UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No. 6
ITT EDUCATIONAL SERVICES, INC.
-----------------
(Name of Issuer)
Common Stock, Par Value $0.01 Per Share
-----------------------------
(Title of Class of Securities)
4506B109
----------
(CUSIP Number)
Gwen G. Reinke
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)
February 24, 2012
-----------------
(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 17
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 2 of 17
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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 4,145,075**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 4,145,075**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,145,075**
-----------------------------------------------------------------------------
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) 15.8%**
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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 17
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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
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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 4,145,075**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 4,145,075**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,145,075**
-----------------------------------------------------------------------------
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) 15.8%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO
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** See Item 5
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 4 of 17
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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) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 4,145,075**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 4,145,075**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,145,075**
-----------------------------------------------------------------------------
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) 15.8%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
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** See Item 5
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 5 of 17
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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
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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 4,145,075**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 4,145,075**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,145,075**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.8%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
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** See Item 5
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 6 of 17
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1. NAME OF REPORTING PERSON BLUM STRATEGIC PARTNERS III, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 04-3809438
-----------------------------------------------------------------------------
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 4,145,075**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 4,145,075**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,145,075**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.8%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
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** See Item 5
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 7 of 17
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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
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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 4,145,075**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 4,145,075**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,145,075**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.8%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
-----------------------------------------------------------------------------
** See Item 5
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 8 of 17
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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]
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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 4,145,075**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 4,145,075**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,145,075**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.8%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
-----------------------------------------------------------------------------
** See Item 5
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 9 of 17
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1. NAME OF REPORTING PERSON BLUM STRATEGIC PARTNERS IV, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 26-0588744
-----------------------------------------------------------------------------
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 4,145,075**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 4,145,075**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,145,075**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.8%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
-----------------------------------------------------------------------------
** See Item 5
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 10 of 17
Item 1. Security and Issuer
-----------------------------
This Amendment No. 6 amends the Statement on Schedule 13D (the "Schedule 13D")
filed with the Securities and Exchange Commission (the "Commission") on
April 26, 2011 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"); and Blum Strategic GP IV,
L.P., a Delaware limited partnership ("Blum GP IV LP") (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
---------------------------------
Item 2 is hereby amended and restated in its entirety, as follows:
Blum LP is a California limited partnership whose principal business is
acting as general partner for investment partnerships and providing
investment advisory services. Blum LP is an investment adviser registered
with the Securities and Exchange Commission. The sole general partner of
Blum LP is RCBA Inc.
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 11 of 17
The principal business office address of Blum LP and RCBA Inc. is 909
Montgomery Street, Suite 400, San Francisco, California 94133. The names
of the executive officers and directors of RCBA Inc., their addresses,
citizenship and principal occupations are as follows:
Name and Business Citizenship Principal Occupation
Office Held Address or Employment
-------------------- ----------------------- --------- --------------------
Richard C. Blum 909 Montgomery St. USA President & Chairman,
President, Suite 400 Blum LP
Chairman & Director San Francisco, CA 94133
Nils Colin Lind 909 Montgomery St. USA and Managing Partner,
Managing Partner Suite 400 Norway Blum LP
& Director San Francisco, CA 94133
Douglas J. Dossey 909 Montgomery St. USA and Managing Partner,
Managing Partner Suite 400 Italy Blum LP
San Francisco, CA 94133
Arthur C. Young 909 Montgomery St. USA Managing Partner,
Managing Partner Suite 400 Blum LP
San Francisco, CA 94133
John H. Park 909 Montgomery St. USA Partner,
Partner Suite 400 Blum LP
San Francisco, CA 94133
David H.S. Chung 909 Montgomery St. USA Partner,
Partner Suite 400 Blum LP
San Francisco, CA 94133
Jane J. Su 909 Montgomery St. USA Partner,
Partner Suite 400 Blum LP
San Francisco, CA 94133
Gwen G. Reinke 909 Montgomery St. USA General Counsel &
General Counsel & Suite 400 Chief Compliance
Chief Compliance San Francisco, CA 94133 Officer,
Officer Blum LP
Marc T. Scholvinck 909 Montgomery St. USA Partner & Chief
Partner, Chief Suite 400 Financial Officer,
Financial Officer, San Francisco, CA 94133 Blum LP
Assistant Secretary
& Director
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 12 of 17
Blum GP III is a Delaware limited liability company whose principal business
is acting as the general partner of Blum GP III LP, a Delaware limited
partnership, whose principal business is acting as the general partner of
Blum Strategic Partners III, L.P. ("Blum Strategic III"), whose principal
office is 909 Montgomery Street, Suite 400, San Francisco, California 94133.
