Proven Investments has entered into a definitive agreement with Knowledge First Foundation to purchase all the issued shares of Heritage Education Funds International Inc., for an undisclosed consideration, a release from Proven disclosed, making it this is the third acquisition the company has announced since January this year.
“Heritage Education Funds International specializes in administering and managing Education Savings Plans for its clients in the Bahamas, Bermuda, Jamaica, and the British Virgin Islands, and has enrolled over 50,000 children in its plan since its inception in 1983. It oversees approximately US$150 million in assets under management.
“The proposed acquisition is subject to regulatory authority and approvals in the various jurisdictions and is scheduled to be completed in the third quarter of 2021, subject to any extension by mutual agreement between the parties.
“Proven sees this acquisition as complementary to its current financial services offerings, with current operations in three of the four main territories that Heritage Education Funds International Inc. also operates in. This acquisition is consistent with the Group’s overarching strategy to widen its presence in the wealth management space throughout the Caribbean, providing a solid platform for future growth,” stated Proven.
Reports reaching this publication indicates that Heritage has some challenges with some existing clients who are dissatisfied with returns they are getting on their funds that are well below levels that were pitched to them when they entered into contracts with them. All of that may well be factored into the price Proven will be paying to purchase the company.
Proven, that is listed on the Jamaica Stock Exchange and recently announced that they entered into an agreement with Fidelity Bank and Trust International to acquire all the shares of Fidelity Bank Cayman and in In January this year, they acquired 50.5 percent interest in Roberts Manufacturing Company, a Barbados based spice manufacturing company.
Another acquisition for Proven
April 15, 2021 by
