Indochina Academy

Overview

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.

Investment Rationale

  • Strong underlying economic fundamentals – high GDP growth across the region, a young and growing population, and a low private education penetration rate
  • Leading market positions within a sizeable target market
  • Pent-up demand for high-quality, affordable education amongst the growing middle class
  • Requirement for private education due to limited Government investment in education – a mismatch with parents’ high expectations of educational outcomes
  • High willingness to pay for quality education – up to 20% of household income
  • Solid track record of opening and ramping up new schools

KEY FACTS

SECTOR
Education

HEADQUARTERS
Thailand, Cambodia, Vietnam

INVESTMENT DATE
Initial Investment in May 2019

NAVIS OWNERSHIP
Majority

Navis Value Impact

  • Developed targeted expansion plans to grow the school’s network, secure a pipeline of bolt-on acquisitions, and drive M&A
  • Provided growth capital for new campus expansions
  • Bolstered management teams to execute growth plans and improve day-to-day operations
  • Enhanced core academic offerings, increased strategic partnerships, and introduced various digital learning tools.
  • Strengthened ancillary revenue streams, such as summer school, extra-curricular activities, and meal plans
  • Improved operational efficiency, such as enhanced employee recruitment and retention, cost savings, and establishing market-leading ESG practices
  • Collaboration across the Group – teacher training, best practice sharing, and 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.