The Learning Lab owner seeking $677 million from sale of tuition chain's S-E Asia operations

The Learning Lab provides tuition for pre-school, primary, secondary and junior college students in Singapore. ST PHOTO: GAVIN FOO

SINGAPORE (BLOOMBERG) - United States buyout firm Advent International is considering selling the South-east Asian operations of The Learning Lab, a Singapore-based chain of tuition centres, according to people with knowledge of the plan.

The Boston-based private-equity fund is working with Rothschild & Co on the sale process, and is seeking to raise at least US$500 million (S$677 million) from the transaction, the people said, asking not to be identified as the information is private.

Discussions are at an early stage and Advent could decide not to proceed with a sale, the people said. A representative for Advent declined to comment, while Rothschild did not immediately respond to requests for comment.

The Learning Lab provides tuition for pre-school, primary, secondary and junior college students in Singapore, according to its website. It also has a presence in countries including Malaysia, Vietnam, Thailand and Indonesia.

In Singapore, The Learning Lab charges about $451 per month for four weekday lessons for Primary 1 to Primary 4 students, according to its website.

It has grown to eight centres here - in United Square, Jem, Rochester Mall, Choa Chu Kang Centre, Marine Parade Central, Tampines Mall, Century Square and Seletar Mall.

Advent invested in The Learning Lab in 2014, and the firm's website lists it as a buyout. A report at the time in The Straits Times said Advent paid about $300 million for a "significant stake". Later, the US company was considering selling the chain, Bloomberg News reported in September 2018.

Founded in 1984, Advent has invested US$56 billion in over 380 private equity deals across 42 countries, according to its website.

• With additional information from The Straits Times

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