Ardian buys Australia's Study Group from Providence
Study Group, an Australia-headquartered group that prepares international students for university degree programs, will have its third consecutive private equity owner after Ardian agreed to buy the business from Providence Equity Partners.
The size of the transaction has not been disclosed. Providence acquired the company in 2010 from CHAMP Private Equity and Petersen Investments, paying A$660 million (then $570 million). Before that, Study Group was owned by Daily Mail & General Trust.
Study Group provides pathway courses, whereby international students complete English language or other academic programs and are then enrolled in higher education institutions in the UK and Europe, Australia, New Zealand, and North America. It has partnerships with 48 universities and each year works with around 30,000 students from 142 countries. Courses are usually delivered at international study centers located on the campuses of partner universities.
The business model is much like that of Navitas, another Australia-based education provider. Last month, the Navitas board accepted a A$2.1 billion privatization bid from a consortium comprising BGH Capital, AustralianSuper, and the company’s co-founder and CEO.
During Providence’s holding period, Study Group has expanded its network of university partners from 16 to the current 48. In addition, the company opened study centers in new markets like Ireland, Canada and the Netherlands, while enlarging its already substantial footprint in the UK. There have also been some divestments of non-core assets. Notably, last year Allegro Funds acquired Endeavour Learning Group, Australia’s largest higher education provider in natural therapies.
“The ambition of the management team, the quality of their long-term university partner relationships and the strength of its growth serve as proof of Study Group’s excellence. Alongside the management team, we will work to drive further growth and build on the group’s presence in key geographies through strategic acquisitions,” said Olivier Personnaz, a managing director in the Ardian buyout team, in a statement.
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