Governor approves WyoTech loan

Ike Fredregill
Posted 5/25/18

WyoTech’s future in Laramie brightened considerably Monday when Gov. Matt Mead authorized a loan of up to $5 million for Jim Mathis’ DBJJDM Enterprises to take over operation of the technical institute.

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Governor approves WyoTech loan

Posted

LARAMIE — WyoTech’s future in Laramie brightened considerably Monday when Gov. Matt Mead authorized a loan of up to $5 million for Jim Mathis’ DBJJDM Enterprises to take over operation of the technical institute.

The Wyoming Business Council recommended DBJJDM Enterprises for the loan, which was amended into legislation in spring and would be pulled from the Legislative Stabilization Reserve Account “for the continued operation of an automotive technology trade school.”

“We are very excited to get the loan signed off,” Mathis said. “We will take over all existing programs (Zenith Education Group) already has, and we won’t be changing the curriculum, except to possibly add some classes in the future.”

While Mead signed off on the loan, he said the credit for keeping WyoTech open lay with the Wyoming community.

“The community of Laramie, state legislators, education leaders and others worked with my office to evaluate all options to keep WyoTech operating in our state,” Mead says in a news release. “After reviewing the information and recommendation from the Business Council, I accepted the recommendation for a $5 million loan to DBJJDM to operate the WyoTech Institute in Laramie. I appreciate the hard work to keep WyoTech open and providing excellent educational opportunities.”

Founded in 1966, WyoTech was established in Laramie and expanded during the next five decades to include seven campuses nationwide at its height. In 2015, Zenith Education Group, which was created by ECMC, purchased 56 campuses from Corinthian Colleges, Inc.

On Nov. 8, Zenith announced it would cease enrollment at WyoTech Laramie and 20 other post-secondary schools.

A former WyoTech student, instructor and president, Mathis announced a proposal in March to take over WyoTech operations as a private institute, but he said Tuesday the acquisition was not yet a done deal.

“We are still in the process of due diligence,” Mathis said.

DBJJDM is currently inspecting the regulatory documents Zenith filed during its ownership of the campus, he explained.

“That assures us going into this deal it’s a clean company,” Mathis said. “Zenith has been great to work with. I’ve been through several transactions, and there’s give and take in every one of them. We didn’t have any unexpected hiccups.”

With an eye on closing the contract with Zenith’s parent company, Education Credit Management Corporation, by July 2, Mathis said he intends to reopen the campus the same day and start classes for current Zenith students seeking to further their education at WyoTech.

“We cannot enroll any students until we close on the deal,” he said.

Mathis’ company also needs to secure accreditation from Accrediting Commission of Career Schools and Colleges, but he said an application has been sent out and he hopes to receive a favorable response in about a month.

If everything goes as planned, Mathis said the DBJJDM business model calls for WyoTech to enroll about 800-1,000 students annually within five years and employ about 200 staff and faculty.

“There is more demand now for students with these skill sets than I’ve ever seen, and there’s always been a demand,” he said. “We will focus our recruitment locally and nationally.”