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TPG buys majority stake in Vietnam Australia International School

Released at: 13:52, 29/03/2017

TPG buys majority stake in Vietnam Australia International School

Photo: VAS

Deal involves Mekong Enterprise Fund II and MAJ Invest fully divesting their VAS holdings.

by Linh San

Global alternative asset firm TPG has entered into definitive agreements with shareholders of the Vietnam Australia International School (VAS) to acquire a majority holding, according to a statement from VAS.

As part of the transaction, two private equity funds, Mekong Enterprise Fund II and MAJ Invest, will fully divest their holdings in VAS. Founder Mr. Pham Tan Nghia will continue as a shareholder after the TPG investment wraps up.

“VAS is a business that is uniquely adapted to the Vietnamese market,” said Mr. Dominic Picone, Managing Director of TPG Asia. “Its innovative educational model responds to the needs and preferences of the expanding middle class, and it has a strong brand with great potential for growth. VAS is a good example of the type of creative investment opportunities we look for in Southeast Asia, and we believe the business will thrive in partnership with TPG.”

Leveraging TPG’s expertise in Asia and in the education sector, VAS will continue to expand its campuses, improve the quality of its programs, and further develop its staff to remain the market leader in the bilingual K-12 education segment in Vietnam.

“In the next three to five years, with the support of TPG, we will invest in the development and training of our staff, further improvements in the quality of our services, teaching-learning activities, and facilities,” said Mr. Marcel van Miert, Executive Chairman of VAS. “Regarding expansion plans, VAS intends to open many more large-scale campuses in Ho Chi Minh City and elsewhere. I am honored to continue to accompany VAS’s staff and teachers, who will implement the plan.”

TPG is a leading global alternative asset firm with more than $74 billion in assets under management. TPG Capital Asia is the dedicated Asia platform for TPG, with investment professionals in Beijing, Hong Kong, Melbourne, Mumbai, Seoul, and Singapore managing more than $6 billion in assets.

As one of the first private equity firms to invest in Asia, some of TPG Capital Asia’s past and current investments include 8990 Holdings, Cushman & Wakefield, Healthscope, HCP Packaging, Janalakshmi Financial Services, Lenovo, Myer, PropertyGuru, Union Bank of Colombo, and Wharf T&T. Across platforms, TPG’s past and current investments in Vietnam include Proconco, Masan Group and FPT Corporation.

VAS has more than 6,300 students in seven campuses in Ho Chi Minh City. This represents a significant increase from the 2004 school year when it had 400 students. It is now the largest private K-12 education group in Vietnam. The school system’s growth has thrived since it introduced the Cambridge International Curriculum, which has led to an increase from 4,100 students in 2014 to 6,300 in 2017.

With investments in new buildings and facilities such as the newly-opened Garden Hills campus and planned campuses in Ho Chi Minh City and Hanoi, the school is providing more educational opportunities to students throughout Vietnam.

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