 609-524-1050. Bernd Seizinger MD PhD, CEO. Home page: www.gpc-biotech.com.
GPC Biotech AG and Agennix Incorporated have agreed to a merger. Both biotechs are focused on developing oncology treatments. In the transaction, GPC Biotech is to be merged onto a new German company, which will hold all of the shares of Agennix. The merger combines GPC Biotech’s and Agennix’s oncology pipelines.
GPC Biotech plans to submit the merger agreement to its shareholders for voting at a shareholders’ meeting in the first half of 2009. The merger is expected to be completed by the end of 2009.
The new company initially will have three sites: GPC Biotech’s offices in Munich, Germany, and at College Road East, and Agennix’s site in Houston, Texas.
Gloria Nilson GMAC Real Estate, 826 Alexander Road, Princeton 08540; 609-452-2188; fax, 609-452-7688. Rosalee J. Rockafellow, president/CEO. Home page: www.gmacrealestate.com.
Gloria Nilson GMAC Real Estate, has been purchased by Boston-based SCS Realty Investment Group for an undisclosed amount.
SCS’s CEO, Dick Schlott, assumes control of Nilson GMAC, which will continue to operate under that name and will become a franchisee of GMAC Real Estate, owned by Brookfield Residential Property Services. The deal puts Nilson GMAC’s 16 New Jersey offices and 700 sales in Schlott’s hands.
Prudential Fox & Roach Realtors, 253 Nassau Street, Princeton 08542; 609-924-1600; fax, 609-924-4291. Ann M. Kearns, manager/vice president. Home page: www.prufoxroach.com.
The Prudential New Jersey Properties office at 138 Nassau Street has merged with Prudential Fox & Roach, at 253 Nassau Street. The 21 sales associates at the former office will join the 53 sales associates at the latter office under the direction of Ann Kearns, manager and vice president.
Lenox China Store, 53 Commerce Drive, Cranbury 08512; 609-395-8051; fax, 609-395-0542.
The Lenox Group, laboring under Chapter 11 bankruptcy protection since November, has reported that KPS Capital Partners, a private equity firm, was the successful bidder in an auction to purchase nearly all its assets.
The offer is subject to final approval of the U.S. Bankruptcy Court. The amount of the bid was not reported. Lenox is scheduled to emerge from Chapter 11 in March and the new owners are expected to take over soon after, provided the offer is approved.
Lenox, headquartered in Bristol, Pennsylvania, was purchased by Department 56 for $190 million in 2005. Lenox has offices and production facilities in Lawrenceville and Pomona, and in Langhorne, Pennsylvania, Hagerstown, Maryland, and Kinton, North Carolina.
The storied china manufacturer, which operated from Trenton for many years, produces and sells giftware, tabletop, and china products.
The company operates a factory outlet store in Cranbury. Manager Tim Benson says that his facility has not been affected by the bankruptcy filing, and that it plans to hold its next public sale as planned. That sale is scheduled to run from Saturday, March 7, through Saturday, April 11.
NRG Energy Inc. (NRG), 211 Carnegie Center, Princeton 08540-6213; 609-524-4500; fax, 609-524-4501. David Crane, president and CEO. Home page: www.nrgenergy.com.
Warren Buffett’s Berkshire Hathaway gave NRG a vote of confidence, increasing its stake in the company by 44 percent to 7.2 million shares.
The power producer , whose world headquarters is in Carnegie Center, is the object of a hostile takeover bid by Chicago-based Exelon Corp. It rebuffed Excelon’s initial bid, stating that it significantly undervalued the company. But Exelon, undeterred, is continuing to pursue a takeover.
At the same time that Buffett’s firm upped its ownership in NRG, it reduced its stake in New Brunswick-based Johnson & Johnson by 54 percent to 28.6 million shares in the three months ended December 31.
Sopherion Therapeutics LLC, 104 Carnegie Center, Suite 200, Princeton 08540; 609-986-2020; fax, 609-986-2038. Ronald H. Goldfarb, CEO. Home page: www.sopherion.com.
Sopherion Therapeutics, a biopharmaceutical company focused on the development and commercialization of anti-cancer therapies, has announced a $55 million Series C financing. The financing was led by Zoticon Bioventures, a global drug development and healthcare investment firm.
The company will use the funding to complete the pivotal Phase III clinical development program for its lead product candidate, Myocet.
Myocet is a liposomal formulation of doxorubicin designed to reduce the risk of cardiotoxicity while preserving antitumor efficacy.