Another contestant has emerged for UP Education (UP Education Australia Pty Limited) - Kohlberg Kravis Roberts (KKR & Co. Inc. (NYSE:KKR)). KKR will be contending for the Australian and New Zealand education business with rival Boston-based Bain Capital (Bain Capital, LP) after the competition was expected to get underway in earnest this week.
UP Education is owned by Sydney-based private equity fund Pacific Equity Partners. The Sydney-based private equity firm appointed Morgan Stanley and Stanton Road Partners to sell the tertiary education provider last year and, as the sale process gets under way, it may attract a buyer prepared to pay more than $1 billion. It's understood that a formal sale document containing data on the company's earnings - known as the information memorandum - is due to be sent out to prospective buyers next week.
