Communication - Presse

Mumtalakat completes exit from GEMS Education

MANAMA: A consortium of investors led by Fajr Capital, including Tactical Opportunities funds managed by Blackstone and Mumtalakat, the sovereign wealth fund of Bahrain, have completed their divestment from GEMS Education to a consortium led by CVC Capital Partners.

In July 2019, funds advised by CVC Capital Partners signed a definitive agreement to acquire approximately a 30 per cent stake in GEMS Education, one of the largest providers of private K-12 education.

The transaction was subject to customary closing conditions, all of which have been satisfied.

GEMS Education, a UAE-born brand founded 60 years ago, educates over 120,000 students across 48 schools in the Middle East.

Fajr Capital, Blackstone and Mumtalakat invested in GEMS Education in 2014 and subsequently partnered with the Varkey Group to build the company into a world-class institution and support its long-term growth.

Since then, GEMS Education has delivered strong financial and academic results, invested over $1 billion to build 16 new schools and upgrade existing infrastructure, and grown in its existing markets, namely the UAE, as well as entering into new markets such as Saudi Arabia.

This growth was achieved through a combination of both inorganic and organic initiatives as well as through a diversification in education and service offerings.

Dino Varkey, chief executive, GEMS Education, said: “The completion of the Fajr Capital, Blackstone and Mumtalakat investor group’s exit from GEMS Education to a consortium led by CVC Capital Partners marks another chapter in the evolution of our company. We thank each of these investors for their contributions over the past five years.”

Mumtalakat, CEO Mahmood Al Kooheji said: “Over the last five years, GEMS Education has invested over $1bn in expansions and enhancements, in addition to investing in a wide portfolio of 14 schools through joint ventures, providing more young people with quality education than ever before. Our investment in GEMS Education was a reflection of our outlook on the education sector and our interest in strong companies with forward-thinking management teams.”

Fajr Capital, Blackstone and Mumtalakat were advised by Rothschild and Company, Morgan Stanley, Credit Suisse and Gibson, Dunn and Crutcher.



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