EFG Hermes’ private equity division starts a $300 million education fund in Saudi Arabia and agrees to buy 7 schools
EFG Hermes, a top investment bank based in Cairo, said on Monday that its private equity branch has started a $300 million Saudi Education Fund (SEF). The fund aims to create a high-quality K-12 education provider in Saudi Arabia and has also signed a deal to buy a group of international schools.
Saudi Education Fund (SEF)
SEF aims to benefit from the growing number of students in private schools, which is expected to more than double as part of Saudi Arabia’s Vision 2030. The fund sees an increasing need for strong school operators to meet this rising demand, according to a statement from EFG Hermes.
EFG Hermes, part of EFG Holding, has signed agreements with GFH Financial Group, a leading financial firm in the GCC, to buy seven international schools. These schools, managed by GFH under the Britus Education brand, include four in Saudi Arabia, two in the UAE, and one in Bahrain. Together, they can serve about 12,000 students, with nearly 8,000 currently enrolled.
After successfully creating a top K-12 school operator in Egypt, EFG Hermes plans to achieve similar success in Saudi Arabia.
The deal still requires certain conditions and approvals. PwC Middle East acted as SEF’s financial and tax advisor, while White & Case provided legal advice.
Key Quotes
“Britus Education is a unique and innovative school brand in the GCC, providing a transformative learning experience. GFH is excited to team up with EFG Hermes to build on its strong experience in education and help Britus grow even more,” said GFH Equities CEO Khaldoun Haj Hasan.
“With the knowledge and experience we’ve gained over the last five years creating Egypt’s leading K-12 school network, EEP (Egypt Education Platform), we’re ready to offer outstanding educational services to our new students,” added EFG Hermes Co-CEO Karim Moussa.
Egypt Education Platform
Started in 2018 by EFG Hermes’ first education fund, the Egypt Education Platform has built and brought together 25 education-related facilities across Egypt. These include 23 schools and preschools offering five different types of curricula.
The schools can serve up to 25,000 students, while their education content reaches 3-4 million students every year. They also run a transport service that helps over 3,000 students get to school daily.
Published: 19th November 2024
For more article like this please follow our social media Twitter, Linkedin & Instagram
Also Read:
A Taste of Tradition: Culinary Delights of the Middle East
DWE Announces Partners for Global Women’s Forum Dubai 2024
4 Countries Lead Crypto and Blockchain Growth in MENA