The principal business office address of Blum GP III and Blum GP III LP is
909 Montgomery Street, Suite 400, San Francisco, California 94133. The names
of the managing members and members of Blum GP III, their addresses,
citizenship and principal occupations are as follows:
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
-------------------- ----------------------- --------- -------------------
Richard C. Blum 909 Montgomery St. USA President & Chairman,
Managing Member Suite 400 Blum LP
San Francisco, CA 94133
Nils Colin Lind 909 Montgomery St. USA and Managing Partner,
Managing Member Suite 400 Norway Blum LP
San Francisco, CA 94133
Douglas J. Dossey 909 Montgomery St. USA and Managing Partner,
Managing Member Suite 400 Italy Blum LP
San Francisco, CA 94133
Arthur C. Young 909 Montgomery St. USA Managing Partner,
Managing Member Suite 400 Blum LP
San Francisco, CA 94133
John H. Park 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
David H.S. Chung 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
Jane J. Su 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
Gwen G. Reinke 909 Montgomery St. USA General Counsel &
Member Suite 400 Chief Compliance
San Francisco, CA 94133 Officer,
Blum LP
Marc T. Scholvinck 909 Montgomery St. USA Partner & Chief
Member Suite 400 Financial Officer,
San Francisco, CA 94133 Blum LP
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 13 of 17
Blum GP IV is a Delaware limited liability company whose principal business is
acting as the general partner of Blum GP IV LP, a Delaware limited
partnership, whose principal business is acting as the general partner of Blum
Strategic Partners IV, L.P. ("Blum Strategic IV"), whose principal office is
909 Montgomery Street, Suite 400, San Francisco, California 94133.
The principal business office address of Blum GP IV and Blum GP IV LP is
909 Montgomery Street, Suite 400, San Francisco, California 94133. The names
of the managing members and members of Blum GP IV, their addresses,
citizenship and principal occupations are as follows:
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
-------------------- ----------------------- --------- -------------------
Richard C. Blum 909 Montgomery St. USA President & Chairman,
Managing Member Suite 400 Blum LP
San Francisco, CA 94133
Nils Colin Lind 909 Montgomery St. USA and Managing Partner,
Managing Member Suite 400 Norway Blum LP
San Francisco, CA 94133
Douglas J. Dossey 909 Montgomery St. USA and Managing Partner,
Managing Member Suite 400 Italy Blum LP
San Francisco, CA 94133
Arthur C. Young 909 Montgomery St. USA Managing Partner,
Managing Member Suite 400 Blum LP
San Francisco, CA 94133
John H. Park 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
David H.S. Chung 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
Jane J. Su 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
Gwen G. Reinke 909 Montgomery St. USA General Counsel &
Member Suite 400 Chief Compliance
San Francisco, CA 94133 Officer,
Blum LP
Marc T. Scholvinck 909 Montgomery St. USA Partner & Chief
Member Suite 400 Financial Officer,
San Francisco, CA 94133 Blum LP
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 14 of 17
To the best knowledge of the Reporting Persons, none of the entities or
persons identified in this Item 2 has, during the past five years, been
convicted of any criminal proceeding (excluding traffic violations or similar
misdemeanors), nor been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with respect to
such laws.
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
--------------------------------
Item 4 is hereby amended and restated in its entirety, as follows:
The Reporting Persons acquired the Common Stock for investment purposes in the
ordinary course of business.
The Reporting Persons intend to review their investment in the Issuer
continuously. Depending on their review and evaluation of the business and
prospects of the Issuer, and subject to the terms of the various advisory
agreements and applicable securities laws, the price level of the Common
Stock, or such other factors as they may deem relevant, the Reporting Persons
may acquire additional Common Stock on the open market, in privately
negotiated transactions or otherwise; may sell or dispose of all or any part
of their Common Stock pursuant to Rule 144, in privately negotiated
transactions, in sales registered or exempt from registration under the
Securities Act of 1933 or otherwise; may distribute shares to various of their
partners, members, employees or business associates; or may engage in any
combination of the foregoing. Subject to applicable law, the Reporting
Persons may enter into derivative transactions, hedging transactions or
alternative structures with respect to the Common Stock. Any acquisitions,
sales, dispositions, distributions or other transactions may be announced or
consummated at any time without additional prior notice and prior to any
further amendment to this Statement. Any alternative that the Reporting
Persons may pursue will depend upon a variety of factors, including without
limitation, current and anticipated future trading prices of the Common Stock,
the financial condition, results of operations and prospects of the Issuer and
general economic, financial market and industry conditions, other investment
and business opportunities available to, or liquidity requirements of, the
Reporting Persons, general stock market and economic conditions, tax
considerations and other factors.
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 15 of 17
Also, in connection with the Reporting Persons' investment in the Issuer, the
Reporting Persons intend to engage in communications with, directly or through
intermediaries, one or more existing or prospective shareholders of the
Issuer, one or more officers of the Issuer, one or more members of the board
of directors of the Issuer, and other representatives of the Issuer. In
connection with these activities, the Reporting Persons may engage in
communications with sources of credit and/or other financing sources, industry
participants, applicable governmental agencies, and/or other interested
parties regarding the Issuer, with respect to the Issuer's operations and
strategic, financial, governance and other matters. The Reporting Persons may
discuss ideas that, if effected, may result in any of the following: the
acquisition by persons of additional Common Stock of the Issuer, an
extraordinary corporate transaction involving the Issuer, and/or changes in
the board of directors or management of the Issuer. The Reporting Persons may
also propose changes in the Issuer's operations, governance or capitalization;
exchange information with the Issuer pursuant to confidentiality or similar
agreements; or take or propose to take, alone or in conjunction with other
parties, other actions intended to increase or decrease the Reporting Persons'
investment in the Issuer or increase the value of their investment in the
Issuer, which could include or result in one or more of the matters referred
to in paragraphs (a) through (j) of Item 4 of Schedule 13D.
