Ashmore Saudi Arabia to exit Dubai-based school operator AlephYa Education

Investment manager Ashmore Investment Saudi Arabia is set to fully divest from Dubai-based school operator AlephYaEducation, according to a press release. The divestment comes as US private equity firm TA Associates acquires a majority stake in AlephYa. Neither party put a value on the transaction.

The new shareholder structure: Existing investors Gulf Investment Corporation (GIC) and Oman International Development and Investment Company SAOG (Ominvest) will retain “significant” stakes, the press release says. Prior to the transaction, GIC held 35% and Ominvest 15%, according to their websites. It’s unclear whether either Ominvest or GIC sold down portions of their stake as part of the sale.

Use of proceeds: The school operator is set to use the fresh funds to “to enhance our [AlephYa] educational infrastructure, improve our facilities and increase our impact on new and existing students,” said Nadeem Masud and Chandra Tiwari, co-founders of AlephYa.

What’s AlephYa? Established in 2017, the company operates 13 schools across the Kingdom, the UAE, and Oman, offering American, British, and local curricula. AlephYa operates Al Majd National Schools in Riyadh, and Al Tarbiyah Al Islamiyah School. The company has more than 18.5k students enrolled in its schools.

ADVISORS- Our friends at Al Tamimi & Company were advisors to TA Associates on the transaction. Goodwin Procter also provided legal counsel, while PwC Middle East was financial advisor to TA.