ECONOMYNEXT - Sri Lanka's Alethea group, which runs a private school system said its founding shareholders has divested a majority stake to Fairfield Holdings, a Colombo-based investment firm for an undisclosed sum.
The new shareholder will also invest in expansion, the firm said.
The school is certified by UK's Cambridge International and Edexel for their exams, and it also offers Sri Lanka's national syllabus.
The transaction was arranged by M Power Capital, a private equity firm, while the buyer was advised by PwC, a statement said.
The founding Hapugalle/Perera family which has a 90 year association with Alethea, will remain as shareholders and continue in an executive capacity.
Anitra Perera wil be Coordinating Principal/Managing Director, while Kumari Hapugalle Perera will be Executive Director overlooking school activities.
The Board is chaired by G L Dharmasri Wickramasinghe. Other members of the board are Pradeepa Kondagama, Prashanthalal De Alwis, Mahendra Wijeratne, and A R Abdul Azeez.