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CI Capital leads consortium to acquire 60% interest in Taaleem Management Services Company

CI Capital leads consortium to acquire 60% interest in Taaleem Management Services Company

ArabFinance: CI Capital Holding (CICH), Egypt’s leading diversified financial services group, announced today that it has entered into conditional agreements to indirectly acquire a 60% interest in Taaleem from EDU MENA Holdings Coöperatief U.A., a co-investment vehicle owned by a number of global institutional investors and DFIs. Taaleem is a leading higher education platform in Egypt, which controls and operates Nahda University in Beni Suef, the largest private university in Upper Egypt with more than 5,200 students in addition to a new faculty of medicine expected to launch in the near future. CI Capital is acting as deal sponsor and expects to invest circa 15-20% of the total deal consideration, while syndicating the remainder of the transaction to a group of reputable coinvestors.

CI Capital and its co-investors are backing the current management team of Taaleem, led by Mr. Mohamed El Rashidi, to continue to lead and scale up the business, sharing a vision of creating one of the largest higher education platforms in Egypt. Taaleem’s management team has already made significant progress in the institutionalization of the business since its acquisition from its founders more than 3 years ago and has led the transformation of NUB into a highly reputable educational establishment that offers top-tier quality education for students in Upper Egypt.

Commenting on the transaction, CI Capital Co-CEO Hazem Badran said “As part of our strategy, we are able to deploy our balance sheet in select opportunities that not only provide strong economics for our fee-based businesses, but also offer compelling long-term value for us as equity investors while further diversifying our revenues streams. Taaleem represents the quintessential example of such an opportunity; operating in a defensive sector, driven by a competent team, with a business model that has a clear and distinct growth trajectory”.

Mahmoud Attalla, CI Capital’s Chairman and CEO also commented “CI Capital has a demonstrable track record of successful acquisitions that have closed at an opportune moment in the cycle. During the past 3 years, we acquired Corplease, Egypt’s #1 leasing company, as well as Reefy, one of the largest microfinance lenders in the country. We believe Taaleem represents another milestone in our journey and we have strong conviction that it is a great investment story that comes at the right time for us and our co-investors”.

“We believe a partnership with CI Capital will help fulfil our core vision of expanding the position of Taaleem into the largest institutionally backed education platform in Egypt” noted Taaleem CEO Mohamed El Rashidi. “With the right partner supporting us, we are confident that we can achieve our ambitious growth plans going forward” he added.

The transaction is expected to close during Q3 2019, subject to the satisfaction of a number of conditions and deliverables in accordance with the terms of the conditional agreements, including obtaining the requisite corporate and regulatory approvals.

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