Hartford Business Journal

22 HARTFORDBUSINESS.COM | OCTOBER 14, 2024 FOCUS | Manufacturing Mark Scheinberg is president of Goodwin University, which acquired the University of Bridgeport in 2021. HBJ PHOTO | STEVE LASCHEVER Manufacturing Growth Three years after joining forces, Goodwin University, Univ. of Bridgeport eye campus upgrades, program expansions with $47M in bond funds admissions center. Upgrades will be made to sports science and nursing program spaces, parking areas and athletic fields. Goodwin's campus will add a simu- lation lab for its nursing program. Capital improvement and deferred maintenance projects like roofing and HVAC upgrades will be tackled on both campuses. Next spring, UB will also debut its first associate nursing degree program. Goodwin's nursing school, which has graduated more than 4,000 students in the last 20 years, recently added a licensed practical nursing program to its offerings, Scheinberg said. Program growth Scheinberg said the UB deal was unique because a smaller institution (Goodwin), which traditionally issued certificates and associate degrees, acquired a larger four-year college that offers bachelor's, master's and doctoral degrees. Goodwin, which converted from a college to a university in 2020, offers degrees and certificates in fields ranging from nursing and computer technology to health sciences, educa- tion and manufacturing. UB, which continues to operate as an independent institution with its own board of trustees, has been known for its programs in engi- neering, education and business. Moving forward, the colleges' combined resources will allow for more degree and training offerings at both campuses, said University of Bridgeport President Danielle Wilken. Even before the new bond funding, the colleges made post-merger changes to their offerings, making a larger push into manufacturing. UB now hosts Goodwin programs through its Steans Advanced Manu- facturing Center, which opened in 2023 and offers a welding program, with an eye toward helping General Dynamics Electric Boat fill the thousands of new jobs the company is creating as it ramps up submarine production, Scheinberg said. There's also a new manufacturing engineering technology program, and UB will be opening its manufacturing programs at master's and doctoral levels in East Hartford, which is home to jet-engine maker Pratt & Whitney, university officials said. Goodwin and UB in October are launching a second mobile manufac- turing laboratory that can be set up at businesses to train workers on-site. "We're designing programs that can go right to the businesses, set up in the parking lot and train workers in a specific skill," Scheinberg said. Goodwin is also building a new technical high school on its East Hartford campus that will break ground this fall. It will be designed to give students training in emerging technologies and professions. Goodwin and UB officials, Schein- berg said, have been contacted by By Hanna Snyder Gambini hgambini@hartfordbusiness.com F ollowing completion of Goodwin University's 2021 purchase of the financially struggling University of Bridgeport, Goodwin President Mark Scheinberg predicted the combined organiza- tions would be profitable by year two. He was a bit off. In fact, the not-for- profit colleges posted a combined operating surplus in each of the last two full years since the deal was completed, including a $17.8 million operating profit in 2023, up nearly 30% from a year earlier, according to audited financial statements. The University of Bridgeport has also reversed a steady decline in enrollment. Those are a few signs the $32 million deal, which some character- ized as risky when it was completed in May 2021, has paid off, Scheinberg said in a recent interview. With both institutions on more stable financial ground, the colleges in July tapped the bond market for a combined $47.1 million. Some proceeds are being used to refinance debt Goodwin took on to complete its UB acquisition. KeyBank and Liberty Bank helped finance the purchase, while the state Department of Economic and Community Development provided a $7.5 million low-interest loan, which remains active and current, according to DECD. Goodwin will also invest $10 million in new programs and infrastructure upgrades at both campuses, with a focus on addressing the state's key workforce shortages in manufac- turing and nursing. Eddie Meyer, Goodwin's vice president for finance and chief financial officer, said the decision to move forward with the bond offerings this summer was driven by the lower interest rate environ- ment, and the opportunity to grow program offerings. "We determined it was a great time to not only just save money across the board on our interest rate exposure," but also start tackling some projects with the bond funding, Meyer said. Social pact The bonds were issued by the Connecticut Health and Educational Facilities Authority — a quasi-public state agency that provides access to tax-free financing for nonprofit colleges, hospitals and other orga- nizations — on behalf of Goodwin and UB. They were designated as so-called "social bonds," which are issued to organizations that promise to achieve positive social outcomes and/or address a social issue. Both schools have historically served underrepresented and relatively low-income student populations, and the new programs are focused on job training in in-demand careers. In Bridgeport, funding will be used to make improvements to School of Engineering labs, adding capabili- ties related to artificial intelligence, robotics, automation, green tech- nology, biomedical engineering and 3D printing. There will also be reno- vations to an existing 8,000-square- foot building on campus that will be converted into a new welcome and

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