SunTrust Equitable Securities (STE) has been following the Private Corrections industry longer than any other firm I am aware of. STE had/has a dedicated "private corrections" group (i.e. vs most other firms that cover PZN,CRN,WHC,CPV, etc within the Special Situations Group. Brian Ruttenbur is/was the analyst at STE, and he seems to have built a strong analyst group there. It's not unusual for STE to have been on these companies' offering cover since STE is very knowledgable of the industry. I believe Legg Mason has done most of PZN's deals.
Although the Private Corrections Industry still lacks sufficient coverage/exposure, that should take care of itself in time since the growth fundamentals of this industry keep getting stronger. There are currently about 6-8 firms covering the industry, with STE being one of the first.