Tembusu Partners Sells Stake in Homegrown

Education Group Ednovation to Private Equity

Firm CDH Investments for Over S$50M

Disposal of entire 36% stake yields IRR of over 30%

Singapore, 12 January 2017 Tembusu Partners Pte Ltd (Tembusu)

announced today that it has divested its 36% stake in homegrown education
group, Ednovation Pte Ltd (Ednovation), to private equity firm CDH Investments
(CDH), in a deal valued at more than S$50 million.
The disposal by Tembusu Growth Fund II Ltd (TGF II) and Tembusu Growth
GIP Fund (TGIP) represents an internal rate of return (IRR) of more than 30%
for the three years that Tembusu has held Ednovation.
TGF II is a S$110 million (US$85 million) Pan-Asian private equity growth capital
fund with an investment focus on growth sectors such as education, healthcare
and technology. TGIP is a parallel fund to Tembusu Growth Fund II.
Established in 1991, Ednovation operates more than 60 pre-schools in Asia
under the brands Cambridge, ChildFirst and Shaws. Ednovation is also a pioneer
in pre-school education technology with a unique early childhood e-curriculum,
EdnoLand, with emphasis on bilingualism (English and Chinese) multiple
intelligences and creativity. Ednoland is used by hundreds of third party preschools throughout the region.
Since Tembusus investment in May 2013, Ednovations revenue has increased
four-fold. In addition to the pre-schools operating under Ednovations own
ChildFirst brand, Ednovation acquired two pre-school chains, Cambridge Preschools and Shaws Preschools during this period.
Ednovation also grew its regional footprint from the initial 12 schools in 2013. It
now operates 62 pre-schools with 24 in Southeast Asia, 16 in Singapore and 22
in China.
Ms. Emily Goh, Principal of Tembusu, said: Ednovation has demonstrated its
ability to seize the right opportunities in the education sector and has made a
name for itself in Asia over the years. This successful exit is consistent with our
track record of nurturing education businesses in Singapore and the region while
creating value for investors.

Dr. Richard Yen, Founder of Ednovation, said: Ednovation has benefited

substantially from Tembusus support as a strategic partner. We are ready for the
next phase of growth with CDH as we set our sights on becoming one of the
leading pre-school operators in the region, especially in China where the recent
easing of the one-child policy will bode well for the pre-school market over the
long haul.
Dr. Yen added that Ednovation will play an important role in future-proofing
Asias next generation. With artificial intelligence and robots displacing away
many jobs, Asia needs to evolve from being a manufacturing capital to becoming
the creative capital of the world. Ednovations vision is to develop creative minds
to help power Asias future.
*** END OF PRESS RELEASE ***
Issued on behalf of Tembusu and Ednovation by WeR1 Consultants Pte Ltd:
Media Contact:
WeR1 Consultants Pte Ltd
3 Phillip Street, #12-01 Royal Group Building, Singapore 048693
Tel: (65) 6737 4844
Rachael De Foe: rachaeldefoe@wer1.net
Ian Lau: ianlau@wer1.net
About Tembusu Partners Pte Ltd
Tembusu Partners is a private equity investment firm that invests in promising early and
growth-stage companies with a view to generate optimal returns for both investee
companies and investors. Besides supporting its investee companies through
mezzanine and equity financing, it also lends operational expertise to help them grow.
Headquartered in Singapore, its primary geographical markets are within Emerging Asia
comprising China, India and Southeast Asia.
For more information on Tembusu Partners, please visit: www.tembusupartners.com
About Ednovation Pte Ltd
Ednovation Pte Ltd (Ednovation), founded in 1991, is a pioneer in developing ecurriculum for early childhood education. Its EdnoLand e-curriculum, with emphasis on
bilingualism (English and Chinese) and creativity, is used by hundreds of third-party preschools in Asia and has influenced the life of more than 500,000 children.
In 2007, using the EdnoLand e-curriculum, Ednovation established its first ChildFirst
Pre-school. Since then, Ednovation has grown to a chain of 62 pre-schools in Asia under
the brands of ChildFirst, Cambridge and Shaws. These three pre-school brands cater to
the different needs of parents and children: ChildFirst provides a structured immersive
bilingual programme, while Shaws approach is play-based, and Cambridges curriculum
focuses on balancing academic preparation with real-world experiences.

Dr. Richard Yen, the Singaporean founder of Ednovation, is a Harvard PhD entrepreneur
who is bilingual and is at ease doing business in Singapore, China and the USA. He
believes in future-proofing your child to prepare them for success in a world where
artificial intelligence and robots will take away many jobs. Dr. Yen walks the talk and is
using this approach to future-proof his own children.
For more information on Ednovation, visit: www.ednovation.com