Call him Prof. Henry Kravis.
The private-equity mogul’s KKR has reached a deal with Education Management Corp. to become one of the largest equity owners of the for-profit college.
Goldman Sachs had owned EDMC, which owns 50 Art Institutes across the country, including the one in Midtown Manhattan, but fell behind on a loan to KKR and other creditors.
Under the deal, KKR will forgive much of its debt in exchange for becoming one of its largest owners, a source said.
Goldman and buyout firm Providence Equity Partners will be left with less than a 5 percent stake.
All the debt holders have to vote in favor of the restructuring agreement by Sept. 15 and so far 80 percent have approved.