|Toitū Te Whenua Land Information New Zealand
|23 June 2023
|Significant business assets
|Acquisition of up to 100% shares in New Zealand Holdco 2018 Limited which is the holding company of the UP Education Group.
UP Education Bidco Limited
|PEP Fund V Shareholders, co-investment vehicles and management shareholders
A fund managed and advised by Pacific Equity Partners Pty Ltd, comprised of entities which are 98.74% overseas owned.
The Applicant is an investment holding company ultimately owned by Pacific Equity Partners Education SPV, L.P, other PEP-managed entities and management shareholders.
This transaction is an upstream change of control of the UP Education Group under which the UP Education Group will be transferred from one fund managed by Pacific Equity Partners Pty Limited and its affiliates to a new fund, also established and managed by PEP and its affiliates.
The Applicant is acquiring New Zealand Holdco 2018 Limited, which is currently the holding company for the UP Education Group. The UP Education Group is a leading multi-sector education group, with a 25+ year history, delivering Vocational Education & Training, Higher Education, University Partnerships and Online Education across Australasia.
LINZ granted consent as it considered the Applicant met the investor test.
1 Value of the New Zealand part of the transaction. The whole transaction is AU$295,063,469.