EFG Hermes launches $300 million Saudi Education Fund, acquires Britus Education – Fintech News Egypt

Riyadh, Saudi Arabia – November 19, 2024
EFG Hermes, the leading investment bank in the Middle East and North Africa (MENA) and an EFG Holding company, has announced the launch of its $300 million Saudi Education Fund (SEF). The private equity arm of EFG Hermes aims to establish a world-class K-12 education operator in the Kingdom of Saudi Arabia, aligned with Saudi Vision 2030.

The fund targets the rapidly growing private school market, where the student population is expected to more than double by 2030. SEF’s inaugural investment includes the acquisition of a portfolio of international schools under the Britus Education brand from GFH Financial Group (GFH), a leading financial institution in the GCC. This portfolio spans seven schools: four in Saudi Arabia, two in the UAE, and one in Bahrain, with a total capacity of approximately 12,000 students and current enrollment of nearly 8,000 students.

Britus Education: A Transformative Educational Platform
“Britus Education represents an innovative school brand offering a transformative educational experience across the GCC,” said Khaldoun Haj Hasan, Chief Executive Officer of GFH Equities. “GFH is proud to partner with EFG Hermes, leveraging its extensive expertise in the education sector to propel Britus to new heights. Together, we aim to expand access to high-quality education and foster excellence, building on EFG Hermes’ successful track record with its educational fund in Egypt.”

Commitment to Excellence in Education
Karim Moussa, Co-CEO of EFG Hermes, expressed enthusiasm for the investment. “We are thrilled to announce SEF’s inaugural acquisition in Saudi Arabia and the broader GCC region. Drawing on insights from managing Egypt Education Platform (EEP)—Egypt’s premier K-12 operator—over the past five years, we are poised to deliver exceptional educational services. This partnership ensures Britus Education flourishes, meeting the dynamic needs of students and communities across the region.”

Leveraging Proven Expertise from Egypt Education Platform (EEP)
EFG Hermes’ success in the education sector stems from its launch of the Egypt Education Platform (EEP) in 2018, under its first education fund. EEP has since built a diversified portfolio of 25 assets, including:

  • 23 schools and preschools offering five curricula (American, British, IB, Montessori, and Egyptian National Curriculum) with a combined capacity of 25,000 students.
  • Selah El Telmeez, an education content provider serving 3–4 million students annually.
  • Option Travel, a specialized transportation business serving over 3,000 students daily.

Strategic Advisory for the Transaction
The acquisition is subject to regulatory approvals and other conditions. PwC Middle East acted as financial and tax advisor, while White & Case served as legal counsel for SEF.

The launch of SEF and the acquisition of Britus Education reaffirm EFG Hermes’ commitment to shaping the future of education in the GCC by fostering excellence and accessibility in the K-12 sector.

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