OMERS Private Equity announced today that it has signed an agreement to acquire a 25% stake in International Schools Partnership (“ISP” or the “Company”) from Partners Group. OMERS Private Equity invests on behalf of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada. The transaction values ISP at an enterprise value of EUR 1.9 billion.
ISP is a leading group of 50 international schools currently spanning 15 countries and serving around 45,000 students globally through multiple curricular options. Its experienced and ambitious management team, led by Steve Brown, CEO, is committed to expanding ISP’s global network, after having added 50 schools between 2014 and 2020.
Jonathan Mussellwhite, Senior Managing Director and OMERS Head of European Private Equity, said: “Over the last 15 years, OMERS Private Equity has successfully executed on a strategy of partnering with top management teams at industry-leading companies. ISP is a great fit for this strategy, especially given the strength and experience of its leadership team. We are excited by the addition of ISP to our portfolio as we continue to look for opportunities to deploy capital across Europe and build our European Private Equity business.”
Steve Brown, CEO of ISP, said: “We have successfully grown ISP since inception in 2013 with the support of Partners Group. As we focus on extending ISP’s global network further, we are delighted to now have OMERS Private Equity invested alongside us. We look forward to working closely with OMERS experienced and active team. We welcome their long-term approach to value creation, and are confident that with OMERS, together with Partners Group, we will be able to continue delivering exceptional outcomes.” James Frankish, Director, OMERS Private Equity, said: “Steve Brown and the ISP team, in conjunction with Partners Group, have built ISP into a global leader, and we are excited by the opportunities ahead as we partner to drive continued, accelerated growth.” David Layton, Co-CEO, Partners Group, says: "ISP is a textbook example of entrepreneurial ownership and transformational investing in action. Having invested extensively in the education sector, we saw the potential to create a leading K-12 schools platform supported by growing global demand for high quality education. We had sufficient conviction to back a great management team and get to work to build a business from the ground up. Today, we are pleased to welcome OMERS as a shareholder to ISP, which is already one of the largest K-12 school groups globally and still has significant growth potential ahead of it."
Weil, Gotshal & Manges LLP acted as legal counsel for OMERS Private Equity. EY served as financial advisor for OMERS Private Equity.