Leading private education provider and owner of Makini International Schools in Kenya, has completed the acquisition of Flipper International School in Ethiopia. The deal was valued at Ksh970 million ($7.5 million).
“The ADvTECH Group (ADvTECH) announced today that it has concluded a USD7.5 million (approximately Sh. 970 million) agreement to acquire a 100% interest in Flipper International School in Addis Ababa, Ethiopia,” read a notice.
ADvTECH aims to grow its presence across Africa, with this acquisition playing a key role in its expansion strategy. The company internally financed the deal, bringing five additional schools and over 3,000 students under its management portfolio.
“We are delighted to welcome Flipper International School to the ADvTECH Group as we expand our presence across Africa and further cement our status as the leaders in teaching and learning on the continent.” ADvTECH CEO Geoff Whyte commented.
Addis Ababa ranks as the fifth fastest-growing city in Africa, a factor that shaped ADVTECH’s strategic decision to invest there. Flipper International School was established in 1998 by Mrs. Menna Selamu Bekele and Mrs. Serkaddis Seifu Yeteshawork.
Flipper International School operates five campuses located in Beklobet, Addis Ababa, and Summit, on the eastern side of the city. In 2018, an 85% stake in the school was sold to Tana Africa Capital and the Saham Group. Recently, ADvTECH completed 100% full acquisition of the institution.
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“As a business, ADvTECH is in a unique position to make a truly meaningful difference to people’s lives and futures. Flipper International School has always been a beacon of academic excellence in the region. We look forward, therefore, to applying our resources and expertise to this school and taking it to even greater heights in the years to come,” concluded Whyte.
In 2018, ADvTECH acquired a 71% stake valued at Sh. 1 Billion for the Makini Group of Schools. The school was founded in 1978 by Dr. Pius Okelo and Dr. Mary Okelo. What began as a small nursery center for young children has since grown into a network of campuses serving over 3,200 students.
