July 5, 2019
BGH Capital (BGH) today announced the completion of its acquisition of leading global education provider Navitas Limited (Navitas) in a consortium including some of the largest pension and superannuation funds around the world.
Ben Gray, a Founding Partner of BGH, said it was an exciting time to invest in education and partner with a provider of the calibre of Navitas.
“The market dynamics continue to support Navitas’ growth aspirations, with global demand for education and training remaining strong,” Mr Gray said.
“This is a very significant acquisition for BGH and we look forward to supporting Navitas over the long term.”
Navitas is BGH’s first major acquisition since it was founded in 2017. The acquisition was financed by $1.2 billion of equity from BGH and its consortium partners, and a unitranche debt facility provided by HPS, KKR and Nomura.
BGH’s equity contribution was funded by BGH Capital Fund I which had a final close of approximately A$2.6 billion in May 2018, representing the largest private equity fund focused on Australia and New Zealand.
Navitas entered into a Scheme Implementation Deed with the consortium (BGH BidCo) on 21 March 2019 under which BGH BidCo proposed to acquire 100% of the share capital of Navitas by way of Scheme of Arrangement for a cash consideration of $5.825 per share.
Navitas shareholders voted in favour of the Scheme on 19 June 2019 which was approved by the WA Supreme Court on 21 June 2019. Implementation takes effect today.
Rod Jones, former Navitas CEO of 23 years, said: “I am delighted to be returning to the company I co-founded, as its Non-Executive Chair, and look forward to working with BGH to implement our shared vision which is centred on the best student experiences and outcomes, and strong and trusted relationships with our university partners.”
Navitas is a leading global education provider that offers an extensive range of educational services through two major Divisions to students and professionals including university programs, creative media education, professional education, English language training and settlement services. Further details about Navitas are available at www.navitas.com.
About BGH Capital
BGH Capital was founded in 2017 by Robin Bishop, Ben Gray and Simon Harle with the objective of creating the pre-eminent private equity firm in Australia and New Zealand. BGH is headquartered in Melbourne, Australia and is an independent firm, owned and managed by its founding partners. BGH Capital Fund I had a final close of approximately A$2.6 billion in May 2018 making it the largest private equity fund focused on Australia and New Zealand that is actively deploying capital. BGH aims to provide its portfolio companies with the capital they need to grow, as well as analytical, strategic and operational resources to help them realise their full potential. For more information, visit www.bghcapital.com.
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