Addax Bank Affiliate Partners with IFC for Acquisition
Bahrain-based Addax Bank, a premier private equity institution focused on investments in the MENA region, announced today that the International Finance Corporation (“IFC”), a member of the World Bank Group, will make a $14 million investment in its associate company, First Education Holding (“FEH”).
IFC’s financing will support the acquisition of two established K-12 schools in Jordan and bring the total number of students across FEH schools to over 7,000. This will also be the fourth acquisition by FEH.
FEH is the Bank’s education platform, focused on acquiring and managing schools from Kindergarten to Grade 12 across the MENA region, with total student enrollment of approximately 3,500 across its schools in the UAE and Egypt. FEH provides strategic management support to schools, thereby optimising the growth and quality of its education businesses, while preserving the unique atmosphere, ethos and culture of each school.
The partnership with IFC demonstrates strong confidence in Addax Bank’s strategy to invest in high growth, non-cyclical sectors such as education, food and beverage, and hospitality across MENA. Addax Bank is committed to FEH’s vision to become a leading high-quality education company that caters to the growing education needs in MENA.
