The JSE is welcoming another acquisition as ADVTECH said it has acquired Elkanah House schools. While the acquisition will go through due diligence and competition commission approvals.
ADVTECH said the Elkanah House Schools will be run through the Independent Institute of Education (“IIE”), a wholly owned subsidiary of ADvTECH.
Commenting on the transaction, ADvTECH Group CEO Roy Douglas said: “This strategic acquisition further expands our footprint in the Western Cape. Together with our two Abbotts College campuses in Cape Town and the recent acquisition of Glenwood House in George, we now have eleven schools in the region.”
With more than 1 300 students and a built capacity for 1 500 students, Elkanah offers Grade 000 to Grade 12 at six schools on three campuses in Cape Town’s popular Blouberg and Sunningdale suburbs. Elkanah has a strong academic record and a Christian ethos. In 2016, its Grade 12 pupils achieved a 100% IEB pass rate and 171 distinctions.
Alex Isaakidis, CEO of the ADvTECH Schools division said: “With its strong academic results and an ingrained culture of success, Elkanah is a good fit for ADvTECH. We pride ourselves on providing outstanding support to our premium quality schools while retaining their community ethos and culture.”
“Elkanah campuses are situated in popular suburbs which have seen strong growth in recent years thanks to the growing trend of new residential estates”, said Isaakidis. “This promises sustained and growing demand for quality schooling.”
Chairman of the Elkanah board of directors Tim Reddell said, “We are delighted to join ADvTECH. Their education expertise and investment support will allow us to maintain our focus on academic excellence while growing our offer to our community. Equally important to us is that the Elkanah schools will retain their Christian ethos and the supportive culture which allows our pupils to grow and achieve.”
ADVTECH said the acquisition of Elkanah will increase its school portfolio to over 90 schools, serving almost 27,000 pupils.