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Study Group pays off for Champ

Release date: 2 July 2010

Champ and Petersen Investments yesterday confirmed the sale of their combined 87 per cent stake in the education provider to rival US-based buyout firm Providence Equity Partners.

The sale price is an almost four-fold increase on the $176.4m paid for the asset in September 2006, reflecting its resilience throughout the economic downturn and investment in facilities, campuses and education products. Study Group, which provides international students with higher education opportunities in developed countries, boosted its after-tax profit from $2.5m to $12.3m last year on the back of $345m in revenue, according to its latest financial accounts.

Cashflow has tripled under the firms' ownership, enabling it to return $20m to shareholders last year and voluntarily pay down $40m in debt the year before.

Champ managing director Ben Sebel said his firm had added value to the business, working alongside executive chairman and founding shareholder Arvid Peterson and his team.

"We're pleased Providence will continue to back management to grow the business even further," Mr Sebel said.

Providence, based in New York with an office in Hong Kong, already owns a substantial portfolio of investments in the education sector, including Assessment Technologies Institute, Archipelago Learning, Edline and Education Management Corporation.

Mr Petersen will assume a non-executive chairman's role and retain his stake in the company. He and his management team are understood to own the remaining 13 per cent of it.

The Canadian-born former rugby player has been involved in the company since its inception in 1995. He sold it to DMG International in 2001 and then joined with Champ to privatise it five years later.

Yesterday's sale of the business to another private equity firm -- known as a secondary sale -- is the biggest exit by private equity from an Australian investment since Texas Pacific Group's $2.8 billion float of the Myer department store chain late last year.

Secondary sales are tipped to gather pace as the market for initial public offers remains tough.

Source: The Australian