0001140361-14-003016.txt : 20140123 0001140361-14-003016.hdr.sgml : 20140123 20140123162646 ACCESSION NUMBER: 0001140361-14-003016 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20140123 DATE AS OF CHANGE: 20140123 GROUP MEMBERS: CITIGROUP ALTERNATIVE INVESTMENTS LLC GROUP MEMBERS: CITIGROUP CAPITAL PARTNERS II EMPLOYEE MASTER FUND L.P. GROUP MEMBERS: CITIGROUP INVESTMENTS INC. GROUP MEMBERS: CITIGROUP PRIVATE EQUITY LP SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: EDUCATION MANAGEMENT CORPORATION CENTRAL INDEX KEY: 0000880059 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 251119571 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-48543 FILM NUMBER: 14543293 BUSINESS ADDRESS: STREET 1: 300 SIXTH AVENUE CITY: PITTSBURGH STATE: PA ZIP: 15222 BUSINESS PHONE: 4125620900 MAIL ADDRESS: STREET 1: 300 SIXTH AVE CITY: PITTSBURGH STATE: PA ZIP: 15222 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CITIGROUP INC CENTRAL INDEX KEY: 0000831001 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 521568099 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 399 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2125591000 MAIL ADDRESS: STREET 1: 399 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: TRAVELERS GROUP INC DATE OF NAME CHANGE: 19950519 FORMER COMPANY: FORMER CONFORMED NAME: TRAVELERS INC DATE OF NAME CHANGE: 19940103 FORMER COMPANY: FORMER CONFORMED NAME: PRIMERICA CORP /NEW/ DATE OF NAME CHANGE: 19920703 SC 13G/A 1 sc13g.txt CITIGROUP INC SC 13G A NO 4 12-31-2013 (EDUCATION MANAGEMENT CORP) SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G* (Rule 13d-102) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2 (AMENDMENT NO. 4)* Education Management Corp. -------------------------------------------------------------------------------- (Name of Issuer) Common Stock -------------------------------------------------------------------------------- (Title of Class of Securities) 28140M-10-3 -------------------------------------------------------- (CUSIP Number) December 31, 2013 -------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: / / Rule 13d-1(b) / / Rule 13d-1(c) /X/ Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Page 1 of 10 Pages 13G CUSIP NO. 28140M-10-3 Page 2 of 10 Pages ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS Citigroup Capital Partners II Employee Master Fund, L.P. ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) / / (b) / / ------------------------------------------------------------------------------- (3) SEC USE ONLY ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ---------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 624,694 OWNED BY ---------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ---------------------------------------------------- PERSON (8) SHARED DISPOSITIVE POWER 624,694 WITH: ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 624,694 ------------------------------------------------------------------------------- (10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) / / ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.5% ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN ------------------------------------------------------------------------------- 13G CUSIP NO. 28140M-10-3 Page 3 of 10 Pages ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS Citigroup Private Equity LP ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) / / (b) / / ------------------------------------------------------------------------------- (3) SEC USE ONLY ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ---------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 624,694 OWNED BY ---------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ---------------------------------------------------- PERSON (8) SHARED DISPOSITIVE POWER 624,694 WITH: ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 624,694 ------------------------------------------------------------------------------- (10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) / / ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.5% ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN ------------------------------------------------------------------------------- 13G CUSIP NO. 28140M-10-3 Page 4 of 10 Pages ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS Citigroup Alternative Investments LLC ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) / / (b) / / ------------------------------------------------------------------------------- (3) SEC USE ONLY ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ---------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 624,694 OWNED BY ---------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ---------------------------------------------------- PERSON (8) SHARED DISPOSITIVE POWER 624,694 WITH: ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 624,694 ------------------------------------------------------------------------------- (10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) / / ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.5% ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IA ------------------------------------------------------------------------------- 13G CUSIP NO. 28140M-10-3 Page 5 of 10 Pages ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS Citigroup Investments Inc. ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) / / (b) / / ------------------------------------------------------------------------------- (3) SEC USE ONLY ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ---------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 624,694 OWNED BY ---------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ---------------------------------------------------- PERSON (8) SHARED DISPOSITIVE POWER 624,694 WITH: ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 624,694 ------------------------------------------------------------------------------- (10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) / / ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.5% ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) HC ------------------------------------------------------------------------------- 13G CUSIP NO. 28140M-10-3 Page 6 of 10 Pages ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS Citigroup Inc. ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) / / (b) / / ------------------------------------------------------------------------------- (3) SEC USE ONLY ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ---------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 647,687* OWNED BY ---------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ---------------------------------------------------- PERSON (8) SHARED DISPOSITIVE POWER 647,687* WITH: ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 647,687* ------------------------------------------------------------------------------- (10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) / / ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.5%* ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) HC ------------------------------------------------------------------------------- * Includes shares held by the other reporting persons. Item 1(a). Name of Issuer: Education Management Corp Item 1(b). Address of Issuer's Principal Executive Offices: 210 Sixth Avenue, 33rd Floor Pittsburgh, PA 15222 Item 2(a). Name of Person Filing: Citigroup Capital Partners II Employee Master Fund, L.P. ("Citigroup Employee Master Fund") Citigroup Private Equity LP ("Citigroup PE") Citigroup Alternative Investments LLC ("CAI") Citigroup Investments Inc. ("CII") Citigroup Inc. ("Citigroup") Item 2(b). Address of the Principal Business Office or, if none, Residence: The address of the principal business office of each of Citigroup Employee Master Fund, Citigroup PE, CAI, CII and Citigroup is: 399 Park Avenue New York, NY 10022 Item 2(c). Citizenship: Citigroup Employee Master Fund and Citigroup PE are Delaware limited partnerships. CAI, CII and Citigroup are chartered in Delaware. Item 2(d). Title of Class of Securities: Common Stock Item 2(e). CUSIP Number: 28140M-10-3 Page 7 of 10 Pages Item 3. If This Statement Is Filed Pursuant to Sections 240.13d-1(b) or 240.13d-2(b) or (c), Check Whether the Person Filing Is a(n): (a) [ ] Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o); (b) [ ] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c); (c) [ ] Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c); (d) [ ] Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8); (e) [ ] Investment adviser in accordance with Section 240.13d-1(b)(1)(ii)(E); (f) [ ] Employee benefit plan or endowment fund in accordance with Section 240.13d-1(b)(1)(ii)(F); (g) [ ] Parent holding company or control person in accordance with Section 240.13d-1(b)(1)(ii)(G); (h) [ ] Savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) [ ] Church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [ ] A non-U.S. institution in accordance with Section 240.13d-1(b)(1)(ii)(J); (k) [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Section 240.13d-1(b)(1)(ii)(J), please specify the type of institution: ____________________________ . Item 4. Ownership. (as of December 31, 2013) (a) Amount beneficially owned: See item 9 of cover pages (b) Percent of class: See item 11 of cover pages (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: (ii) Shared power to vote or to direct the vote: (iii) Sole power to dispose or to direct the disposition of: (iv) Shared power to dispose or to direct the disposition of: See Items 5-8 of cover pages Page 8 of 10 Pages Item 5. Ownership of Five Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ]. Item 6. Ownership of More Than Five Percent on Behalf of Another Person. Not Applicable. