U.K.-listed Intermediate Capital Group (ICG) and its funds have acquired a 100% stake of Singapore’s private eduction institution PSB Academy (PSB) from Baring Private Equity Asia (BPEA).
No financial details were disclosed in a company announcement.
BPEA bought PSB in 2011 for an undisclosed dollar amount from German testing and certification firm TUV SUD. At that time, the company said that it aimed to build PSB into the leading private education institution in Asia.
BPEA’s education portfolio includes Hong Kong-based Nord Anglia Education, which was acquired by BPEA and Canada Pension Plan Investment Board (CPPIB) together last April, U.S. medical school St. George’s University, and international school EduCo International Group.
PSB is one of the largest independent tertiary education institutions in Singapore, with a 54-year track record. PSB offers students tertiary degrees backed by university partners in Australia and the UK. It operates two campuses in Singapore as well as schools in Vietnam, Myanmar, and Indonesia.
“The number of students enrolled across the PSB Group grew beyond 12,000 throughout our ownership, and we were pleased that PSB was able to leverage BPEA’s regional platform and education expertise to expand into neighboring Southeast Asian countries like Indonesia, Vietnam, and Myanmar," said Kenneth Cheong, managing director of BPEA. "We believe that PSB is well positioned to continue to the positive growth momentum established over the past few years."
Last month, media reported citing insiders that BPEA was nearing a deal to acquire a U.S.-based education firm Prometric Inc. for around US$1 billion from New Jersey-based nonprofit Educational Testing Service.