Harmon Hall Gets New Shareholders

Mexico-based English school company Harmon Hall is welcoming the IFC, German development bank DEG and HSBC’s LatAm private equity division as shareholders, which together are taking a 40% stake for an undisclosed amount. According to information from the IFC, the new shareholders are investing about $20m, of which the IFC is providing an $8m equity investment. The remaining 60% is held by Mexican PE shop Nexxus, says Nexxus associate Juan Carlos Gavito. He explains that proceeds from the deal will be used to expand the company organically and via acquisitions in Mexico. “We have studied several options already,” he tells LatinFinance. Harmon Hall was established 45 years ago and has 124 schools in Mexico and 2 in Guatemala.