Navis acquires Cambodia international school

The Malaysia-based private equity firm is building out an education platform in Southeast Asia’s frontier economies. It made its first investment in this space last year in Thanh Thanh Cong Education, a private school operator in Vietnam.

CIA First is positioned as an affordable option for working Cambodian families that meets the quality standards of premium schools. It offers a modern K-12 curriculum based on US academic standards, including college board advanced placement (AP) courses in high school and the prestigious AI Capstone diploma. About 90% of the students are local.

The school operates two campuses in Phnom Penh with 500 teachers and 3,200 students, making it the largest international school in the country in terms of enrolment. Navis will finance the construction of two new flagship campuses to be completed for the upcoming academic year, with further expansion expected in the coming years.

Much of the plan is underpinned by Cambodia’s macro fundamentals. A combination of high population growth, a rapidly emerging middle class, and a fast-growing economy is expected to increase demand for better quality education. Meanwhile, access to the top public schools and premium international schools remains limited. Navis notes that household spending on education is expected to grow at 20% a year over the next five years.

“We are absolutely delighted to welcome Navis into the Company and are very excited about the opportunities the partnership will bring,” Trang Ly and Him Samath Sprung, co-founders of CIA First, said in a statement. “This investment has come at exactly the right time, which will enable the organization to realize even further ambitions, reach further goals, and effect greater positive social change, both domestically and internationally.”

Previous activity by Navis in the broader education space includes investments in SEGi College Kuala Lumpur, one of the largest private higher education providers in Malaysia, and ITM Group of Institutions, which operates a network of business schools and professional education programs. In 2018, the firm exited a 70% stake in Singapore-based preschool and kindergarten operator White Lodge Education for S$13.3 million ($9.7 million).

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• Topics
• Southeast Asia
• Consumer
• Buyouts
• Cambodia
• Navis Management
• Education