Norsad Finance provides funding to regional education group
Posted on: 11 July, 2020 at 12:58 PM
Norsad Finance Limited, an impact investor providing structured financing solutions to mid-market growth companies in Southern Africa, has provided a long-term debt facility to Nova Pioneer Education Group, a regional education group with a footprint in sub-Saharan Africa. The facility will help fund the expansion of some of its existing property sites to accommodate new learners.
Nova Pioneer Education Group operates a total of 13 independent schools (Grade K to Grade 12) in South Africa and Kenya and has a total of 4,400 learners. Founded in 2014, the group intends to grow its footprint to the rest of sub-Saharan Africa. Using its teaching methods that inculcate critical thinking and innovation, the schools’ academic model is based on students learning by creating and exploring, rather than memorising and hence producing graduates ready for 21st century jobs. Other significant investors in Nova Pioneer include Toronto listed Fairfax Africa Holdings Corporation.
Chinezi Chijoke, founder and CEO of Nova Pioneer Education Group said, “The funding from Norsad contributes meaningfully to the ability of Nova Pioneer to deliver on its mission and we look forward to building a partnership with Norsad that delivers positive impact across Africa through education.”
Oteng Sebonego, investment director at Norsad, lead in the transaction said, “We are delighted to partner with Nova Pioneer as an education platform which we would like to support in its regional growth and achieving its vision which is linked to our purpose of building a better Africa.”
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