St. George’s University says it has received a substantial equity investment from a group led by Canadian investor Altas Partners and a fund advised by Baring Private Equity Asia.
The Altas-led investment group and the fund advised by Baring Private Equity Asia are investing in partnership with St. George’s current management team, led by Chancellor Charles R. Modica, who co-founded the University in 1976.
Dr. Modica will remain in his leadership position, and he and the other current owners of the University will collectively remain the largest shareholder. Financial terms of the transaction were not disclosed.
Founded as an independent School of Medicine in 1976, St. George’s is a leading center of international education, dedicated to developing outstanding physicians and improving health standards throughout the world.
Its professors, students, and graduates are from 140 countries, and the School of Medicine’s clinical training program has affiliations with more than 70 teaching hospitals and clinical centers, principally located in the United States and United Kingdom.
The University has more than 14,000 graduates, including physicians who have practiced medicine in all 50 US states, Canada, as well as 50 other countries.
Most St. George’s-trained doctors are involved in primary care, a significantly underserved area of healthcare, particularly in the US.
Today, more than 6,000 students are enrolled and studying in 52 academic degree programs, including Doctor of Veterinary Medicine as well as standalone and dual-degree graduate programs that include MBA and MPH.
“At SGU, we strive to improve the lives of those we serve: our students and the local communities where they train and practice,” said Dr. Modica.
Modica went on to say: “Our job is to be an important contributor to healthcare delivery systems around the world. We are thrilled to partner with Altas and Baring Asia who share our goals and passion for educating students and who have stellar track records working with businesses to grow over the long term.
“With this investment, SGU enters a new chapter of its development with a focus on expanding student resources, supporting our research and undergraduate programs, adding international capabilities, and enhancing our relationships with hospital and university partners”, he added.
Andrew J. Sheiner, Founder and Managing Partner of Altas, stated, “Under Charles Modica’s leadership, SGU has built an important academic institution that helps meet the urgent need for talented and well-trained primary care physicians in the US and abroad. In line with our investment philosophy, we bring a long-term outlook to supporting SGU and look forward to partnering with Charles and the team to add lasting value to the University in the years to come.”
Added Jean Eric Salata, Chief Executive and Founding Partner of Baring Private Equity Asia, “We appreciate SGU’s deep engagement with Grenada and the other communities it serves, and are dedicated to continuing that commitment going forward. As an international investment advisor, we are excited at the prospect of expanding SGU’s capabilities. Given the more than one million medical school applicants across Asia every year, we look forward to leveraging our education sector capabilities throughout the Asia region to build upon the leadership position SGU has established over many years.”
“Altas’ and Baring Asia’s investment in St. George’s University is a powerful vote of confidence in our country and our longstanding partnership with this school,” added Grenada’s Prime Minister, Dr. Keith Mitchell.
“For over 38 years, the Grenadian community has embraced St. George’s University and its students, and in turn, SGU has been a vital contributor to the island, adding significantly to the local economy and providing employment and education opportunities to our citizens.
“Since 2005, SGU has granted more than $90 million in scholarships to Caribbean students, many of them Grenadian. We are grateful that St. George’s world-class education is available to our citizens, and look forward to expanding our partnership as SGU grows. We are proud that St. George’s University calls Grenada its home.”