Academic Assessment Services - Exit

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 -