Page 1 of 11 Pages
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
EDUCATION MANAGEMENT CORPORATION
-----------------------------------------------------
(Name of Issuer)
COMMON
-----------------------------------------------------
(Title of Class of Securities)
28139T101
-----------------------------------------------------
(CUSIP Number)
Linda S. Martinson, Esq. (212) 583-2000
767 Fifth Avenue, 24th Floor, New York, NY 10153
-----------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
-----------------------------------------------------
(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 which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with this statement [ ].
(A fee is not required only if the filing person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class
of securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
*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).
SEC 1746 (12-91)
<PAGE>
<PAGE>
Schedule 13D (continued)
CUSIP No. 28139T101 Page 2 of 11 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Baron Capital Group, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 525,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 5,397,600
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 525,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,397,600
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,922,600
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
Schedule 13D (continued)
CUSIP No. 28139T101 Page 3 of 11 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BAMCO, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 3,940,000
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
3,940,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,940,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
<PAGE>
Schedule 13D (continued)
CUSIP No. 28139T101 Page 4 of 11 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Baron Capital Management, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 525,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,457,600
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 525,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,457,600
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,982,600
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
<PAGE>
Schedule 13D (continued)
CUSIP No. 28139T101 Page 5 of 11 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Baron Asset Fund
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 2,900,000
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,900,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,900,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IV, OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
<PAGE>
Schedule 13D (continued)
CUSIP No. 28139T101 Page 6 of 11 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ronald Baron
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(C) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 525,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 5,397,600
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 525,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,397,600
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,922,600
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
<PAGE>
Page 7 of 11 Pages
Item 1. Security and Issuer
(a) Name of Issuer:
EDUCATION MANAGEMENT CORPORATION
(b) Address of Issuer's Principal Executive Offices:
300 Sixth Avenue
Pittsburgh, PA 15222
(c) Title and Class of Securities:
Common
Item 2. Identity and Background
(a) Name:
Baron Capital Group, Inc. ('BCG')
BAMCO, Inc. ('BAMCO')
Baron Capital Management, Inc. ('BCM')
Baron Asset Fund ('BAF')
Ronald Baron
(b) Business Address:
767 Fifth Avenue
New York, NY 10153
(c) Present Principal Employment:
BCG: Holding company
BAMCO: Investment adviser
BCM: Investment adviser
BAF: Registered investment company
Ronald Baron: Chairman and CEO: BCG, BAMCO, BCM and BAF
767 Fifth Avenue
New York, NY 10153
(d) Record of Convictions:
During the last five years, Filing Persons were not convicted
in a criminal proceeding (excluding traffic violations or
similar misdemeanors.)
(e) Record of Civil Proceedings:
During the last five years, Filing Persons were not 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 such
activities subject to, federal or state securities laws or
finding any violation with respect to such laws.
(f) Citizenship:
BCG, BAMCO and BCM are New York corporations. BAF is a
Massachusetts business trust. Ronald Baron is a citizen
of the United States.
Item 3. Source and Amount of Funds or Other Consideration
Ronald Baron owns no shares of the Issuer directly. BAMCO
directed the purchase of 3,940,000 shares of the Issuer for its
investment advisory clients for aggregate purchase price of
$48,202,765. Of those shares, 2,900,000 were purchased for the
account of BAF for a total purchase price of $34,536,887.
BCM directed the purchase of 1,457,600 shares of the Issuer
for its investment advisory clients for an aggregate purchase
price of $18,853,340 and 525,000 shares of the Issuer for two
investment partnerships for an aggregate purchase price of
$4,897,120. All of the shares were paid for by cash assets in
the respective clients' accounts and/or by margin borrowings
pursuant to standard margin agreements.
<PAGE>
<PAGE>
Page 8 of 11 Pages
Item 4. Purpose of Transaction
The securities referred to herein were acquired in the ordinary
course of business for investment purposes only and were not
acquired for the purpose of and do not have the effect of changing
or influencing the control of the issuer of such securities.
Item 5. Interest in Securities of the Issuer
(a) Amount and percentage beneficially owned:
BCG: 5,922,600 20.2%
BAMCO: 3,940,000 13.4%
BCM: 1,982,600 6.8%
BAF: 2,900,000 9.9%
Ronald Baron: 5,922,600 20.2%
(b) Number of shares as to which such person has:
(i) sole power to vote or direct the vote:
BCG: 525,000
BAMCO: 0
BCM: 525,000
BAF: 0
Ronald Baron: 525,000
(ii) shared power to vote or direct the vote:
BCG: 5,397,600
BAMCO: 3,940,000
BCM: 1,457,600
BAF: 2,900,000
Ronald Baron: 5,397,600
(iii) sole power to dispose or to direct the disposition:
BCG: 525,000
BAMCO: 0
BCM: 525,000
BAF: 0
Ronald Baron: 525,000
(iv) shared power to dispose or direct the disposition:
BCG: 5,397,600
BAMCO: 3,940,000
BCM: 1,457,600
BAF: 2,900,000
Ronald Baron: 5,397,600
*Reporting Persons may be deemed to share power to vote and
dispose of shares referred to herein as a result of control
relationships (BCG and Ronald Baron with respect to all of
the shares; BAMCO with respect to the BAF shares) and
pursuant to investment advisory relationships with advisory
clients. Reporting Persons disclaim beneficial ownership
of the shares for which they share power.
