Summit Africa, a prominent black private equity manager backed by 27four Investment Managers, has announced a transformative investment into NewBridge Group, solidifying its commitment to reshaping the delivery of tertiary education in South Africa.
Through this investment, Summit Africa now holds a 55% shareholding in NewBridge Group, significantly enhancing black ownership within the organisation. Black women’s ownership has risen to 16%, underscoring Summit’s dedication to advancing BBBEE transformation objectives. The partnership aims to address South Africa’s critical need for post-school education and training opportunities for the 700,000 NEET (Not in Education, Employment, or Training) youths aged 15-24 years.
Nthabiseng Thema, Investment Lead and Partner at Summit Africa, remarked: “This investment aligns with our integrated ESG strategy and impact-driven approach. By supporting NewBridge Group, we are empowering young people with meaningful educational opportunities while fostering transformation and diversity within the organisation.”
NewBridge Group operates campuses across Durban, Centurion, Klerksdorp, Witbank, and Tygervalley. With Summit’s support, the acquisition of Centurion Academy has expanded its capacity to serve more students through blended learning models that combine campus-based and online platforms. Additionally, Summit will assist in implementing robust risk management frameworks, Environmental & Social Management Systems (ESMS), and advanced student management systems to optimise operations.
The collaboration also includes ambitious diversity targets such as achieving a 50% BBBEE-to-non-Black hiring ratio and maintaining a gender balance of 56% female to 44% male employees. These initiatives aim to create a more inclusive workforce while addressing South Africa’s pressing educational challenges.
This further cements Summit Africa’s mission to create lasting social impact across Southern Africa through innovative private equity strategies by driving access to quality, affordable education while promoting diversity and inclusion.
For more information about Summit Africa or NewBridge Group, please contact Media Relations Summit Africa using info@summitafrica.co.za.