PROVEN Investments Limited (PROVEN) has disclosed the Company has
entered into a definitive agreement with Knowledge First Foundation to purchase 100% of the issued share capital of Heritage Education Funds International Inc., for an undisclosed consideration.
“Heritage Education Funds International Inc. specializes in administering and managing Education Savings Plans for its clients in the Bahamas, Bermuda, Jamaica, and the British Virgin Islands, 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.
“The proposed acquisition by PROVEN Investments Limited is subject to regulatory authority and approvals in the various jurisdictions and is scheduled to be completed in the third quarter of 2021, subject to any extension by mutual agreement between the parties.
“[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,” stated PROVEN.