A troubled for-profit art school in Bridgeport, Paier College, will be acquired by a Los Angeles-based public benefit corporation, Florence Education.
Paier College, which was embroiled in investigations into for-profit nursing school Stone Academy and its owners, did not open for the fall semester last year.
Florence Education announced its plan to ac quire Paier College on Tuesday morning, pending approval from the Connecticut Office of Higher Education and the Accrediting Commission of Career Schools and Colleges.
Paier College, founded in 1946, specialized in art, design and applied sciences training.
The sale is expected to close in the second quarter of 2025. The school will be renamed Florence University and will offer new nursing and healthcare programs, including pathways to becoming a registered nurse, and upskilling initiatives for current nurses, according to the announcement.
Florence Education said it is “dedicated to solving the global nursing shortage through innovative healthcare education.”
“Florence University will honor Paier’s legacy in the arts and applied sciences while expanding nursing and workforce development opportunities to address America’s ongoing nursing shortage,” said Dante Tolbert, CEO and co-founder of Florence.
Paier College and Stone Academy were owned by Joseph Bierbaum, the son-in-law of education entrepreneur Mark Scheinberg. Scheinberg, who previously co-owned both schools, founded Goodwin University in East Hartford.
Scheinberg was forced to divest from Stone Academy and Paier College as part of a settlement with the Department of Justice, which alleged that he improperly influenced Stone Academy’s student loan default rate.
In 2023, Connecticut Attorney General William Tong sued Stone Academy, Paier College and Bierbaum alleging violations of the Connecticut Unfair Trade Practices Act, after Stone Academy abruptly closed.
The state Office of Higher Education denied Paier’s application to renew its authorization in September 2024. The office found that the school failed to meet approval standards for financial management and qualified faculty, among other deficiencies.
In January 2025, Tong announced a $5 million preliminary settlement with Stone Academy, which would resolve claims that the school deprived students of their rights to academic credits and degrees when it abruptly closed.
At least one of Stone Academy’s former campuses has been sold.