Dubai school takes over Hill­crest for Sh2.6bn

Business Daily (Kenya) - - TOP NEWS -

Pri­vate eq­uity irm Fanisi Cap­i­tal has signed an agree­ment to sell Hill­crest In­ter­na­tional Schools to Dubai-based GEMS Ed­u­ca­tion for Sh2.6 bil­lion, mark­ing the lat­est deal in the high-end pri­vate ed­u­ca­tion in­dus­try. Fanisi teamed up with busi­ness­man An­thony Wa­home to buy Hill­crest out of bank­ruptcy in 2011, pay­ing Bar­clays Bank of Kenya, the fam­ily of Ken­neth Mat­iba and other cred­i­tors a to­tal of Sh1.8 bil­lion.

Seal­ing of the deal means that the PE irm and Mr Wa­home are set to book a pro it of at least Sh800 mil­lion from their seven-year in­vest­ment.

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