The Swedish system of “skolpeng” is very attractive to foreign venture capital firms. They are willing to pay billions to get over the companies. Not long ago, Academedia bought Procivitas in Malmö. My question is: -How will this affect the quality of education and the future of our students?
Academedia had promising figures to show to their buyers. As the largest school group, they they made a net profit of 140 millions SEK. It was sold after a tough bidding between two private venture capital firms, the new owners. The American Providence’s fund is based on the tax haven of the Cayman Islands and the and the Swedish company EQT fund (Wallenberg) that can be found on the island of Guernsey – also a tax haven. The buyers were two funds based in tax havens!!!!!
AcadeMedia is an independent education provider headquartered in Stockholm. The company was founded in 1996 and currently employs 2,500 people at pre-schools, upper secondary and adult education centres across Sweden. The company listed on the Stockholm stock exchange in 2001 before being taken private in June 2010 by EQT, which gave the company an enterprise value of SEK 3.31bn.
This text is aquote from the EQT homepage “EQT always has a strategy for
developing and creating value in the acquired companies. The strategic plan is
usually geared towards creating growth. This is illustrated by the fact that
during the EQT Equity funds’ ownership, the portfolio companies have annually,
on average, increased sales by 12%, the number of employees by 11% and earnings
Baggium (new name Vindora) runs about 41 upper secondary schools that provide vocational training to approximately 4,700 students. Norwegian GP FSN Capital has
acquired the Baggium Group, a Swedish provider of education and care services. FSN
plans to grow the group by attracting more students and opening new schools.
John Bauer upper secondary schools were sold in October 2008 to the Danish venture capital company Axcel. The turnover for JB is 1 billion SEK.
Of course, venture capitalists expect to make money on the Swedish school system. I believe that friskolor is something good. It is always good with competion. This make us all perform better and we then deliver a high quality education to the students. But the system we have today is rotten. We need a change!
Why not choose a program and school with quality. Choose IB!