Apollo Education Group, Inc. has announced its acquisition of a majority interest of 75% in Sociedade Técnica Educacional da Lapa S.A., a company located in Brazil which offers educational programming under the name Faculdade da Educacional da Lapa (“FAEL”).
Apollo acquired the interest for $28.9 million, according to current exchange rates.
FAEL, which provides distance learning post secondary education, has worked to help students throughout the country of Brazil make professional advancements, according to Curtis Uehlein, Apollo Global President. Apollo Global intends to include their own online offerings in an effort to expand upon FAEL’s programs.
“We are proud to welcome FAEL, a quality provider of post-secondary education in Brazil, to our global learning network,” said Greg Cappelli, Apollo Education Group Chief Executive Officer. “Aligned with our diversification strategy, our expansion into Brazil, one of the most vibrant countries in the world supporting higher education, advances our mission to serve adult learners and match student and employer needs worldwide.”
With headquarters in Curitiba, Paraná, Brazil, FAEL offers undergraduate and graduate programs to around 12,000 students, both online, and at its one campus as well as 113 accredited undergraduate learning centers across the country. The most well-known programs are in the areas of business, education and technology.
The acquisition will allow Apollo to increase its hold on the education market in Brazil. With the large growth happening within the country, it is expected that there will soon be a need for a skilled work force. FAEL will also benefit from the happenings, gaining the academic expertise of the company as well as its best practices as an education company, allowing FAEL to make the most of future opportunities.
“We are pleased to join a strong network of world-class institutions of higher education,” said Luiz Silveira, Founder and CEO of FAEL. “We believe in the tremendous value of the partnership and look forward to the benefit of being part of this global organization, as well as the opportunity for FAEL to continue to enrich our offerings.”
Currently, Brazil has a large gap between skills needed in the work force and those that college students are gaining. The rising middle class is causing an increase in demand for career-oriented programs, which private groups like Apollo Education Group provide.
Apollo aims to create opportunities that allow for increased access to education while also promoting career and workforce readiness through its strengths and assets. Scholarship programs are also made available, and the company partners with community businesses through in-kind donations as well as those of technological resources.
Apollo Education Group currently has institutions worldwide, including the United Kingdom, Mexico, Chile, Australia and South Africa, as well as a joint venture in India.