Pacific Equity Partners is believed to be preparing to press on with a sale of the remaining education assets within its Academic Colleges Group.
Pacific Equity Partners sold part of the operation last year to Inspired Schools in Britain for about $600 million.
That sale consisted of the secondary schools within the business. The remainder consists of tertiary education, and has been rebranded New Education Group.
Rothschild is believed to be working on an up coming sale of New Education Group.
The business is New Zealand’s largest private tertiary education provider, offering certificate, diploma and degree qualifications at 13 different colleges.
The logical acquirer of the operation is the West Australia-based Navitas, although the company is likely to be distracted by a $2.1 billion proposed acquisition by BGH Capital, Australian Super and founder Rod Jones, with the deal understood to be proceeding smoothly.
Pacific Equity Partners bought Academic Colleges Group in 2015 for at least $NZ500 million and had plans to roll out the business internationally once it had grown further across the Tasman.
Before Inspired purchased the schools operation of the business, Kohlberg Kravis Roberts, which owns the private schools group Cognita, was believed to be looking at the education provider, along with Baring Private Equity, which has a stake in Nord Anglia Education, and the Dubai-based GEMS Education.
The deal comes as PEP continues to explore a potential acquisition of the Tip Top ice cream brand in New Zealand and after it recently clinched a sale of its Allied Pinnacle business to Japan’s Nisshin Foods for just under $1 billion.
Elsewhere, it is understood that a Hong Kong-based fund is circling the troubled Silver Chef financing firm for commercial restaurants and kitchen equipment.
The loss-making company that has a $59m market value has been straining under about $300m of debt and is eager to secure a mezzanine loan worth about $45m.
One possible contender for a refinancing could be distressed debt provider SC Lowy, based in Hong Kong, while PAG, which also has an office there, could acquire the operation.
PAG is understood to have recently been in talks to buy Retail Food Group’s Crust Pizza and Donut King franchise businesses.
However, while the negotiations reached the final stages, it is understood that PAG’s interest may now be waning.
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