GEMS Education founder Sunny Varkey said that he would continue to play a central role in the organisation in the future in remarks made during the launch of the group’s new education strategy.
Varkey had previously told Arabian Business that he had no current plans to relinquish a majority stake in the business but would be looking at all the options.
“Education is in my life blood and everything I do is committed to enabling educational experts and practitioners such as the amazing leadership and teaching teams at GEMS Education to thrive and continue to do the work that ensures positive futures for everyone,” Varkey said, according to a statement.
The founder’s comments were made following the launch of GEMS Education’s new five-year strategy, heading up by Chief Education Officer Dr Saima Rana. The new plan revolves around five key pillars – encouraging enterprise; developing capable communities; advancing global education; fostering resilient communities; and establish a zero-waste society.
“We need to be placing a personalised educational provision into the hands of all our students, so they leave our schools as knowledgeable, courageous and caring citizens capable of facing the enormous complexities and challenges of our ever-changing world with confidence and hope,” Dr Rana said.
The announcement follow news that private equity firm CVC, which is believed to have a stake of slightly over 30 percent in GEMS Education, is currently looking to exit its position.
“We have an agreement with CVC, and we are now working to deliver then their exit which was always planned for. That’s what this is about. We are fortunate in that there have been several suitors,” he earlier said, adding that wealth fund ADQ and real estate developer Aldar “were among many groups across the world showing interest.”
Any bid is likely to put a valuation of the group at over $6 billion. GEMS is currently working with Morgan Stanley and Goldman Sachs on the sale, but a potential initial public offering (IPO) of the company is also on the cards, Varkey said.
GEMS Education is the world’s largest K-12 private school operator, teaching around 140,000 students from 175 countries.
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