Baring Asia sells Singapore education business to ICG

The GP acquired the business in full for an undisclosed price in 2011. AVCJ Research's records indicate the enterprise value at the time was about $58 million.

PSB experienced growth during the Baring holding period as a result of investments in infrastructure and educational programs, as well as partnerships with universities and industry groups. Expansion efforts included new operations in Indonesia, Vietnam and Myanmar as well as the opening of a Singapore campus last year said to be worth S$15 million ($11.4 million).

"Under Baring's ownership, PSB enjoyed a very successful period of growth, and is now on a clear growth trajectory riding on strong macro industry tailwinds," Derrick Chang, CEO of PSB, said in a statement. "PSB continues to attract a growing and diverse group of local and international students, and to prepare our students to contribute to Asia's new economy."

For Baring, the transaction follows closely on an exit from Korean construction materials business Halla Cement, which generated a 2.4x multiple and an IRR of 70%. Last year, Baring also exited a 31.4% stake in Japanese home improvement player Joyful Honda for JPY56.6 billion ($513 million). The GP is expected to launch its seventh pan-Asian fund in the first half of 2018.

London-listed ICG is active across Europe and Asia Pacific, principally investing from its own capital resources but also via funds which it manages on behalf of a number of UK and international institutions. PSB is the firm's second investment in the Asian education space following a 2015 commitment to Korean kindergarten and tutoring specialist Time Education.

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• Topics
• Southeast Asia
• Open market
• Exits
• Singapore
• Baring Private Equity Asia
• Education