(c) A schedule of transactions effected in the last sixty days is
attached hereto.
<PAGE>
<PAGE>
Page 9 of 11 Pages
(d) Ownership of More than Five Percent on Behalf of Another Person:
The investment advisory clients have the right to receive the
dividends from, or the proceeds from the sale of the securities
in their respective accounts. To the best of Reporting Person's
knowledge, other than the shares reported herein, no person has
such interest relating to more than 5% of the outstanding class
of securities.
(e) Ownership of Less than Five Percent:
Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
By virtue of their investment advisory agreements with their
clients, BCM and BAMCO have been given the discretion to dispose
or direct the disposition of the securities in the advisory
accounts. All such agreements are, however, revocable. The
advisory agreements for the Baron Funds have been approved by their
Board of Trustees. The agreements of the Baron Funds are filed as
exhibit 99 to Form N1-A for Baron Asset Fund and are incorporated
by reference herein. All the advisory agreements are pursuant
to a standard form.
BCM, BAMCO, BCG and Ronald Baron have agreed not to acquire, on
behalf of their advisory clients, any additional securities of the
Issuer if the acquisition would cause them to become an Acquiring
Person pursuant to the Issuer's Rights Agreement.
Item 7. Material to be Filed as Exhibits
Exhibit 99 - 60 days of trading.
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete
and correct.
Date: November 10, 1999
Baron Capital Group, Inc., BAMCO, Inc.,
Baron Capital Management, Inc. and
Baron Asset Fund
By:
/s/ Ronald Baron
_______________________________________
Ronald Baron, Chairman and CEO
Ronald Baron, Individually
By:
/s/ Ronald Baron
_______________________________________
Ronald Baron
Transaction Schedule
From 09/02/99 To 10/31/99
Exec.
Date Acct ID Trans Qty Price
- -------- ------- ----- ------- -------
09-02-99 bcm buy 12,500 13.0625
09-03-99 bamco buy 20,000 14.1719
09-08-99 bcm buy 12,000 13.5000
09-09-99 bcm buy 500 12.8125
09-09-99 bcm buy 6,900 13.0051
09-09-99 bcm buy 300 12.2500
09-09-99 bcm buy 2,800 12.5625
09-09-99 bamco buy 17,600 13.0051
09-09-99 bamco buy 1,600 12.8125
09-09-99 bamco buy 7,200 12.5625
09-09-99 bamco buy 800 12.2500
09-10-99 bamco buy 8,600 14.0932
09-10-99 bamco buy 46,900 14.0000
09-10-99 bcm buy 18,900 14.0932
09-10-99 bcm buy 103,100 14.0000
09-13-99 bamco buy 10,400 14.0000
09-13-99 bamco buy 66,900 14.0325
09-13-99 bcm buy 67,900 14.0325
09-13-99 bcm buy 4,600 14.0000
09-15-99 bcm buy 3,100 14.3750
09-15-99 bcm buy 3,600 14.5000
09-15-99 bamco buy 1,200 14.3750
09-15-99 bamco buy 1,400 14.5000
09-16-99 bamco buy 1,100 14.4375
09-16-99 bamco buy 12,500 14.7875
09-17-99 bcm buy 34,800 15.2125
09-17-99 bamco buy 15,200 15.2125
09-20-99 bamco buy 18,600 14.8750
09-20-99 bamco buy 10,000 14.6250
09-21-99 bcm buy 11,000 14.6250
09-21-99 bcm buy 6,600 14.3125
09-21-99 bamco buy 14,000 14.6250
09-21-99 bamco buy 8,400 14.3125
09-22-99 bcm buy 139,700 14.1250
09-22-99 bamco buy 82,600 14.1250
09-22-99 bamco buy 5,000 14.0625
09-23-99 bcm buy 178,400 13.7500
09-23-99 bcm buy 10,000 13.7413
09-23-99 bamco buy 30,000 13.7500
09-24-99 bcm buy 10,500 13.6250
09-24-99 bcm buy 3,900 13.4331
09-24-99 bamco buy 9,600 13.4331
09-28-99 bcm buy 36,000 12.8125
09-29-99 bcm buy 27,900 12.7500
09-30-99 bamco buy 10,400 13.0000
10-01-99 bcm buy 500 12.4375
10-05-99 bcm buy 25,000 10.8438
10-05-99 bcm buy 75,000 10.7521
10-05-99 bamco buy 20,000 10.7969
10-06-99 bcm buy 55,000 8.9375
10-06-99 bcm buy 320,000 8.9785
10-07-99 bamco buy 40,000 9.4844
10-08-99 bamco buy 80,000 10.2500
10-12-99 bcm buy 5,000 9.8125
10-19-99 bamco buy 15,400 8.7780
10-19-99 bamco buy 4,600 8.7500
10-20-99 bamco buy 20,000 9.1078
10-21-99 bamco buy 4,100 9.0313
10-21-99 bamco buy 5,900 9.0403
10-22-99 bcm buy 131,200 9.1250
10-22-99 bcm buy 70,000 9.1563
10-22-99 bcm buy 8,600 9.0363
10-25-99 bcm buy 3,800 9.1250
10-25-99 bcm buy 29,500 9.0000
10-26-99 bcm buy 25,000 9.1250
