Churchlands-based IBT Education Ltd has announced the acquisition of Adelaide-based English-as-a-second-language provider LM Training Specialists through its sibsidiary, Australian Centre for Languages Pty Ltd for $3 million.
The full text of a company announcement is pasted below
IBT Education Ltd today announced that its wholly-owned subsidiary, ACL Pty Ltd, had agreed to acquire LM Training Specialists Pty Ltd for $3 million.
LM Training Specialists Pty Ltd is based in Adelaide and provides a range of services to migrants, including English language classes.
LM Training delivers the Adult Migrant English Program for recently arrived migrants and refugees in South Australia and also provides the English Language, Literacy and Numeracy Program at both the basic and advanced levels in South Australia for the Department of Employment Science and Training.
ACL Group Managing Director Helen Zimmerman said that there was a strong strategic fit between LM Training's operations and ACL's existing businesses.
"We are extremely pleased to add LM Training to ACL's portfolio of English language and migrant settlement services," she said.
"Like ACL in New South Wales, LM Training delivers the AMEP in South Australia under contract to the Australian Federal Government. We believe that by combining LM Training with ACL's strong existing operations, we will derive material synergies as well as other benefits within the IBT Group."
"ACL is one of the largest private providers of English language training and settlement services. I believe that LM Training will prove to be an extremely valuable contributor to ACL and the IBT Group in the years ahead."
IBT expects the acquisition to be earnings accretive in year one. IBT will fund the acquisition from its existing cash reserves.
