The post-secondary education industry has been on a bit of a roller coaster ride for the last three years. Due to an increasing demand for career-focused education during the economic downturn, most schools were performing very well in 2008 and 2009. As a result, transaction and market multiples were extremely high. In July 2010, with the announcement of pending gainful employment legislation, transaction activity came to a screeching halt and market multiples began their inevitable decline. Moreover, vilification by the media and the government as a result of class action lawsuits, the GAO report, accrediting body turmoil and state-level investigations piled on to diminish perceived market value.