Braeburn Group Acquires Hillcrest Schools
The Braeburn Group of International Schools has finally been approved to acquire Hillcrest International School.
According to the Competition Authority of Kenya (CAK), this is on the condition that Hilcrest’s employees are retained.
“Premised on the foregoing, the Authority approved the proposed acquisition of the business and certain assets of Hillcrest Investments Limited by Braeburn Schools Limited on condition that the acquirer employs at least one hundred and seventy-five (175) of the target’s one hundred and eighty (180) employees on terms that are not less favourable than what they are currently entitled to,” CAK said in a statement.
The transaction will see Braeburn’s market share in the British Curriculum Schools market rise to 12.8% from 10.2%.
Hillcrest Schools will continue operating under the Hillcrest brand.
Hillcrest Schools were founded in the 1960s and purchased by the late Kenneth Matiba, one of Kenya’s most powerful politicians in 1974.
The sale of Hillcrest School comes three years after the Dubai-based GEMS Education acquired the institution for KSh2.6 billion.
Gems Education acquired it from private equity firm Fanisi Capital helping the Dubai chain of schools to expand in the local market.