Leading South African education provider expands Apollo Education
PHOENIX--(BUSINESS WIRE)--May 20, 2014--
Apollo Education Group, Inc. (NASDAQ: APOL) announced its wholly-owned
subsidiary Apollo Global, Inc. closed on the acquisition of an 81%
consolidated interest in Milpark Education (Pty) Ltd. (“Milpark
Education”), one of South Africa's leading private tertiary education
providers, for approximately ZAR 265 million (USD 25.6 million based on
current exchange rates).
“Aligned with our diversification strategy, Milpark Education brings
tremendous value, academic content and expertise serving adult
learners,” said Greg Cappelli, Apollo Education Group Chief Executive
Officer. “Expanding into South Africa allows us to broaden our network
of global educational institutions. We look forward to exploring other
opportunities to serve students on the continent of Africa, which hosts
seven of the fastest growing economies in the world.”
“Milpark Education is a premier higher education institution and will
support the further expansion of Apollo Global into Africa,” said Curtis
Uehlein, Apollo Global President. “At Apollo Global, we share knowledge
across our global network and look forward to expanding Milpark’s best
practices to support the growth of their programs and to continue
providing students the opportunity for a better education.”
Milpark Education is well-known and specialized in South Africa with a
range of offerings tailored to working adult learners, including
qualifications in business, commerce, investment, banking, financial
planning, insurance, and government and public management. Instruction
at Milpark schools is provided through distance education and, in select
instances, through learning in the classroom. Milpark Education is an
accredited provider of Higher Education (HE) qualifications, and is also
accredited to offer a variety of Further Education and Training (FET)
programs. Milpark offers a range of HE certificates, a Bachelor of
Business Administration, a Bachelor of Commerce with various
specializations, several postgraduate diplomas, and a Master of Business
“We are excited at the possibilities that are provided by being part of
the Apollo Education Group,” said Julian van der Westhuizen, CEO of
Milpark Education. “We look forward in particular to benefitting from
the global perspectives afforded us, and to the opportunity to continue
to enhance and enrich our offerings to the benefit of our students and
Apollo Education Group does not expect the transaction to have a
material impact on its fiscal 2014 financial results.
About Apollo Education Group, Inc.
Apollo Education Group, Inc. is one of the world’s largest private
education providers and has been in the education business since 1973.
Through its subsidiaries: Apollo Global, College for Financial Planning,
Institute for Professional Development, University of Phoenix, and
Western International University, Apollo Education Group offers
innovative and distinctive educational programs and services, online and
on-campus, at the undergraduate, masters and doctoral levels. Its
educational programs and services are offered throughout the United
States and in Europe, Australia, Latin America, Africa and Asia, as well
as online throughout the world. For more information about Apollo
Education Group, Inc. and its subsidiaries, call (800) 990-APOL or visit www.apollo.edu.
About Apollo Global, Inc.
Apollo Global was formed in 2007 to make investments primarily in the
international education services sector. Apollo Global provides business
and technology management, consulting and training and operational
services in the fields of higher education and education administration
to its network of schools. Apollo Global is a wholly-owned subsidiary of
Apollo Education Group. Its education network includes BPP University in
the United Kingdom, Open Colleges Australia, Universidad Latinoamericana
in Mexico, Universidad de Artes, Ciencias y Comunicación in Chile and
Bridge School of Management in India, developed through a joint venture
with HT Media Limited, an Indian media company.
About Milpark Education (Pty) Ltd.
Milpark Education (Pty) Ltd, established in 1997, was one of the first
private providers of higher management education in South Africa and is
a leading provider of Higher Education and Further Education and
Training qualifications. Milpark Education is registered with the South
African Department of Higher Education and Training (DHET) as a Private
Higher Education Institution (No 2007/HE07/003). With a national
footprint in South Africa, Milpark has two teaching campuses in Cape
Town and Johannesburg, and a support office in Durban, Kwa-Zulu Natal.
Milpark's MBA has been rated in the Top 10 of Accredited Business
Schools in South Africa since 2009 and was also rated as the number one
private provider of the MBA degree in the 2013 PMR.Africa
national survey on accredited business schools offering MBA/MBL degrees
in South Africa.
Forward-Looking Statements Safe Harbor
Statements about Apollo Education Group and its business in this release
which are not statements of historical fact, including statements
regarding Apollo Education Group’s future strategy and plans and
commentary regarding future results of operations and prospects, are
forward-looking statements and are subject to the Safe Harbor provisions
created by the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on current information and
expectations and involve a number of risks and uncertainties. Actual
plans implemented and actual results achieved may differ materially from
those set forth in or implied by such statements due to various factors,
including without limitation, unexpected expenses or other challenges in
integrating the Milpark Education business into Apollo Global, consumer
or regulatory impact arising from consummation of the Milpark Education
acquisition, and unexpected changes or developments in the Milpark
Education business. For a discussion of the various factors that may
cause actual plans implemented and actual results achieved to differ
materially from those set forth in the forward-looking statements,
please refer to the risk factors and other disclosures contained in
Apollo Education Group’s Form 10-K for fiscal year 2013 and subsequent
quarterly reports on Form 10-Q, and other filings with the Securities
and Exchange Commission which are available at www.apollo.edu.
Source: Apollo Education Group, Inc.
Apollo Education Group, Inc.
Investor Relations Contacts:
Ryan Rauzon, 916-599-2911