(Ecofin Agency) - South African FirstRand Bank acquired, via its private equity branch RMB Corvest, 49% interest in the private higher education institution Inscape Education for an undisclosed amount. The operation is the bank’s fourth investment, since the start of 2021.
FirstRand Bank sees Inscape Education as an entity with strong growth potential. The institution, established in 1981, has five campuses in three provinces in South Africa. "Inscape's continued growth since inception, as well as its management team, made it an ideal investment opportunity," the South African private equity firm said.
RMB Corvest's involvement in this new partnership comes just months after it acquired a stake in Insulation Thermal Acoustic Security Company, which designs electromechanical security equipment.
According to Helen Buhrs, Managing Director of Inscape Education, there is a growing demand for educational services in South Africa since the country has a large youth population and easy access to online learning.