Ekuiti Nasional Bhd (Ekuinas), Malaysia’s state-owned private equity fund management firm, has sold its 100 per cent equity interest in Tenby Education Group (Tenby) to International Schools Partnership (ISP) for an undisclosed amount.
The sale, which followed the disposal of its interest in APIIT Education Group recently, marks Ekuinas’ eighth divestment, which brings its total realization proceeds to more than RM1 billion ($252 million), including the partial divestment of Icon Offshore Berhad.
Tenby, an education group established in 1960 in Malaysia, runs six campuses that offer private national and international curriculum.
ISP, on the other hand, manages and provides education to 16,000 students in Pre-K-13 schools across Europe, North America, Central America and the Middle East.
ISP’s portfolio of schools will increase to 25 following its Tenby acquisition.
“Tenby presents an opportunity for ISP to expand into the ASEAN market, complementing the existing strengths of Tenby and adding a new dimension brought on by their educational and commercial expertise as well as their experiences from schools in other countries under its portfolio,” Ekuinas said in a statement.
Ekuinas Chief Executive Officer Syed Yasir Arafat Syed Abd Kadir said the divestment covers Ekuinas’ original cost of investment and generate a positive internal rate of return (IRR) of 45.7 percent and money multiples of 2.5 times the capital invested, including dividends received.
“The time and economic climate are right for us to exit Tenby as the divestment enables Ekuinas to generate positive returns to maintain the funds’ performances,” he said.
Last week, Ekuinas also divested of its 100 percent interest in the APIIT Education Group (APIIT Group) for RM750 million. The new owners of the APIIT Group are joint venture vehicles owned by the existing key management team and KV Asia Capital.
APIIT comprises Asia Pacific Schools, Asia Pacific University of Technology & Innovation, and Asia Pacific Institute of Information Technology.