Avtech in R82m buyout
Advtech has bought Summit College in a R82 million deal which it says will accelerate its growth strategy.
|||Johannesburg - Advtech has bought Summit College in a R82 million deal which it says will accelerate its growth strategy.
The listed private education company, which was recently the subject of an R6 billion buyout bid from Curron, has recently been buying up smaller schools and, in the past few months, has bought Centurus Colleges, the Gaborone International School, the Maravest Group and Boleng Pre-Primary and Primary School as well as Kathstan Academy.
Last month it said it turned over R1.3 billion in the first half of the year.
This was a 33 percent gain on the previous corresopnding period. At the same time, it lifted operating profit to R203 million, a 73 percent leap.
Avtech owns schooling brands such as Crawford College, Trinityhouse and Varsity College. It has a R3 billion rolling investment programme and is seeking to raise R850 million through a rights offer.
Its addition of Summit College brings to its portfolio a school that has capacity for 1 000 students, but curremntly has 590 enrolled.
Summit, which has “extensive 42 hectare grounds”, was founded in 1989 and offers boarding on the property and caters for all phases from Grade 000 to Grade 12.
Advtech notes in a statement that the school is “ideally” located in Kyalami, which it says is a high growth urbanising area in Midrand.
The education-zoned site also offers “attractive” possibilities to expand Summit College as well as to build other educational facilities.
“
Summit College will become the latest member of Advtech Academies, a group of schools serving their distinct communities and each characterised by their own identity and ethos.”
The cash deal, expected to complete next January, will be partially settled through contributions to a scholarship fund that will be administered in collaboration by the Summit College Trust and Advtech.
“ Once established, the scholarship fund will enable the trust to sustain its historic mandate of providing financial assistance to deserving learners.”
IOL