By Andy Sambidge
Deal struck to acquire 82% stake in Al Rayan Holding; part of UEC's plan for expansion
Kuwait's United Education Company has announced the acquisition of an 82 percent stake in Al Rayan Holding from a consortium of sellers led by Global Capital Management.
Al Rayan Holding was established in 2006 with the aim of consolidating K-12 schools in Kuwait into a single platform.
The company currently operates six schools with over 10,500 students, including one of the leading Indian and Pakistani schools in the country.
The acquisition by United Education Company, a Kuwait higher education company, is part of its expansion strategy to create one of the leading education groups in the GCC.
Meshal Ali, vice chairman and managing director, said: "Al Rayan Holding Company is part of our strategy to enter the K-12 market in Kuwait, which we expect to experience significant growth going forward.
"We see Al Rayan Holding Company as a quality platform to help us become a key player in this field."
Rajiv Nakani, managing partner at Global Capital Management added: "Al Rayan Holding Company is a successful case study of a company we helped establish, grow and then position for a successful sale despite some of the most challenging years we have ever seen in the Middle East.
"We have no doubt that United Education Company will further nurture and grow this company to its full potential."
KIPCO Asset Management Company acted as financial adviser to United Education Company while GulfMerger acted as financial adviser to the selling consortium.