Makini School’s South Africa-based parent firm ADvTECH Group has announced full acquisition of Ethiopia’s Flipper International School in a $7.5 million (Sh968.4 million) deal as it seeks to expand its footprint in the East African region.
The transaction comes six years after the Johannesburg Stock Exchange (JSE)-listed firm effected a similar move that saw it take over ownership of Kenya’s Makini high-end group of schools, as well as established the Crawford International School in Tatu City.
In an announcement on Tuesday, ADvTECH said the new acquisition will add five schools and about 3,000 students to its international portfolio that spans Uganda and Botswana, among other African countries.
“We are delighted to welcome Flipper International Schools to the ADvTECH Group and remain committed to its founding ethos. Furthermore, the acquisition positions us well to grow our presence in the Ethiopian market, as well as expand our scale across the continent,” said ADvTECH CEO Geoff Whyte.
Founded in 1998, the Flipper International School operates five campuses in Beklobet, central Addis Ababa, and in Summit in the eastern part of the city.
“As Addis Ababa experiences rapid urbanisation, the demand for high-quality education has grown significantly, presenting ADvTECH with an ideal opportunity to diversify its portfolio and expand into a promising new market,” said ADvTECH in a statement.
The firm would later raise its stake in the school to 77 percent in 2019, then to 90 percent in 2020 before elevating it further to 94 percent in 2021.
The listed ADvTECH ranks as one of Africa’s largest education investors, with over 118 schools and colleges across the continent, predominantly in South Africa and Botswana.
The firm owns eight universities with 33 campuses in South Africa.
