Indochina Academy

Indochina Academy is the leading early childhood and K-12 affordable schools group in Southeast Asia, with a current capacity of over 30,000 students across 28 campuses (2023). The group includes the Institute of Global Citizenship (IGC) in Vietnam, the CIA First International School (CIA) in Cambodia, and the Ambassador Education Group (AEG) in Thailand.

The Education Platform provides high-quality local, bi-lingual, and international curricula to the emerging middle class in underserved markets. The schools share best practices, collaborate across operations, and offer student and teacher exchanges as a group.

SECTOR

Education

HEADQUARTERS

Thailand, Cambodia, Vietnam

INVESTMENT DATE

Initial Investment in May 2019

NAVIS OWNERSHIP

Majority

Investment Rationale

*01.

Robust Economic Fundamentals

High GDP growth, a young and expanding population, and low private education penetration create strong market conditions for growth.

*02.

Leading Market Position

Established leadership within a large, attractive target market for private education.

*03.

Rising Demand from Middle Class

Growing middle-class demand for high-quality, affordable education as incomes rise and expectations increase.

*04.

Need for Private Education

Limited government investment in education leads to a gap between parental expectations and public education offerings, driving demand for private schools.

*05.

High Willingness to Pay

Parents are willing to spend up to 20% of household income on quality education, reflecting the value placed on educational outcomes.

*06.

Proven School Expansion

A solid track record of successfully opening and scaling new schools to meet growing demand.

Navis Value Impact

Targeted Expansion Strategy

Developed plans to grow the school’s network through bolt-on acquisitions and M&A, ensuring a strong pipeline for future growth.

Growth Capital for New Campuses

Provided essential capital to support the expansion of new campuses, fueling the school’s development and outreach.

Strengthened Leadership

Bolstered management teams to effectively execute growth strategies and improve daily operations.

Enhanced Academic Offerings

Expanded core academic programs, formed strategic partnerships, and introduced digital learning tools to enrich the educational experience.

Increased Ancillary Revenue

Strengthened revenue streams through summer school programs, extracurricular activities, and meal plans.

Operational Efficiency Improvements

Optimized employee recruitment and retention, achieved cost savings, and implemented leading ESG practices to enhance operational efficiency.

Group-Wide Collaboration

Fostered collaboration across the Group through teacher training, best practice sharing, and unified service offerings.

Looking ahead

Navis continues to focus on network expansion, increasing student enrolment, and strengthening academic offerings. The current initiatives will likely result in sustained growth through school openings and enrolments.