Rod Jones, Navitas CEONew York (December 16, 2010)--Australian education company Navitas will acquire pro audio educator SAE Group for US$286 million.
Founded in Australia in 1976, SAE has 47 campuses in 19 countries, offering post secondary education opportunities to approximately 8,000 students, including certificate, diploma, degree and Masters programs across three major fields of study; audio production, film production and interactive media. SAE is expected to deliver revenue of A$109 million (US$107.5 million) and EBITDA of A$33 million (US$32.5 million) in the 2010 calendar year.
Navitas is acquiring SAE for A$289 million ($US 286 million), allowing the company to supplement its educational offerings and expand its geographic footprint. The combined Navitas and SAE business will have over 50,000 students enrolled across 97 campuses around the world and will provide a platform for further expansion into key international markets.
Navitas characterizes itself as “an Australian diversified global education leader providing pre-university and university programs to over 22,000 students enrolled in 30 colleges across 8 countries. Navitas also provides English language courses, migrant education and settlement services, student recruitment, professional development and corporate training services.”
“Over three decades, SAE has built a global reputation as a high-quality provider of creative and new media education and, as a leader in its field, SAE is well positioned to take advantage of the increasing global demand for skills based training in these areas,” said Rod Jones, Navitas CEO.
“Navitas and SAE share a commitment to quality educational outcomes for students and are both equally focused on strong organic growth within their respective fields. SAE will continue to be driven by its existing management team and will maintain its pioneering approach and culture.”
“With its focus on domestic students, SAE provides Navitas with diversification of our student profile and earnings base as well as providing us with an opportunity to leverage our international student recruitment expertise to grow SAE.”
Subject to regulatory approvals, the acquisition is expected to close at the end of January, 2011.