| Mon 20 Apr 2009, 15:10 | | ADH - ADVTECH - Advtech acquisition strengthens education business |
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ADH
ADH
ADH - ADVTECH - Advtech acquisition strengthens education business
ADvTECH Limited
(Incorporated in the Republic of South Africa)
(Registration number 1990/001119/06)
Share code: ADH ISIN: ZAE000031035
("ADvTECH")
ADVTECH ACQUISITION STRENGTHENS EDUCATION BUSINESS
ADvTECH, the JSE listed Education and Recruitment Group, today announced that it
has acquired the Forbes Lever Baker Educational Institute for Accountancy and
Management (FLB), a Johannesburg based specialised tertiary institution for R54
million. The purchase consideration will be settled by a combination of cash and
ADvTECH shares.
Commenting on the acquisition, Frank Thompson, CEO of ADvTECH said:
"ADvTECH has felt for some time that the acquisition of a specialised tertiary
institution focused on advanced financial and accounting education was the ideal
route for expansion of our education business. The combination of ADvTECH and
FLB creates a company with the scale and resources to deliver a world class
education. Our combined business will address the rapidly expanding shortage of
skills in South Africa. This was highlighted by SAICA at the end of last year
when they announced that South Africa`s financial management and auditing sector
was in need of 22 000 qualified accountants."
In 2001, Charles Forbes and Steven Lever joined forces with Nizaam Baker to form
the Forbes Lever Baker Educational Institute for Accountancy and Management.
From inception, FLB developed a reputation as a superior provider of accountancy
based courses with UNISA. Due to increased demand for management and economics
subjects, these courses have been offered by FLB since 2003 with great success.
ADvTECH and FLB possess complementary strengths that advance a shared vision of
delivering quality education to its growing student body. FLB brings with it a
very experienced management team and staff, with a strong focus on quality
education and a reputation for solid results. The FLB campus in Randburg has
approximately 2000 students on a full and part time basis.
"This acquisition represents a carefully considered move to further enhance the
product and growth opportunities available to the Group," said Thompson.
"Students at FLB have achieved the top B Compt Honours position for five out of
the last seven years; this coupled with Varsity College`s track record of
placements in the top 20, vindicates the shared imperative of adding value to
students. This acquisition enables a host of synergistic benefits which can be
maximised to further strengthen our offering. We are excited about becoming
part of the ADvTECH Group as our students will benefit from the breadth and
depth of our combined resources and commitment to quality education," said
Steven Lever, co-Head, FLB.
"We look forward to welcoming the leadership and staff of FLB into ADvTECH in
the knowledge that their qualifications, expertise and industry experience will
enhance our strategic and operating objectives," Thompson said.
The Randburg campus of FLB will be co-branded with Varsity College. The school
will run autonomously with ADvTECH`s guidance in key areas for the 2009 year,
with a roll out of FLB specialty courses and notes to other Varsity Colleges
during 2010. Various exciting collaborative initiatives have already been
planned to realise our shared vision.
"We believe that the acquisition of FLB will contribute strongly to ADVTECH`s
tertiary education activities for years to come," Thompson concluded.
The acquisition is subject to the fulfilment of conditions precedent.
20 April 2009
Johannesburg
Sponsor: Bridge Capital Advisors (Pty) Limited
For further information contact:
Brunswick 011 502 7300
Taryn Wulfsohn 083 273 1301
Carol Roos 082 490 4182
Notes to editors
ADVTECH
Education
The Education division under the academic guidance and governance of The
Independent Institute of Education (IIE), houses the Group`s educational brands
and institutions including Abbotts College, College Campus, Corporate College
International, CrawfordSchoolsTrade Mark, Imfundo, Junior Colleges, Rosebank
College, The National College of Photography, Trinityhouse, Varsity College and
Vega, The Brand Communication School. Collectively, they provide a full range of
educational services from pre-school to matric, certificates, diplomas,
undergraduate and postgraduate degrees, as well as skills development,
learnerships and Adult Basic Education and Training. These activities addressed
the needs of 46 500 students (2007: 45 000) at the 52 sites and campuses across
South Africa from which the Group operates.
The IIE, guided and supported by the Academic Advisory Council, Senate and
various specialist advisory committees, provides the Education division with
academic governance, leadership and quality assurance. With 35 higher education
programmes accredited across 19 campuses between NQF levels 5 and 7, the Group
holds the largest base of accredited Higher Education programmes in the
independent sector.
Resourcing
The Resourcing division includes Brent Personnel, Cassel & Company, Communicate
Personnel, Inkokheli HR Appointments, Insource.ICT, Network Recruitment, Pro Rec
Recruitment, Vertex-Kapele, IT Edge, Tech-Pro Personnel and The Working Earth.
The division`s major activities are recruitment, permanent, temporary and
contract staffing solutions, and advertising response handling.
The Resourcing division maintains a strong focus on the key niche markets of IT,
Finance and Engineering, while also growing new sectors in Sales, Freight and
HR.
FORBES LEVER BAKER (FLB) EDUCATIONAL INSTITUTE FOR ACCOUNTANCY AND MANAGEMENT.
Owing to the myriad of difficulties endured by many students intending to write
their Chartered Accounting Board Exams, FLB has developed comprehensive learning
materials that are taught by a highly professional, experienced and motivated
team of lecturers working from the ideal studying venue; 6th level of Randburg
Square, corner of Oak Avenue and Sentrum Street, Randburg.
Students are assisted from their first year of undergraduate study through to
their preparation for the Board Exam and because of its hands-on approach,
encouragement of creative thinking, personal contact with the lecture team and
solid reputation for producing top results. FLB has been recognised as an
official UNISA tuition centre. This benefits the student, because not only does
it mean that they receive lectures and support from one of the leading
accounting training institutes whilst writing UNISA examinations and obtaining
UNISA degrees, but it also means that they have access to the resources and
expertise of one of the most recognised and acclaimed institutions in South
Africa in the form of UNISA.
* FLB has expanded its course base to include many business management and
economics courses.
* Students interested in management may do a degree in B Com (Financial
Management), B Com (Management), B Com (Marketing Management), B Com (Risk
Management) or B Com (Entrepreneurship).
* A General B Com is also offered as well as tuition for the BBA degree.
* In addition, B Com Honours is also being offered for Financial Management,
Risk Management and Marketing Management.
Date: 20/04/2009 15:10:05 Produced by the JSE SENS Department.
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