UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No. 1
ITT EDUCATIONAL SERVICES, INC.
-----------------
(Name of Issuer)
Common Stock, Par Value $0.01 Per Share
-----------------------------
(Title of Class of Securities)
4506B109
---------
(CUSIP Number)
Gregory D. Hitchan
Blum Capital Partners, L.P.
909 Montgomery Street, Suite 400
San Francisco, CA 94133
(415) 434-1111
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 22, 2009
----------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Section 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g),
check the following box [ ].
*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
disclosures provided in a prior cover page.
The information required on 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 12
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 2 of 12
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1. NAME OF REPORTING PERSON BLUM CAPITAL PARTNERS, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) 94-3205364
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* See Item 3
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION California
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7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 3,635,807**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 3,635,807**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,635,807**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.5%**
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14. TYPE OF REPORTING PERSON PN, IA
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** See Item 5
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 3 of 12
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1. NAME OF REPORTING PERSON RICHARD C. BLUM & ASSOCIATES, INC.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) 94-2967812
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* See Item 3
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION California
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 3,635,807**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 3,635,807**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,635,807**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.5%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO
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** See Item 5
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 4 of 12
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1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.L.C.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) 04-3809436
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* See Item 3
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 3,635,807**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 3,635,807**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,635,807**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.5%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
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** See Item 5
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 5 of 12
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1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) 02-0742606
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 3,635,807**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 3,635,807**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,635,807**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.5%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
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** See Item 5
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 6 of 12
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1. NAME OF REPORTING PERSON BLUM STRATEGIC GP IV, L.L.C.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) 26-0588693
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 3,635,807**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 3,635,807**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,635,807**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.5%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
-----------------------------------------------------------------------------
** See Item 5
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 7 of 12
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1. NAME OF REPORTING PERSON BLUM STRATEGIC GP IV, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) 26-0588732
-----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
-----------------------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 3,635,807**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 3,635,807**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,635,807**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.5%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
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** See Item 5
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 8 of 12
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1. NAME OF REPORTING PERSON SADDLEPOINT PARTNERS GP, L.L.C.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) 83-0424234
-----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
-----------------------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 3,635,807**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 3,635,807**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,635,807**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.5%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
-----------------------------------------------------------------------------
** See Item 5
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 9 of 12
Item 1. Security and Issuer
-----------------------------
This Amendment No. 1 amends the Statement on Schedule 13D (the "Schedule 13D")
filed with the Securities and Exchange Commission (the "Commission") on March
3, 2008 by Blum Capital Partners, L.P., a California limited partnership,
("Blum LP"); Richard C. Blum & Associates, Inc., a California corporation
("RCBA Inc."); Blum Strategic GP III, L.L.C., a Delaware limited liability
company ("Blum GP III"); Blum Strategic GP III, L.P., a Delaware limited
partnership ("Blum GP III LP"); Blum Strategic GP IV, L.L.C., a Delaware
limited liability company ("Blum GP IV"); Blum Strategic GP IV, L.P., a
Delaware limited partnership ("Blum GP IV LP"); and Saddlepoint Partners GP,
L.L.C., a Delaware limited liability company ("Saddlepoint GP") (collectively,
the "Reporting Persons").
This amendment relates to shares of common stock, $0.01 par value per share
(the "Common Stock") of ITT Educational Services, Inc., a Delaware corporation
(the "Issuer"). The principal executive office and mailing address of the
Issuer is 13000 North Meridian Street, Carmel, IN 46032.
The following amendments to the Schedule 13D are hereby made. Unless
otherwise defined herein, all capitalized terms shall have the meanings
ascribed to them in the Schedule 13D as previously amended.
Item 2. Identity and Background
---------------------------------
There have been no changes to Item 2 since the initial Schedule 13D filed on
March 3, 2008.
Item 3. Source and Amount of Funds or Other Considerations
------------------------------------------------------------
There have been no changes to Item 3 since the initial Schedule 13D filed on
March 3, 2008.
Item 4. Purpose of Transaction
--------------------------------
There have been no changes to Item 4 since the initial Schedule 13D filed on
March 3, 2008.
