Private education: where to put your money
AdvTech and Curro are flourishing in a market that seems to have promising potential for further expansion
Isn’t it time for JSE-listed private education groups AdvTech and Curro to be talking — again? Just over two years ago Curro abandoned a hostile takeover of AdvTech, which was then headed by the combative and shrewd Frank Thompson. AdvTech put up strong resistance to fend off the unwanted advance. As is often the case when corporate foundations have been under siege, the company subsequently stormed into a new growth phase. In fact, AdvTech’s share price has grown by about 70% since the takeover attempt, compared with the more pedestrian 15%-20% achieved by Curro. Though both AdvTech and (in particular) Curro have experienced slightly less exuberant sentiment in the past few months, there remains huge potential for growth in private education, with estimates that of the almost 13m learners in SA only about 5% are accommodated in private schools. This market, it has been suggested, could double in the medium term — perhaps even quadruple over the longer term — as additional lower-fee...
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