JSE-listed private education group ADvTECH Group has concluded agreements for the acquisition of established Ethiopian school group, Flipper International School based in Addis Ababa for $7.5 million (approximately R135 million), in a bid to expand its footprint across the African continent.
The Ethiopian acquisition adds up five schools and 3 000 more students to ADvTECH Group’s international portfolio. Funding for the acquisition of Flipper International School was raised internally by the company.
“We are delighted to welcome Flipper International School to the ADvTECH Group as we expand our presence across Africa and further cement our status as the leaders in teaching and learning on the continent,” said ADvTECH CEO, Geoff Whyte.
Well-known for its academic excellence, Flipper International School was founded in 1998 by Menna Selamu Bekele and Serkaddis Seifu Yeteshawork. In 2018, the founders sold an 85% stake to Tana Africa Capital and the Saham Group.
Flipper’s five campuses are located in Beklobet in the centre of Addis Ababa and in Summit to the east of the city.
With Ethiopia experiencing rapid urbanisation, availability in the public schooling system in Addis Ababa has become increasingly constrained. This has led to increased demand for high-quality, private education.
“As a business, ADvTECH is in a unique position to make a truly meaningful difference to people’s lives and futures. Flipper International School has always been a beacon of academic excellence in the region,” Whyte said.
“We look forward, therefore, to applying our resources and expertise to this school and taking it to even greater heights in the years to come.”
Meanwhile, ADvTECH on Wednesday appointed Hannes Boonzaaier as designated Group chief financial officer and executive director with effect from 1 February 2025.
BUSINESS REPORT