The announcement comes on the heels of PSB’s strong track record in student satisfaction, graduate employment outcome, academic quality and in meeting the rising demands for quality higher education from the region.
SINGAPORE – Media OutReach – 23 January 2018 – PSB Academy (PSB), Singapore’s leading private education institution, today announced the transfer of its shareholding to the Intermediate Capital Group (ICG) from Baring Private Equity Asia.
Minister in the Prime Minister’s office Chan Chun Sing officiated the launch of PSB Academy’s S$15 million City Campus in 2017
ICG’s investment in PSB will bolster the Academy’s momentum of catering to the rising demands of Asia’s under-served higher education needs, with plans to further enrich its student experience, graduate employment outcome and quality of academic and skills-based programmes in Singapore and the region.
This investment builds on PSB’s strong track record as a leader in Singapore’s private education sector. Students at the Academy reported satisfaction rates of over 80%, while nearly nine in 10 PSB students gained employment within six months of completing their studies*. In 2017, Singapore’s Minister in the Prime Minister’s Office Chan Chun Sing officiated the opening of PSB’s S$15 million City Campus that spans over 100,000 square feet in Marina Square. New satellite campuses were added to PSB’s regional presence in Yangon, Myanmar and Jakarta, Indonesia in the same year. Since 2016, PSB registered a double-digit percentage growth in its student population and was conferred over six industry awards in recognition of its exemplary corporate reputation, student centricity and performance.
PSB is on-track to launch another multi-million-dollar campus in Singapore this year**. PSB’s new campus will feature advanced engineering, life and sport sciences laboratories and facilities, with a firm focus on preparing talents for the region’s growth sectors in STEM (Sciences, Technology, Engineering and Mathematics).
Derrick Chang, Chief Executive Officer of PSB Academy, said “PSB has enjoyed a resounding trajectory under BPEA’s ownership and we are today in a strong position to take the Academy into its next phase of growth. We are delighted to welcome a new owner in ICG, who remains committed to our vision of preparing workers and fresh school leavers to thrive in the New Economy. Together, we look forward to elevate the excellent learning and graduate employment outcomes for our students and to grow our student community.”
Jin Tan, Managing Director and Head of Southeast Asia for ICG, said: “Education is a focus industry sector for ICG and PSB represents the second education related investment for ICG in the Asia Pacific region. PSB will serve as an attractive platform for additional acquisitions in education in collaboration with the PSB management team who have demonstrated a strong track record of business growth. We look forward to building on our management partnership investment model in taking PSB to the next stage of development.”
Kenneth Cheong, Managing Director of BPEA, said: “The number of students enrolled across PSB Group grew beyond 12,000 throughout our ownership, and we were pleased that PSB was able to leverage BPEA’s regional platform and education expertise to expand into neighbouring Southeast Asian countries like Indonesia, Vietnam and Myanmar. After opening a new state-of-the-art campus in Singapore in 2017, we believe that PSB is well positioned to continue to the positive growth momentum established over the past few years.”
*Refer to www.psb-academy.edu.sg/GES2015
**Pending regulatory approval