Nord Anglia Education

[Ireland to Strengthen Global Network with Acquisition of Six Schools from Meritas

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Nord Anglia Education, Inc.

Apr 27, 2015, 06:00 ET

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HONG KONG, April 27, 2015 /PRNewswire/ -- Nord Anglia Education, Inc. (NYSE: NORD), the world's leading operator of premium schools, is pleased to announce that it has entered into a definitive agreement to acquire a portfolio of six schools from Meritas, LLC for $575 million in cash, subject to certain adjustments. Chief Executive Officer Andrew Fitzmaurice and Chief Financial Officer Graeme Halder will host a conference call at 8:00 a.m. (Eastern Time) to discuss the transaction.

Nord Anglia Education will acquire four schools in North America, one school in Switzerland and one school in China:

School

Location

Founded

Day / Boarding

The Village School

Houston, Texas, USA

1966

Day and Boarding

North Broward Preparatory School

Coconut Creek, Florida

1957

Day and Boarding

Windermere Preparatory School

Windermere, Florida

2000

Day and Boarding

Instituto San Roberto

Monterrey, Mexico

1982

Day

College du Leman

Geneva, Switzerland

1960

Day and Boarding

Leman International School

Chengdu, PRC

2009

Day

As of March 31, 2015, the six Meritas schools had approximately 8,625 full-time equivalent students ("FTEs") with total capacity of 11,380 seats. In the fiscal year ended June 30, 2014, the schools generated average revenue per FTE of approximately $25,600.  With the acquisition of these six schools, Nord Anglia Education will provide quality education to more than 32,300 students across a global network of 41 schools in 15 countries.

As part of the transaction, Nord Anglia Education will also acquire a non-controlling interest in Leman Manhattan Preparatory School (founded in 2005) in New York City with the possibility of acquiring 100% of the school in the future subject to certain conditions being met.  In connection with this investment, Nord Anglia Education and Meritas have agreed that Leman Manhattan will become a Nord Anglia Education affiliate school. 

The acquisition of the six Meritas schools is a strong fit with Nord Anglia Education's global growth strategy and further enhances Nord Anglia Education's position as the world's leading premium schools organization. It will improve the balance among Nord Anglia Education's geographic regions by increasing our presence in the U.S. and Switzerland, and will strengthen our boarding offer in these important markets.  All of the six Meritas schools offer the International Baccalaureate as well as American curricula in the North American schools. Expanding our educational offering to include American curricula strengthens Nord Anglia Education's position in the global premium schools market.