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company. Citigroup PE is the general partner of Citigroup Employee Master Fund. CAI is the sole member of Citigroup PE. CII is the sole member of CAI. Citigroup is the sole stockholder of CII. Item 8. Identification and Classification of Members of the Group. See Exhibit 2. Item 9. Notice of Dissolution of Group. Not Applicable. Page 9 of 10 Pages Item 10. Certification. Not Applicable. SIGNATURE. After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: January 23, 2014 CITIGROUP CAPITAL PARTNERS II EMPLOYEE MASTER FUND, L.P. By: Citigroup Private Equity LP. its general partner By: /s/ Matt Coeny -------------------------------------------- Name: Matt Coeny Title: Authorized Signatory CITIGROUP PRIVATE EQUITY LP By: /s/ Matt Coeny -------------------------------------------- Name: Matt Coeny Title: Authorized Signatory CITIGROUP ALTERNATIVE INVESTMENTS LLC By: /s/ Craig Barrack -------------------------------------------- Name: Craig Barrack Title: Secretary CITIGROUP INVESTMENTS INC. By: /s/ Craig Barrack -------------------------------------------- Name: Craig Barrack Title: Secretary CITIGROUP INC By: /s/ Ali L. Karshan -------------------------------------------- Name: Ali L. Karshan Title: Assistant Secretary Page 10 of 10 Pages EXHIBIT INDEX TO SCHEDULE 13G ----------------------------- EXHIBIT 1 --------- Agreement among, Citigroup Employee Master Fund, Citigroup PE, CAI, CII and Citigroup as to joint filing of Schedule 13G EXHIBIT 2 --------- Item 8 Information EX-2 2 ex2.txt EXHIBIT 2 EXHIBIT 2 --------- ITEM 8 INFORMATION Citigroup Capital Partners II Employee Master Fund, L.P. ("Citigroup Employee Master Fund") is a party to a Shareholders Agreement, dated as of October 7, 2009, by and among Education Management Corporation (the "Company"), Citigroup Employee Master Fund, funds associated with The Goldman Sachs Group, Inc., funds associated with Providence Equity Partners, funds associated with Leeds Equity Partners, funds associated with AlpInvest Partners N.V. and funds associated with Fisher Lynch Co-Investment Partnership, L.P., Ontario Teachers' Pension Plan Board and General Electric Pension Trust (the "Shareholders Agreement" and all such shareholders, collectively, the "Shareholder Agreement Parties"). The Shareholders Agreement provides that certain of the funds associated with Providence Equity Partners and certain of the funds associated with The Goldman Sachs Group, Inc. will each have the right to designate up to two of the Company's directors and certain of the funds associated with Leeds Equity Partners will have the right to designate one of the Company's directors. Subject to certain exceptions, the Shareholders Agreement requires all Shareholder Agreement Parties to vote their shares of the Company's common stock, par value $0.01 per share ("Common Stock") for directors that are designated in accordance with the provisions of the Shareholders Agreement. The Shareholders Agreement also contains certain provisions regarding transfer restrictions, drag-along rights and tag-along rights with respect to the shares of Common Stock owned by the Shareholder Agreement Parties. As of June 30, 2013, private equity funds affiliated with Providence Equity Partners, Goldman Sachs Capital Partners and Leeds Equity Partners owned, in the aggregate, approximately 84% of the voting interests of the outstanding capital stock on a fully diluted basis. The share ownership reported for Citigroup Employee Master Fund does not include any shares of Common Stock owned by the other Shareholder Agreement Parties, except to the extent disclosed in this Schedule 13G. Citigroup Employee Master Fund disclaims beneficial ownership of any shares of Common Stock owned by the other Shareholder Agreement Parties, except to the extent disclosed in this Schedule 13G. EX-99.1 3 ex99_1.txt EXHIBIT 99.1 EXHIBIT 1 --------- AGREEMENT AS TO JOINT FILING OF SCHEDULE 13G -------------------------------------------- Each of the undersigned hereby affirms that it is individually eligible to use Schedule 13G, and agrees that this Schedule 13G is filed on its behalf. Dated: January 23, 2014 CITIGROUP CAPITAL PARTNERS II EMPLOYEE MASTER FUND, L.P. By: Citigroup Private Equity LP. its general partner By: /s/ Matt Coeny -------------------------------------------- Name: Matt Coeny Title: Authorized Signatory CITIGROUP PRIVATE EQUITY LP By: /s/ Matt Coeny -------------------------------------------- Name: Matt Coeny Title: Authorized Signatory CITIGROUP ALTERNATIVE INVESTMENTS LLC By: /s/ Craig Barrack -------------------------------------------- Name: Craig Barrack Title: Secretary CITIGROUP INVESTMENTS INC. By: /s/ Craig Barrack -------------------------------------------- Name: Craig Barrack Title: Secretary CITIGROUP INC By: /s/ Ali L. Karshan -------------------------------------------- Name: Ali L. Karshan Title: Assistant Secretary