PEP buys New Zealand-based Academic Colleges Group

This is the private equity firm's second New Zealand deal in a week, following an announcement that it would acquire Manuka Health New Zealand, which produces health foods using manuka honey.

The size of the ACG deal was not disclosed but the Australian Financial Review previously reported that the asset would sell for up to NZ$530 million ($337 million). KKR-owned education provider Cognita Schools, Baring Private Equity Asia-backed Nord Anglia, and Morrison & Co. were also said to be bidding for ACG.

The company owns and operates 15 pre-schools, schools and tertiary colleges in New Zealand, plus one in Vietnam and one in Indonesia. It has approximately 12,000 students and 1,000 staff.

"PEP has been clear from the outset that it wants to work with ACG's existing education council, senior management team, principals and excellent teachers and tutors for the ongoing benefit of our students. This agreement will see ACG well positioned to expand and enhance our education services," John Maasland, chairman of ACG, said in a statement.

The deal is subject to various regulatory and other approvals, and is likely to close in early 2016. PEP is expected to announce a final close of $2.1 billion on its fifth fund imminently. 

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Buyouts
• Australasia
• Consumer
• buyout
• Education
• New Zealand
• Pacific Equity Partners
• Australia