Fanisi Capital buys US$2.5m stake in St Bakhita Schools

KENYAEast Africa-focused private equity firm Fanisi Capital has acquired minority stake in St Bakhita Schools valued KSh265 million (US$2.5 million).

This is the latest investment Fanisi is venturing within the education sector. 

In 2011, the private equity fund began its foray into the education sector by acquiring a stake in Hillcrest International Schools through the Fanisi Fund I.

It exited Hillcrest last yearto GEMS Education, a school into which it had invested in 2011 (through its predecessor Fund, Fanisi Fund I).

In 2018, Fanisi invested in Kitengela International Schools. 

Jointly owned by Norwegian fund Norfund and Amani Capital, it expects strong growth in the education sector in East Africa over the next few years. 

Fanisi Capital’s Managing Partner, Ayisi Makatiani said the schools fit within their investment strategy, which aims to invest in ambitious entrepreneurs providing high quality education

Education is a core sector for Fanisi because it’s the bedrock of growth of any economy. Together with Felista Mutinda, the school’s founder, we are looking at building a network of schools across the region and we are excited about this prospect,” said Mr Ayisi. 

St Bakita was founded 16 years ago in Nairobi, starting off as a kindergarten and has expanded to operate three campuses with a population of over 1,300 students. 

Ms Mutinda said the school is making strides towards achieving its vision of providing quality and affordable education from an early age. Plans are underway to open two additional campuses in the next five years. 

In a briefing note dated May 5, 2020, Polycarp Koome, Chairman of the Board of Directors of St Bakhita Schools, said that the proceeds of this investment will be used to finance the growth of the institution. 

Bakhita opened its doors as a Kindergarten with 35 students in 2003. Today, the school has three campuses in South B, Sabaki and Eagle plains residential estate. It plans to open two more schools over the next five years. 

Fanisi was founded in 2009 and has managed two funds with a combined value of KSh7.9 billion (US$78 million) by investing in education, healthcare and food processing sectors in Kenya, Tanzania, Rwanda and Uganda. 

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