Intermediate Capital Group ICG has acquired 100% of PSB Academy PSB from Baring Private Equity Asia, part of a new wave of investment in the education sector.
The move sees a relatively new player in Asia's fast-growing education sector take over from a relatively early private equity investor in an industry that is seen as having huge potential, given the rise of the middle class across the region.
Baring Asia has made about 2.5 times the money it invested in PSB, according to a person familiar with the deal and overall it has made a healthy return on the capital it has deployed in the sector....
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