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 10 of 12
Item 5. Interest in Securities of the Issuer
----------------------------------------------
Item 5 of the Schedule 13D is hereby amended to add the following:
(a), (b) According to the Issuer's Form 10-Q filed with the Securities and
Exchange Commission on April 23, 2009, there were 38,325,652 shares of
Common Stock issued and outstanding as of March 31, 2009. Based on such
information, after taking into account the transactions described in Item 5(c)
below, the Reporting Persons report beneficial ownership of the following
shares of Common Stock: (i) 670,543 shares of Common Stock held by Blum LP
and RCBA Inc. on behalf of the limited partnerships for which Blum LP serves
as the general partner, which represents 1.7% of the outstanding shares of the
Common Stock; (ii) 1,264,288 shares of the Common Stock held by Blum GP III
which serves as general partner of Blum GP III LP which, in turn, serves as
the general partner of Blum Strategic III, which represents 3.3% of the
outstanding shares of the Common Stock; (iii) 1,621,625 shares of the Common
Stock held by Blum GP IV, which serves as general partner of Blum GP IV LP
which, in turn, serves as the general partner of Blum Strategic IV, which
represents 4.2% of the outstanding shares of the Common Stock; (iv) 20,651
shares of the Common Stock held by Saddlepoint GP on behalf of a limited
liability company for which it serves as the general partner, which represents
0.1% of the outstanding shares of the Common Stock; (v) 29,350 shares of the
Common Stock that are legally owned by The Nuclear Decommissioning Trust of
Dominion Nuclear Connecticut, Inc. ("Dominion Connecticut"), which represents
0.1% of the outstanding shares of the Common Stock and 29,350 shares of
the Common Stock that are legally owned by Virginia Electric and Power Company
Qualified Nuclear Decommissioning Trust ("Virginia Electric"), which represents
0.1% of the outstanding shares of the Common Stock (collectively, the
"Investment Advisory Clients"), with respect to which Blum LP has voting and
investment power. Each Investment Advisory Client has entered into an
investment management agreement with Blum LP, but neither Investment Advisory
Client has any contract, arrangement or understanding with the other Investment
Advisory Client, or any other Reporting Person, with respect to the
acquisition, ownership, disposition or voting of any shares of the Common
Stock. Each Investment Advisory Client disclaims membership in a group with
any Reporting Person or with the other Investment Advisory Client, and each
disclaims beneficial ownership of any shares beneficially owned by the
Reporting Persons other than for their own account.
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 11 of 12
Voting and investment power concerning the above shares are held solely by Blum
LP, Blum GP III, Blum GP IV and Saddlepoint GP. The Reporting Persons
therefore may be deemed to be members in a group, in which case the group would
be deemed to have beneficial ownership of an aggregate of 3,635,807 shares of
the Common Stock, which is 9.5% of the outstanding Common Stock. As the sole
general partner of Blum LP, RCBA Inc. is deemed the beneficial owner of the
securities over which Blum LP has voting and investment power. The filing of
this Schedule shall not be construed as an admission that any of the
shareholders, directors or executive officers of RCBA Inc. or the managing
members and members of Blum GP III, Blum GP III LP, Blum GP IV, Blum GP IV LP,
and Saddlepoint GP, is, for any purpose, the beneficial owner of any of the
securities that are beneficially owned by RCBA Inc., Blum GP III LP, Blum GP
III, Blum GP IV, Blum GP IV LP or Saddlepoint GP.
(c) During the last 60 days the Reporting Persons have purchased the following
shares of the Issuer's Common Stock in the open market:
Entity Trade Date Shares Price/Share
------- ---------- -------- -----------
Investment partnerships for 04-21-2009 50,000 99.5082
which Blum LP serves as the 05-13-2009 13,494 98.1247
general partner. 05-18-2009 26,307 98.5378
05-19-2009 38,100 98.7192
05-20-2009 7,800 98.8271
05-21-2009 1,000 99.0100
05-22-2009 103,299 98.6456
In addition, on April 30, 2009, the Reporting Persons distributed, on a
pro rata basis, 2,879 shares of Common Stock to limited partners in one of
the limited partnerships for which Blum LP serves as the general partner.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
-----------------------------------------------------------------------------
There have been no changes to Item 6 since the initial Schedule 13D filed on
March 3, 2008.
Item 7. Material to be Filed as Exhibits
------------------------------------------
Exhibit A - Joint Filing Undertaking
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 12 of 12
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: May 27, 2009
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Partner, Chief Operating Officer, Partner, Chief Operating Officer,
General Counsel and Secretary General Counsel and Secretary
BLUM STRATEGIC GP III, L.L.C. BLUM STRATEGIC GP III, L.P.
By: Blum Strategic GP III, L.L.C.
its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Managing Member Managing Member
BLUM STRATEGIC GP IV, L.L.C. BLUM STRATEGIC GP IV, L.P.
By: Blum Strategic GP IV, L.L.C.
its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Managing Member Managing Member
SADDLEPOINT PARTNERS GP, L.L.C.
By: Blum Capital Partners, L.P.
its Managing Member
By: Richard C. Blum & Associates, Inc.
its General Partner
By: /s/ Gregory D. Hitchan
-------------------------------
Gregory D. Hitchan
Partner, Chief Operating Officer,
General Counsel and Secretary
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 1 of 1
Exhibit A
JOINT FILING UNDERTAKING
The undersigned, being duly authorized thereunto, hereby execute this agreement
as an exhibit to this Schedule 13D to evidence the agreement of the below-named
parties, in accordance with the rules promulgated pursuant to the Securities
Exchange Act of 1934, to file this Schedule jointly on behalf of each such
party.
Dated: May 27, 2009
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Partner, Chief Operating Officer, Partner, Chief Operating Officer,
General Counsel and Secretary General Counsel and Secretary
BLUM STRATEGIC GP III, L.L.C. BLUM STRATEGIC GP III, L.P.
By: Blum Strategic GP III, L.L.C.
its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Managing Member Managing Member
BLUM STRATEGIC GP IV, L.L.C. BLUM STRATEGIC GP IV, L.P.
By: Blum Strategic GP IV, L.L.C.
its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Managing Member Managing Member
SADDLEPOINT PARTNERS GP, L.L.C.
By: Blum Capital Partners, L.P.
its Managing Member
By: Richard C. Blum & Associates, Inc.
its General Partner
By: /s/ Gregory D. Hitchan
-------------------------------
Gregory D. Hitchan
Partner, Chief Operating Officer,
General Counsel and Secretary