Riyadh – Sharikat Mubasher: EFG Hermes, an EFG Holding company and the leading investment bank in MENA, announced launching a $300 million Saudi Education Fund (SEF) through its private equity arm with the target of building an institutional world-class K-12 operator in the Kingdom of Saudi Arabia.
SEF 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 in line with Saudi’s 2030 vision targets and the critical need for strong operators to cater to such growing demand, according to a recent press release.
EFG Hermes also announced an agreement with GFH Financial Group (GFH), a leading and dynamic financial group in the GCC, to acquire a portfolio of international schools owned by private equity funds managed by GFH under the brand name of Britus Education. This portfolio includes four schools in Saudi Arabia, two in the UAE, and one in Bahrain, boasting a total capacity of approximately 12,000 students, with nearly 8,000 students currently enrolled.
Khaldoun Haj Hasan, Chief Executive Officer of GFH Equities stated: “Britus Education represents a distinctive and innovative school brand and platform across the GCC, offering a transformative educational experience. GFH is proud to partner with EFG Hermes to leverage its extensive track record in the education sector and to continue the growth of Britus to new heights. Building on EFG Hermes’ solid success and experience in managing a model educational fund in Egypt, together we strive to enhance access to high-quality education and foster excellence by providing the best learning experiences to students.”
Karim Moussa, Co-CEO of EFG Hermes commented: "I am thrilled to announce that our Saudi Education Fund has made its inaugural investment in the Kingdom of Saudi Arabia and the broader GCC region with the acquisition of a substantial and diversified portfolio. Drawing on the expertise and insights we've gained over the past five years while establishing Egypt’s premier K-12 operator, 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."
The transaction is subject to certain conditions and regulatory approvals. PwC Middle East served as financial and tax advisor to SEF and White & Case as legal counsel.
