Adiwale Fund I leads a series B round into Enko Education
Abidjan and Mauritius, May 30, 2022 - Adiwale Partners announces a minority investment in the capital of Enko Education by Adiwale Fund I. The Fund led a $5.8 million Series B round gathering new and existing institutional investors and family offices. Investors include prominent figures in international education and entrepreneurship in Africa. This investment has a dual objective for the Fund: invest into the African education sector from primary school to university and choose models that really have a long-term impact on the continent.
Private education has been growing rapidly in Africa and by 2030, 750 million African youth will be of school age. There is a rapidly growing population coupled with rapid urbanisation, increasing family spendings on education and limited government budgets for the sector.
Enko Education started operations in 2014. It offers the International Baccalaureate (IB) at a fraction of what other IB schools on the continent are charging. The group has 3,500 students and operates 13 schools in 9 African countries (Burkina Faso, Cote d’Ivoire, Mali, Senegal, Cameroon, Botswana, Mozambique, South Africa and Zambia). With this new fundraising, the group is well positioned to reach 10,000 students in 2025. Future growth will be driven by acquisitions and management contracts.
Enko Education Founders Cyrille Nkontchou (Chairman) and Eric Pignot (CEO) said: "This partnership with Adiwale Partners will allow Enko Education to accelerate its development on the continent. We intend to make acquisitions and sign partnerships with schools that will be managed by Enko Education, making those schools more competitive and impactful than on a standalone basis”.
Jean-Marc Savi de Tové, Managing Partner at Adiwale Partners commented: “We look forward to collaborating with Enko Education’s management and shareholders. This round of financing will allow the group to develop its network, strengthen its operational capacities and develop its value proposition as a school operator, enabling thousands of African youth to receive top quality education and later access the best universities in the world".
Vissého Gnassounou, Managing Partner at Adiwale Partners added: "We are delighted with this new partnership. With the enormous work accomplished by the founders and senior management in recent years, Enko Education enjoys an excellent reputation among the public and other various partners. Adiwale Fund I’s investment will enable the group to strengthen its presence throughout our target region".
PwC Cote d'Ivoire advised Adiwale Fund I on the financial due diligence and EBS Advisory on the environmental and social due diligence. Africa Learning International advised Adiwale Fund I on technical and operational aspects.
About Enko Education
Enko Education (www.enkoeducation.com) is a fast-growing network of African international schools, increasing access to the world’s best universities for learners across Africa. Enko Education leverages the programmes of the International Baccalaureate to offer students a holistic, learner-centered education. Furthermore, Enko schools are future-oriented and learners are supported in their higher education aspirations through our university guidance programme. With 13 schools across 9 African countries, Enko Education is the biggest IB network in Africa.
About Adiwale Partners
Adiwale Partners (www.adiwale.com) is an independent private equity fund manager founded in 2016 and based in Abidjan, Cote d’Ivoire. It manages Adiwale Fund I, a 60 million euros fund. Adiwale Fund I offers growth capital and operational support to mid-size companies looking to strengthen their core activities and expand in West Africa and beyond. The fund invests primarily in consumer goods and services, business services and manufacturing.
Adiwale Partners is a regulated financial investment manager licensed by the Financial Services Commission (FSC) in Mauritius.
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