Bright Scholar to acquire CATS Colleges from Bridgepoint and Cambridge Education Group
CATS Colleges is an international school network focussed primarily on international students with a globally integrated platform of campuses in the UK, North America and China. It comprises six campuses in Cambridge, London, Canterbury, Shanghai and Boston, plus an arts school in Cambridge, as well as 10 interntaional languages schools. It has a diverse mix of students across 80 nationalities.
Mr. Jerry He, Executive Vice Chairman of Bright Scholar comments:
"The acquistion of CATS expands Bright Scholar's significant presence outside of China as we continue to build a global network of premium scholls. Founded in 1952, CATS has grown into one of the most innovative and successful independent education providers in the United Kingdom and the United States. We share the same beliefs in combinging traditional values and forward-thinking ideas to help Bright Scholar share best practices and innovations to raise the standards of teaching and improve the learning experience of our students. THis acquistion will also set the stage for accelerating the expansion of our overseas school portfolio, distinguishing us as a global premium education service provider."
Michael loakimides, CEO of CEG, said:
"We wish Bright Scholar and our CATS Colleges colleagus continued success. Our focus will now be on the future develpment prospects and accelerated growth of the businesses both CEG and Bridgepoint retain after this disposal: our university pathways business (ONCAMPUS) and our Digital business which delivers online and blended university programmes."
At ONCAMPUS, we want to cotinue the recent trend of outstanding organic growth. In Digital, the platform of 1,000 students will be used to launch further programmes and sign new partners. CEG continues to enjoy the backing of Bridgepoint."
Chirs Bell, partners at Bridgepoint, added:
"CATS Colleges was formed to bring together the worldwide expertise of CATS, Cambridge School of Visual & Performing Arts (CSVPA) and Stafford House International brands within one operating division.
Over the five years of Bridgepoint ownership, these brands have performed well and delivered strong financial results, while also building a track record of outstanding academic results. Bright Scholar is a logical owner of CATS Colleges as they look to increase their global footprint."
CATS Colleges will continue to be run by David Newton and his management team. They will build on the work they have already been doing to create an operating model for the long-term growth of this focussed colleges business.
In acquiring CATS Colleges, Bright Scholar will accelerate the growth of all three of these established operating brands in a range of stong international markets, including China.
They will also be opportunities to continue the work to create synergies in the management and running of all the brands within CATS Colleges and allow greater focus on the continued improvement of excellent student outcomes and business growth.
Bridgepoint acquired CEG in 2013. The sale of CATS Colleges is scheduled to complete by the end of July.
Advisers involved in this transaction included:
For Bridgepoint / CEG: Travers (legal),Moelis & Company (M&A), Baird (M&A), PwC (Financial and Tax), L.E.K. (Commercial)
For Bright Scholar: White & Case (Legal), Deloitte (Financial and Tax)
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