Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Releases: Investor Consortium Acquires Hillcrest International Schools

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Kenya: Press Releases: Investor Consortium Acquires Hillcrest International Schools

Tuesday, 02 August 2011

Nairobi, 1 August 2011 --- Hillcrest Investments Limited, a consortium of investors with a proven track record in managing successful business operations and schools, has acquired and taken over the management and running of Hillcrest International Schools.

The consortium now manages the academic empire previously owned by the Matiba family and other shareholders, following the schools’ successful settlement of their obligations to Barclays Bank of Kenya, following which the the receivership status on Hillcrest International Schools was lifted.

Investors in the consortium include Fanisi Venture Capital Fund and Mr. Anthony Wahome. Fanisi Venture Capital Fund is a USD50m venture capital fund. Fanisi’s major shareholders comprise a number of development finance institutions, including the Norwegian Fund for Developing Countries (Norfund), Finnish Fund for Industrial Cooperation (Finnfund), Proparco (the private sector arm of Agence Française de Développement, AFD) and the World Bank Group’s private sector arm, the International Finance Corporation (IFC). Fanisi was initiated to support businesses that have a strong developmental impact on East Africa’s economies. Mr. Wahome is a respected and successful investor with investments spanning the technology and education sectors. His principal investments include the Linksoft Group of companies and Rose of Sharon Academy, a premier 8-4-4 provider.

Speaking in Nairobi while confirming the acquisition, Ayisi Makatiani, a Director of Hillcrest Investment Limited and the Managing Partner of Fanisi Capital, explained that the this transaction aimed at enhancing the Hillcrest Schools’ rich heritage of fostering individual talent within a multicultural environment that promotes excellence. By strengthening and building the Hillcrest Schools into centres of academic excellence, Hillcrest Investment Limited will be making a significant contribution to Kenya’s development.

The acquisition also sets the foundation for Hillcrest Investments Limited to facilitate the building and expansion of Hillcrest International Schools to the league of what he described as “Africa’s own Eton”.

“With this acquisition, we wish to confirm that we are setting off on a grand journey to transform Hillcrest International Schools into world class educational institutions in what we hope will soon be a showcase impact investment project,” Makatiani said. “This acquisition will remain seamless and has been structured to ensure normal continuity in all academic and management plans relating to Hillcrest International Schools as the only current change is the shareholder profile.”

On his part, Hillcrest Investment Limited’s Director Anthony Wahome reiterated that the firm’s priority will be to ensure a smooth and seamless transition devoid of any operational disruption at the schools.

“Hillcrest Investment Limited will be seeking to infuse additional investment in facilities and management related resources to expand and upgrade Hillcrest International Schools. The company’s investment plan is heavily reliant on information technology to facilitate transformation to world-class standards. We are committed to maintaining and building upon the rich and vibrant heritage of Hillcrest International Schools by retaining the management and administrative culture while striving to raise the standards and competitiveness of the institution,” Wahome assured.

“As a responsible investor, Hillcrest Investments Limited is sharply aware of the rich heritage of Hillcrest International Schools and wishes to assure students, parents and guardians and all stakeholders of its unwavering commitment to facilitate the successful completion of all ongoing development projects while maintaining the renowned, Hillcrest International Schools’ place, pride and reputation.”

Situated in Nairobi’s Karen suburb, Hillcrest International Schools is a leading British Curriculum co-educational international school, comprising of full-fledged early years, preparatory and secondary school facilities.

In the offer for sale notice earlier issued by the former receiver managers, Kieran Day and Kereto Marima of the Business Advisory Group Limited, Hillcrest International Schools business and assets were described as a profitable, leading international school in sub-Sahara Africa delivering the British National Curriculum. The school also features a student population of over 600 students from ages 2 to 18, with more than 40 different nationalities. It sits on serene grounds with ample space for playfields and other educational facilities.

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