Nightingale Partners Pty Limited (“Nightingale”) have recently completed the sale of Academic Assessment Services Pty Limited (“AAS”) sale to Janison Education Group Limited (JAN) for an upfront consideration of $9 million and an Earn-Out of $8 million.
Nightingale first invested in AAS in late 2016 and participated in a follow-up investment in 2020. With the sale to JAN recently completed, Nightingale have exited the investment and received an outstanding return of 15 times their invested capital over the five-year period.
The 15.2 times money multiple is inclusive of returns from dividends over the investment period and is subject to an Earn-Out involving AAS achieving $11 million revenue in financial years 2022 and 2023 combined.
You can read more about this story via JAN’s ASX announcement here - https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02459582-2A1342266?access_token=83ff96335c2d45a094df02a206a39ff4