Goodwin finalizes $32M University of Bridgeport acquisition

Photo | Contributed Goodwin University.

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By Sean Teehan

East Hartford-based Goodwin University completed a $32 million acquisition of most of the University of Bridgeport's real estate and academic programs.

The U.S. Department of Education, Connecticut office of Higher Education and New England Commission of Higher Education (NECHE) all approved the deal, under which UB will function as an independent institution with its own leadership and board of trustees under Goodwin's ownership.

“In addition to ensuring that UB’s rich history of higher education would continue in its namesake city for years to come, we wanted to also be sure its leadership reflected UB students and the City of Bridgeport,” Goodwin President Mark Scheinberg said.

The Connecticut Department of Economic Community Development (DECD) and Citizens Bank committed funding to assist in sustaining UB as an independent institution, according to Goodwin. KeyBank and Liberty Bank are providing financing to Goodwin University for the acquisition.

Approvals of the acquisition finalize a plan Goodwin embarked on about a year ago to establish a presence in Bridgeport.

In December, NECHE approved Goodwin University’s plan to buy the University of Bridgeport, putting the East Hartford school on track to create a new institution in Bridgeport by July 1.

Under a memorandum of understanding signed last June, Goodwin, Fairfield-based Sacred Heart and Paier College would have co-located programs on UB’s campus and purchased all of the school’s property and programs. They also agreed to honor credits earned by students at each other’s schools, creating a university park setup.

The deal originally had Sacred Heart buying three buildings and UB’s post-graduate education and engineering programs, along with its chiropractic and nutrition certificate programs. However, Sacred Heart stepped away from the project in October and Goodwin is buying those buildings and programs.

Under the arrangement, Paier will occupy the Arnold Bernhard Center for Arts & Humanities and the Cooper Hall Dormitory along with two additional buildings on the southwest side of the campus, according to the college.

Paier College will remain an independent institution and plans to transition its operations to the University of Bridgeport campus over the summer in advance of the fall semester, according to Paier.