Applicant
Inspired NZ Holdings Limited
Case number(s)
201810185
Decision date
Type
Decision
DecisionConsent granted 
Section 12(b) Overseas Investment Act 2005
Section 13(1)(a) Overseas Investment Act 2005
Decision Maker(s)The Minister for Land Information and the Associate Minister of Finance
Decision Date23 May 2019
InvestmentAn overseas investment in significant business assets and sensitive land, being the Applicant's acquisition of rights or interests in 100% of the shares in Global Academic Group Holdco Limited which owns or controls:
  • a freehold interest in 2.8853 hectares of land at 52 Central Park Drive (6 Waipareira Avenue), Henderson; and
  • a freehold interest in 14.53 hectares of land at 50 Hayfield Way, Karaka, South Auckland; and
  • a freehold interest in 14.7634 hectares of land at 6 Keenan Road (438 Pyes Pa Road), Pyes Pa, Tauranga.
ConsiderationWithheld under s9(2)(b)(ii) of the Official Information Act
ApplicantInspired NZ Holdings Limited
Nadim Marwan Nsouli, United Kingdom (19.9%)
United Kingdom Public (21.54%)
Egypt Public (8.90%)
United States Public (4.49%)
South Africa Public (12.9%)
British Virgin Islands Public (1.8%) 
Various overseas persons (30.47%)
Vendor(s)Existing shareholders of Global Academic Group Holdco Limited who are certain overseas investment funds managed and/or advised by Pacific Equity Partners Pty Limited (PEP), an Australian incorporated private equity fund manager, and PEP’s affiliates.
Background

The company being acquired, Global Academic Group Holdco Limited, provides private educational services in New Zealand under the brand ‘ACG Schools’, as well as in Indonesia and Vietnam.
Over 90% of Global Academic Group’s shares are already ultimately owned by overseas investors. The vendors are primarily overseas investment funds managed and/or advised by Pacific Equity Partners, a private equity fund manager.

The Applicant is part of the Inspired Group, a global premium schools group with an international network of over 34 schools on five continents.

Benefits to New Zealand of the investment are likely to include:

  • advancing the International Education Strategy 2018-2030;
  • providing new jobs;
  • increasing export receipts (estimated at over $5 million per year); 
  • enhancing the provision of education services at ACG schools; and
  • over $5 million of additional capital being invested in the schools.

Some key benefits for the New Zealand schools and students concerned are likely to result from them becoming part of an international group that specialises in education and developing schools around the world.  

The Applicant has satisfied Ministers that the benefits of the proposed investment are likely to be substantial and identifiable.  The Applicant has also demonstrated financial commitment to the investment and satisfied Ministers that the individuals who will control the investment are of good character and have relevant business experience. 

More information

Ian Beaumont
Russell McVeagh 
PO Box 8
AUCKLAND

Gareth Worthington
Russell McVeagh
PO Box 10-214
WELLINGTON