Except to the extent the foregoing may be deemed a plan or proposal, none of
the Reporting Persons has any current plans or proposals which relate to, or
could result in, any of the matters referred to in paragraphs (a) through (j),
inclusive, of the instructions to Item 4 of Schedule 13D; provided that the
Reporting Persons may, at any time and from time to time, review or reconsider
their position and/or change their purpose and/or formulate plans or proposals
with respect thereto.
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 10K filed with the Securities and
Exchange Commission on February 24, 2012, there were 26,171,270 shares of
Common Stock issued and outstanding as of January 31, 2012. 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) 859,462 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 3.3% of the outstanding shares of the
Common Stock; (ii) 1,623,488 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 6.2% of the
outstanding shares of the Common Stock; and (iii) 1,662,125 shares of the
Common Stock held by Blum GP IV, which serves as general partner of Blum GP IV
* * * * * * *
CUSIP NO. 4506B109 SCHEDULE 13D Page 16 of 17
LP which, in turn, serves as the general partner of Blum Strategic IV, which
represents 6.4% of the outstanding shares of the Common Stock.
Voting and investment power concerning the above shares are held solely by Blum
LP, Blum GP III and Blum GP IV. 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 4,145,075 shares of the Common Stock,
which is 15.8% 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, and Blum GP IV LP, 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 or Blum GP IV LP.
(c) This filing is being made to update the ownership percentage of the
Reporting Persons due to a change in the number of shares outstanding of the
Issuer.
On December 30, 2011, the Reporting Persons distributed, on a pro rata
basis, 463 shares of Common Stock to a limited partner 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 17 of 17
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: February 28, 2012
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
its General Partner
By: /s/ Gwen G. Reinke By: /s/ Gwen G. Reinke
------------------------------- --------------------------------
Gwen G. Reinke Gwen G. Reinke
General Counsel and Chief General Counsel and Chief
Compliance Officer Compliance Officer
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/ Gwen G. Reinke By: /s/ Gwen G. Reinke
------------------------------- ---------------------------------
Gwen G. Reinke Gwen G. Reinke
Member Member
BLUM STRATEGIC PARTNERS III, L.P. BLUM STRATEGIC GP IV, L.L.C.
By: Blum Strategic GP III, L.P.,
its General Partner
By: Blum Strategic GP III, L.L.C.
its General Partner
By: /s/ Gwen G. Reinke By: /s/ Gwen G. Reinke
------------------------------- ---------------------------------
Gwen G. Reinke Gwen G. Reinke
Member Member
BLUM STRATEGIC GP IV, L.P. BLUM STRATEGIC PARTNERS IV, L.P.
By: Blum Strategic GP IV, L.L.C. By: Blum Strategic GP IV, L.P.,
its General Partner its General Partner
By: Blum Strategic GP IV, L.L.C.
its General Partner
By: /s/ Gwen G. Reinke By: /s/ Gwen G. Reinke
------------------------------- ---------------------------------
Gwen G. Reinke Gwen G. Reinke
Member Member
* * * * * * *
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: February 28, 2012
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
its General Partner
By: /s/ Gwen G. Reinke By: /s/ Gwen G. Reinke
------------------------------- --------------------------------
Gwen G. Reinke Gwen G. Reinke
General Counsel and Chief General Counsel and Chief
Compliance Officer Compliance Officer
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/ Gwen G. Reinke By: /s/ Gwen G. Reinke
------------------------------- ---------------------------------
Gwen G. Reinke Gwen G. Reinke
Member Member
BLUM STRATEGIC PARTNERS III, L.P. BLUM STRATEGIC GP IV, L.L.C.
By: Blum Strategic GP III, L.P.,
its General Partner
By: Blum Strategic GP III, L.L.C.
its General Partner
By: /s/ Gwen G. Reinke By: /s/ Gwen G. Reinke
------------------------------- ---------------------------------
Gwen G. Reinke Gwen G. Reinke
Member Member
BLUM STRATEGIC GP IV, L.P. BLUM STRATEGIC PARTNERS IV, L.P.
By: Blum Strategic GP IV, L.L.C. By: Blum Strategic GP IV, L.P.,
its General Partner its General Partner
By: Blum Strategic GP IV, L.L.C.
its General Partner
By: /s/ Gwen G. Reinke By: /s/ Gwen G. Reinke
------------------------------- ---------------------------------
Gwen G. Reinke Gwen G. Reinke
Member Member