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Dennis Keller and Ronald Taylor met one another in the early 1970s when the two were teachers at DeVry. Keller and Taylor learned the economics of for-profit education while at DeVry and, in 1973, the two founded the Keller Graduate School of Management with $150,000 in loans from friends and family. The school was originally conceived as a day school that granted certificates. In 1976, the Keller School became an evening program offering MBAs, focused on working adults.
DeVry first received full accreditation in 1981. The Keller Graduate School of Management acquired DeVry from Bell & Howell in 1987.[6] The leveraged buyout was worth $147.4 million. The two schools were combined as DeVry Inc., with Keller acting as chairman and CEO and Taylor as president and COO.