17 September 2015
Johannesburg, Thursday 17 September 2015 – ADvTECH today announced that it had concluded an R82m agreement to acquire Summit College, a well-established independent school in Midrand, from the Summit College Trust.
Summit College has extensive 42 hectare grounds part of which have been developed into a school offering places for 1 000 students with current enrolments standing at 590. Founded in 1989, the school offers boarding on the property and caters for all phases from Grade 000 to Grade 12.
Summit College will retain its trusted ethos and identity as a school that emphasises the development of each individual child. The school will continue to write the Independent Examinations Board exit examination in Grade 12.
Alex Isaakidis, CEO of the ADvTECH Schools Division, said: "I look forward to welcoming the parents, pupils and staff of Summit College to the ADvTECH family of schools. Summit College has a good academic reputation, having achieved a 100% matric pass rate in 2014 with 31 distinctions overall."
"ADvTECH Group's experience in providing efficient support to ensure schooling excellence will build on this strong foundation, further increasing Summit College's performance and reputation. Because Summit College is situated in a high growth area in Gauteng and offers boarding accommodation, this will provide us with further room for growth at the school. We will be meeting with staff and parents over the coming days and weeks and have already commenced introducing ADvTECH to the Summit College community."
The purchase will be settled in part through contributions to a scholarship fund to be administered in collaboration by the Summit College Trust and ADvTECH. This exciting innovation will enable the Trust to sustain its historic mandate of providing financial assistance to deserving learners.
Allan Wentzel, the chairman of the Summit College Trust said: "The sale of the Summit College to ADvTECH and the ensuing partnership to administer the scholarship fund is, without doubt, in the best interests of all stakeholders. ADvTECH is ideally placed to take Summit College to the next stage. We are especially pleased with ADvTECH's undertaking to retain the school's name and unique ethos and values."
Commenting on the jointly administered scholarship fund Wentzel said: "The Summit Trust also looks forward to the next chapter in its own history, where it can return to its core purpose, namely to provide financial assistance to deserving learners. On behalf of the Trust I would like to thank our partners, Odyssey Finance Corporation, for their invaluable contribution over the past few years in making Summit the success story that we so gladly hand over to the new owners."
According to Isaakidis, Summit College is an exciting addition to the ADvTECH Group's strategic growth plan and will strengthen its position as the premium provider of quality education. The school will become the latest member of ADvTECH Academies, a group of schools serving their distinct communities and each characterised by their own identity and ethos. "We will work with the Summit community to support the school's special ethos and excellent track record in education," said Isaakidis.
The deal is an important step in ADvTECH's accelerated growth strategy. Subject to due diligence and regulatory approvals the transaction is expected to be completed in January 2016.