Curro, which operates private schools and colleges, says it has acquired three new schools in Gauteng as part of its plan to increase its geographical footprint in SA’s wealthiest province.
The company acquired The King’s School Linbro Park in Sandton, and two nursery schools known as Land of Oz, from two different vendors. The King’s School, which has 390 enrolled pupils, is to be expanded to about 1,290, it said. The Land of Oz nursery schools cater to 240 children, with Curro aiming to expand one campus into a private primary and high school for 1,300 pupils.
It did not give details on the cost of the transactions, saying they were not material from a financial perspective, though they were important from a strategic one.
As of the end of June, Curro had 57,173 pupils at 164 schools. It said recently it was slowing its expansion drive to focus on developing existing assets. Curro is one of a number of listed investments being overseen by the Mouton family’s PSG investment holding company, which trades at a discount to the value of its underlying assets.
The rationale for investment holding companies has recently come into focus after the decision by Remgro and RMB Holdings to unbundle their shares in FirstRand to shareholders.
Besides Curro, PSG holds stakes in listed entities Capitec, Zeder and PSG Konsult. Capitec remains the jewel in the crown despite the onslaught of more competition in the banking industry with the arrival of new entrants such as Tymebank and Bank Zero.