Fanisi Capital, the co-proprietor of Hillcrest International School, have sold it for Ksh2.6 billion to a Dubai-based firm, GEMS Education.
This makes a Ksh800 million for Fanisi and Anthony Wahome, who bought the school from Barclays Bank of Kenya and the family of Kenneth Matiba in 2011. The school was facing bankruptcy then.
The two were able to turn around the misfortunes of the school, to the current population of 1,000 students.
According to a local daily, all the agreements of the takeover have been instituted as the transaction awaits a nod from the regulators to be completed.
Fanisi and Wahome held 55 per cent and 45 per cent stake at the school respectively.
GEMS Education owns GEMS Cambridge International School, and an acquisition of Hillcrest is set to solidify its footing in the Kenyan high end education sector.
GEMS Education is co-owned by the Varkey Group and America’s Blackstone Group. It offers primary and secondary school (K-12) education in Europe, US, China, Africa and the Middle East.
On the other hand, Hillcrest offers the International General Certificate of Secondary Education (IGCSE) at approximately Ksh1 million per year. For a similar certificate at the GEMS Cambridge International, it costs up to Ksh2.3 million per year.
Other schools that offer high end education education include Peponi, Banda, Montessori, Kenton, Braeburn, St Andrews Turi, International School of Kenya, Brookhouse and German School, all offering international curriculum.
New players in the industry include the Nova school and Crawford International.
The schools are estimated to rake in a revenue of between Ksh350 million to Ksh1 billion per year.
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