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Our friends at EFG Hermes have launched a USD 300 mn fund that aims to build an “institutional, world-class K-12 operator” in the Kingdom, it said in a statement (pdf). The firm’s Saudi Education Fund “aims to capitalize on the clear market opportunity that is evidenced by the growing student population in private schools, which is expected to more than double,” the statement added.
The gameplan: SEF plans to deploy USD 300 mn over the next three years, with a primary focus on the Kingdom, alongside its ventures in the UAE and Bahrain, EEP CEO Ahmed Wahby said. Spark Egypt for Training and Development, led by the EEP team, is set to manage and oversee the new fund’s activities, he added.
The fund is acquiring four schools in Saudi Arabia: SEF has acquired seven schools from GFH Financial Group under the Britus Education brand. Four of the schools are in the Kingdom, including Britus International Schools Al Olaya, Education Gate International School Al Rawdah, Education Gate International School Almurabba, and Bright Life International School. This is in addition to two schools in the UAE and one in Bahrain. Together, the schools can accommodate 12k students, with 8k already enrolled. The acquisition is subject to regulatory approvals.
About Britus: Britus Education is a Manama-based network of schools offering affordable, high-quality education to students across the Kingdom, Bahrain, the UAE and Tunisia, according to its webpage. The operator provides a wide range of international curricula including the British Curriculum, US Common Core curriculum, IB Diploma Programme and the Egyptian curriculum.
Same play, new stage: “Drawing on the expertise and insights we’ve gained over the past five years while establishing Egypt’s premier K-12 operator, Egypt Education Platform (EEP), we are poised to deliver exceptional educational services to our new student populations. Through this investment, we are committed to ensuring that Britus Education flourishes and adapts to the dynamic needs of students and communities throughout the region,” said Karim Moussa, Co-CEO of EFG Hermes.
What’s EEP? Launched in 2018 under EFG Hermes’ first education fund, the platform has built a diverse portfolio of 25 assets in Egypt, including 23 schools and pre-schools offering five curricula with a capacity of 25k students, an educational content business (Selah El Telmeez) serving 3-4 mn students annually, and a transportation service (Option Travel) catering to over 3k students daily.
ADVISORS- PwC Middle East acted as the financial and tax advisor to SEF, with White & Case providing counsel.
