St. George’s University Receives Equity Investment From Altas Partners and Baring Private Equity Asia
Investment Will Support Continued Expansion and Enhanced Services for Students
St. George’s University today announced that it has received a substantial equity investment from a group led by Canadian investor Altas Partners and a fund advised by Baring Private Equity Asia. The Altas-led investment group and the fund advised by Baring Private Equity Asia are investing in partnership with St. George’s current management team, led by Chancellor Charles R. Modica, who co-founded the University in 1976. Dr. Modica will remain in his leadership position, and he and the other current owners of the University will collectively remain the largest shareholder. Financial terms of the transaction were not disclosed.
Founded as an independent School of Medicine in 1976, St. George’s is a leading center of international education, dedicated to developing outstanding physicians and improving health standards throughout the world. Its professors, students, and graduates are from 140 countries, and the School of Medicine’s clinical training program has affiliations with more than 70 teaching hospitals and clinical centers, principally located in the United States and United Kingdom. The University has more than 14,000 graduates, including physicians who have practiced medicine in all 50 US states, Canada, as well as 50 other countries. Most St. George’s-trained doctors are involved in primary care, a significantly underserved area of healthcare, particularly in the US. Today, more than 6,000 students are enrolled and studying in 52 academic degree programs, including Doctor of Veterinary Medicine as well as standalone and dual-degree graduate programs that include MBA and MPH.
“At SGU, we strive to improve the lives of those we serve: our students and the local communities where they train and practice,” said Dr. Modica. “Our job is to be an important contributor to healthcare delivery systems around the world. We are thrilled to partner with Altas and Baring Asia who share our goals and passion for educating students and who have stellar track records working with businesses to grow over the long term. With this investment, SGU enters a new chapter of its development with a focus on expanding student resources, supporting our research and undergraduate programs, adding international capabilities, and enhancing our relationships with hospital and university partners.”
Andrew J. Sheiner, Founder and Managing Partner of Altas, stated, “Under Charles Modica’s leadership, SGU has built an important academic institution that helps meet the urgent need for talented and well-trained primary care physicians in the US and abroad. In line with our investment philosophy, we bring a long-term outlook to supporting SGU and look forward to partnering with Charles and the team to add lasting value to the University in the years to come.”
Added Jean Eric Salata, Chief Executive and Founding Partner of Baring Private Equity Asia, “We appreciate SGU’s deep engagement with Grenada and the other communities it serves, and are dedicated to continuing that commitment going forward. As an international investment advisor, we are excited at the prospect of expanding SGU’s capabilities. Given the more than one million medical school applicants across Asia every year, we look forward to leveraging our education sector capabilities throughout the Asia region to build upon the leadership position SGU has established over many years.”
“Altas’ and Baring Asia’s investment in St. George’s University is a powerful vote of confidence in our country and our longstanding partnership with this school,” added Grenada’s Prime Minister, Dr. The Right Honorable Keith C. Mitchell. “For over 38 years, the Grenadian community has embraced St. George’s University and its students, and in turn, SGU has been a vital contributor to the island, adding significantly to the local economy and providing employment and education opportunities to our citizens. Since 2005, SGU has granted more than $90 million in scholarships to Caribbean students, many of them Grenadian. We are grateful that St. George’s world-class education is available to our citizens, and look forward to expanding our partnership as SGU grows. We are proud that St. George’s University calls Grenada its home.”
About St. George’s University
Founded as an independent School of Medicine in 1976, St. George’s University has evolved into a leading center of international education, drawing students and faculty from 140 countries to the island of Grenada, in the West Indies. Students attending St. George’s enjoy the benefits of a thriving multicultural environment on the True Blue campus, offering all the amenities and technologically-advanced facilities of a world-class institution.
The University’s more than 14,000 graduates include physicians, veterinarians, scientists, and public health and business professionals across the world. The University offers medical and veterinary degrees in the schools of Medicine and Veterinary Medicine, respectively, and independent and dual graduate degrees in the sciences, public health, and business. Undergraduate degree programs are also available through St. George’s School of Arts and Sciences. The University’s programs are accredited and approved by many governing authorities and repeatedly recognized as the best in the region. St. George’s is affiliated with educational institutions worldwide, including the United States, the United Kingdom, Canada, Australia and Ireland. For more information, please visit www.sgu.edu.
About Altas Partners
Altas Partners is an investment firm with a long-term orientation focused on acquiring significant interests in high-quality, market-leading businesses in partnership with outstanding management teams. Key elements of our approach include prudent capital structures, active ownership through strategic and operational support and an emphasis on sustainable value creation. We strive to deliver outstanding investment returns for our investing partners, which include pension funds, insurance companies and large family offices. Altas was founded as a collaborative partnership and is led by seasoned private equity professionals and experienced operating executives. For more information, please visit www.altaspartners.com.
About Baring Private Equity Asia
Baring Private Equity Asia is one of the largest and most established independent private equity firms in Asia and advises funds with total committed capital of over US$5 billion. The firm runs a pan-Asian investment program, specializing in mid-cap buyouts and providing growth capital to companies for expansion or acquisitions. An active education investor, Baring Private Equity Asia advises funds that maintain a global portfolio of assets including K-12, post-secondary and educational content businesses. The firm has been investing in Asia since its formation in 1997 and has approximately 100 employees located across seven offices in Hong Kong, Shanghai, Beijing, Mumbai, Singapore, Jakarta and Tokyo. For more information, please visit www.bpeasia.com.
St. George’s University
Margaret A. Lambert, MA, Director of University Communications and Publications
631-665-8500, ext. 91-212
Andrew Cole/Lesley Bogdanow/Alexandra LaManna, Sard Verbinnen & Co
Baring Private Equity Asia
Richard Barton, Newgate Communications
Grace Zhang, Newgate Communications