PROVEN Investments Limited (Proven) has disclosed that it entered into a definitive agreement with Knowledge First Foundation to purchase 100 per cent of the issued share capital of Heritage Education Funds International Inc for an undisclosed consideration.
According to a release from Proven, “Heritage Education Funds International Inc specialises in administering and managing ‘Education Savings Plans’ for its clients in The Bahamas, Bermuda, Jamaica, and the British Virgin Islands (BVI), 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.”
Heritage’s website states that, as a distributor of the Heritage International Scholarship Trust Plan, it is dedicated to helping families around the world save for the cost of higher education.
The International Scholarship Trust Plan is administered by the non-profit corporation known as the Heritage International Scholarship Trust Foundation, it was outlined.
The foundation specialises in the professional investment management and administration of the contributions from subscribers in The Bahamas, Bermuda, Jamaica, and BVI.
To date, Heritage International Scholarship Trust Plan has returned over US$66 million in savings and Educational Assistance Payments (EAPs) to beneficiaries.
“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,” the release from Proven read in part.
Subject to approvals from regulatory authorities in the various jurisdictions, the proposed acquisition deal should close in the third quarter of 2021, except for any extension by mutual agreement between the parties.