An investor group comprising Blackstone and two Gulf entities have acquired a minority stake in GEMS Education, founded by India-born Sunny Varkey.
UAE-based GEMS Education is an education company with international presence.
In a statement on October 15, GEMS Education said an investor group led by Fajr Capital, a leading sovereign-backed investment firm, has acquired a “significant minority stake” in GEMS Education.
The investor group has purchased the stake in GEMS Education’s emerging markets business, covering the Middle East, North Africa and East Asia.
Financial details were not disclosed.
“Bahrain Mumtalakat Holding Company, the investment arm of the Kingdom of Bahrain, and Tactical Opportunities funds managed by Blackstone are the other partners in the investment consortium,” the statement said.
Varkey said the agreement with new shareholders would allow it to accelerate expansion plans.
“Our expansion in existing markets and to new markets requires a significant long term commitment in resources,” he added.
He also said that the investment would help the company to invest in the home market of the UAE as well as to explore opportunities in other markets including Saudi Arabia, Qatar and Bahrain.
With presence across the globe including North America, Europe, Asia and Africa, GEMS Education operates more than 50 schools at present.