Curro Strengthens Its Presence Further In KZN With The Acquisition Of St Dominics

Curro Holdings, a JSE listed independent schools group, has further strengthened its presence in KwaZulu-Natal (KZN) with the acquisition of one of the oldest independent schools in the country, the 123 year-old St Dominic’s in Newcastle.

St Dominic’s will be the 41st independent school carrying the Curro flag. With this Curro has reached its objective in its prelisting statement of 40 schools by 2020 five years earlier. This vision has in the meantime shifted to 80 Curro schools by 2020.

The transaction is for an undisclosed amount, but includes an undertaking by Curro to provide the school with an Astro Turf and additional sports facilities, as well as a heated swimming pool. Curro will also further develop existing facilities in order to accommodate future growth and to allow for an increase in the number of learners from the current 560 to about 900.

Announcing the transaction, Curro CEO Dr Chris van der Merwe said that the Curro brand is already well established in KZN with the acquisition of Durban based Embury College and Hillcrest Christian Academy in February 2012, the Embury Institute for Teacher Education (EITE) in March 2013 and Grantleigh in December 2013.

Curro also established Curro Mount Richmore in Ballito, Durban earlier this year and added a high school facility to the existing Hillcrest campus.

Dr Van der Merwe emphasised that St Dominic’s Academy Newcastle will be incorporated into the group as a select Curro school. “Because of great respect for the school’s ethos, traditions and history of 123 years, the name of the school will only be changed to Curro St Dominic’s New Castle over time.

“By adding new facilities, we want to build on the school’s proud heritage as one of the top independent schools in KZN. This is not only for the school as such, but also for the community that it serves,” Van der Merwe said.

The St Dominic’s transaction will bring the total number of Curro learners in KZN to about 5 000.

“Curro is currently well positioned to achieve its target of 80 schools by 2020 as previously stated. There is enough opportunities available to consistently grow at a pace of 7 to 10 new Curro campuses per year,” Van der Merwe said. Source: Bloomberg