Campus Holdings Acquires Shares In Ambow Education
BEIJING, Jan 9, 2012 /PRNewswire-Asia/ -- Ambow Education Holding Ltd. ("Ambow Education" or the "Company" NYSE: AMBO), a leading national provider of educational and career enhancement services in China, and Baring Private Equity Asia ("Baring Asia"), one of the most established independent private equity firms in Asia with extensive experience in China's education sector, announce the recent acquisition of shares in Ambow Education by Campus Holdings Limited ("Campus Holdings" or "Campus"). Campus Holdings was formed for the purpose of acquiring shares in the Company pursuant to a Participation Agreement dated October 26th, 2011 between Baring Asia and Dr. Jin Huang, the CEO and Chairwoman of Ambow Education. Under the Participation Agreement, both Dr. Jin Huang and Baring Asia have an economic interest in the shares of Ambow Education acquired by Campus Holdings, and have structured a long-term investment to focus on the future growth and development of the Company.
From November 9th, 2011 to January 6th, 2012, Campus purchased an aggregate of 10,939,555 Class A ordinary shares and 477,475 Class B ordinary shares (a total of 11,417,030 ordinary shares) from third parties who are not affiliates of Campus in privately negotiated transactions for an aggregate consideration of $48,170,329. Upon the acquisition by Campus, the Class B ordinary shares automatically converted into Class A ordinary shares. Campus also acquired an aggregate of 234,296 ADSs, representing 468,592 Class A Shares, in open market transactions.
Dr. Jin Huang, the founder of Ambow Education, commented: "Despite the macroeconomic uncertainties both globally and in China, Ambow has gained market share and delivered on our promises, achieving 33% year-over-year net revenue growth and over 35% year-over-year GAAP operating income growth for the first 9 months of 2011. I am very pleased that Baring Asia shares our view about the prospects for Ambow and China's education industry. This purchase demonstrates our joint confidence in the Company's long-term business fundamentals and growth prospects. The management team is dedicated to improving shareholder value and increasing investors' understanding of Ambow and China's education sector."
Mr. Jean Eric Salata, Founder and CEO of Baring Asia, commented: "We are very excited about this new partnership and our long-term involvement with Ambow Education. Education in China is a sector in which Baring Asia has had extensive prior investment experience, and we continue to see strong demand for the private education industry in China due to sustained rising disposable incomes and high competition for admission to schools. We believe that our pan-Asian investment program, including expertise in the education sector across multiple Asian geographies, makes us a strategic investor capable of adding value to the Company through the next stage of its development."For further information on Campus Holdings Limited, please refer to the Schedule 13D and Schedule 13D/A filed by Campus Holdings Limited with the Securities and Exchange Commission on November 15th, 2011 and December 5th 2011. About Ambow Education Holding Ltd. Ambow Education Holding Ltd. (NYSE: AMBO) is a leading national provider of educational and career enhancement services in China, offering high-quality individualized services and products. Ambow has two business divisions: "Better Schools," which includes tutoring centers and K-12 schools; and "Better Jobs," which includes career enhancement centers and colleges. With its extensive network of regional service hubs complemented by a dynamic proprietary learning platform and distributors, Ambow provides its services and products to students in 30 out of the 31 provinces and autonomous regions within China. About Baring Private Equity Asia Baring Private Equity Asia is one of the largest and most established independent private equity firms in Asia with US$5 billion under management. The firm runs a pan-Asian investment program, specializing in mid-market companies requiring capital for expansion, recapitalization or acquisitions. The firm has been investing in Asia since its formation in 1997 and has 81 employees located in offices in Hong Kong, Shanghai, Beijing, Mumbai, Singapore and Tokyo. Baring Asia is 100% owned by its partners. The firm also has extensive prior experience investing in the education sector in Asia. For investor and media inquiries please contact: Ms. Mandy Li IR Manager Ambow Education Holding Ltd. Tel: +86-10-6026-8130 Email: email@example.com Mr. Richard BartonKreab Gavin AndersonTel: +852 2218 9988Email: firstname.lastname@example.org Mr. Dan BillingsKreab Gavin AndersonTel: +852 3753 6030Email: email@example.com SOURCE Ambow Education Holding Ltd.
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