ICG acquires Singapore’s PSB Academy from Baring Private Equity Asia

Intermediate Capital Group (ICG) and funds affiliated with Baring Private Equity Asia (BPEA) today announced that ICG and funds managed by the ICG Group have acquired 100% of PSB Academy (PSB) from BPEA.

PSB is one of the largest independent tertiary education institutions in Singapore, with a 54- year track record. PSB delivers full-fledged tertiary degrees under the brands of renowned university partners in Australia and the UK. It operates two state-of-the-art campuses in Singapore as well as schools in Vietnam, Myanmar, and Indonesia.

Derrick Chang, CEO of PSB Academy, said:

Under BPEA’s ownership, PSB enjoyed a very successful period of growth, and is now on a clear growth trajectory riding on strong macro industry tailwinds. As Asia’s Future Academy, PSB has invested in infrastructure, advanced pedagogy, and deep partnerships with universities and industry. As a result, PSB continues to attract a growing and diverse group of local and international students, and to prepare our students to contribute to Asia’s New Economy.

Christopher Heine, Senior Managing Director, Head of Equity and Mezzanine, Asia Pacific of ICG, said:

Education is a focus industry sector for ICG and PSB represents the second education related investment for ICG in the Asia Pacific region. PSB will serve as an attractive platform for additional acquisitions in education in collaboration with the PSB management team, which has demonstrated a strong track record of business growth. We look forward to building on our management partnership investment model in taking PSB to the next stage of development.

Kenneth Cheong, Managing Director of BPEA, said:

The number of students enrolled across the PSB Group grew beyond 12,000 throughout our ownership, and we were pleased that PSB was able to leverage BPEA’s regional platform and education expertise to expand into neighbouring Southeast Asian countries like Indonesia, Vietnam, and Myanmar. After opening a new state-of-the-art campus in Singapore in 2017, we believe that PSB is well positioned to continue to the positive growth momentum established over the past few years.