Seven years after it scooped up PSB Academy, Singapore's private education institution, Baring Private Equity Asia has sold the academy to asset management firm Intermediate Capital Group (ICG) for an undisclosed sum.
The sale of 100 per cent of PSB Academy, one of the largest independent tertiary education institutions here, follows last year's opening of its new $15 million campus in Marina Square.
PSB has been operating for over five decades and runs two campuses in Singapore. It is also present in Indonesia, Vietnam and Myanmar. The academy, with a total current enrolment of 12,000 students, provides tertiary degrees under the brands of university partners in Australia and Britain.
For London-listed ICG, a specialist asset manager, this latest buyout marks the second education-related investment in the Asia-Pacific region, after its takeover of South Korea's largest private kindergarten and tutoring firm Time Education in 2015.
"Education is a focus industry sector for ICG," said its Asia-Pacific senior managing director Christopher Heine. "PSB will serve as an attractive platform for additional acquisitions in education in collaboration with the PSB management team."
In a separate statement, PSB said it was on track to launch another multimillion-dollar campus here this year that will feature engineering, and life and sport sciences laboratories and facilities to focus on preparing students for the region's growth sectors in STEM (science, technology, engineering and maths).