JSE-listed education and recruitment firm, ADvTECH, on Tuesday said it had acquired 100 percent of Centurus Colleges, which are owned by Nanospan Investments Limited (Nanospan) and Innospan Investments Limited (Innospan) for R712 million ($65.1 million).

ADvTECH has made this acquisition because it wants to buy businesses that support its core operations and allow for growth in the markets within which it operates.

Centurus Colleges represent an established platform for further growth and expansion of the ADvTECH Schools, ADvTECH said. The acquisition of these schools will increase current enrolments at ADvTECH schools by 20 percent.

ADvTECH’s board has approved R3 billion ($274.3 million) capital investment programme. Though the current acquisition falls within the same strategy it is not part of the R3 billion investment programme.

The acquisition is subject to the loan funding agreements with Absa Bank being executed and becoming unconditional and the the receipt of the consent for the acquisition by the Gauteng Department of Education.

The Centurus Schools are recognised as leading independent schools and are located in Gauteng, South Africa’s most populous and economically vibrant province.

ADvTECH said it had conducted a detailed due diligence audit and the Centurus Schools are expected to contribute to the academic and educational reputation of ADvTECH.

Elsewhere on Ventures

Triangle arrow