Verod Capital Management (Verod), a leading West African private equity firm, has entered into an agreement to acquire a significant minority stake in Greensprings Educational Services Ltd (Greensprings). The investment will be made through Oreon Education, Verod’s education investment vehicle set up as a platform to take advantage of the continued growth in demand for quality K‐12 education in West Africa.
Greensprings is a 32-year old educational service provider offering pre-primary, elementary, secondary and post-secondary schooling for both day and boarding students, with a blended curriculum that prepares students for both local and international entrance exams. The school’s initial two campuses in Nigeria has grown from 3 to 2,270 students and is already recognized as one of the top schools in the country, with the potential to rapidly expand across West Africa.
Mrs. Lai Koiki, Founder and CEO of Greensprings, said: “We are pleased to have Verod as a partner and look forward to working with their team to continue providing educational excellence to our students and building new opportunities for growth in Nigeria’s education sector. Verod has extensive experience supporting the development of companies and we are confident that their resources, network and insights will help us achieve our long-term goals.”
Due to its favorable socio-demographic environment, Nigeria possesses an attractive market for the K‐12 education segment in Africa. This segment is expected to continue to grow due to increasing affordability for the middle class and the government’s increasing role as a steward and enabler rather than a provider of public education.
“Greensprings has a long track record of academic excellence and is led by an experienced CEO and management team,” said Mr. Eric Idiahi, Partner at Verod. “We believe in the company’s growth potential and are thrilled about its expansion plans both in the traditional education space and in ancillary services – supplementary education and teacher training. We are excited about the opportunity to partner with the team at Greensprings and to contribute to the continued success story of the school”.
Greensprings will use the proceeds of the investment to restructure its capital base and fund growth initiatives.
About Verod Capital Management
Verod Capital Management is a Private Equity firm focusing on investing equity and equity-linked capital in growth companies across various sectors including education, financial services, consumer products, manufacturing and agribusiness. Verod seeks to partner with companies led by strong, result driven management teams that can grow large, dominant enterprises and has invested in 14 companies to date. Greensprings is Verod’s sixth investment from its sophomore fund, Verod Capital Growth Fund II LP.
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