Stonington Partners Cashing in on Education Co

Lincoln Educational Services(NASDAQ, LINC) filed for a public offering of 5.5 million shares. The company which is owned by Stonington Partners and Hart Capital first went public in 2005. Stonington Capital is offering 4 million shares, reducing its ownership stake in the company to 60%. Hart Capital which sold its first chunk of shares in the initial public offering is selling 400,000 shares, reducing its stake to 6.5%. The company closed at $16.50 the day prior to its announcement.