Multimillionaire Buys Major Charter School Manager

By Rhea R. Borja

A new education management company, led by the former head of a global electric company, has acquired Chancellor Beacon Academies, the nation’s second-largest for-profit manager of charter schools.

Imagine Schools Inc., based in Arlington, Va., concluded its acquisition of Coconut Grove, Fla.-based Chancellor Beacon for an undisclosed amount last week. With that deal, Imagine Schools now manages more than 70 charter schools, serving almost 20,000 students, in nine states and the District of Columbia. Edison Schools Inc., of New York City, is the largest for-profit manager of the publicly financed but largely independent schools.

Chancellor Beacon was a good fit for Imagine Schools, said Dennis Bakke, Imagine’s chief executive officer. Mr. Bakke is also the co-founder and chief executive officer emeritus of Arlington, Va.-based AES Corp., a power company that distributes...