Published: January 5, 2012
Asset manager takes 48% of private schools operator.
Investment firm Carlyle Group has bought a 48% stake in Bahcesehir Koleji, a private education provider in Turkey.
The financial terms have not been disclosed but the deal was financed by Carlyle MENA Partners, a US$500mn fund. This is the fund’s second deal in Turkey following its investment in healthcare group Medical Park in 2009.
As of August 2011, Bahcesehir Koleji operated 20 primary schools and 11 secondary schools, serving some 12,000 students.
Walid Musallam, Carlyle’s managing director and head of its MENA operations, said demand for private education in Turkey is increasing due to a growing student population and higher incomes.
He added that the firm will support Bahcesehir Koleji’s growth: “The private school sector remains fragmented and penetration remains low in Turkey.”