Status: Completed investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

Moments Change Trading Proprietary Limited is a newly established holding company, which will acquire 100% of the shares in IMM GSM SA. Over the last 6 years, the IMM group of companies has developed into a fully accredited private higher education distance learning institution offering a range of marketing and business management qualifications, including post- and under-graduate degrees, diplomas and certificates, with a presence across SA and in Zimbabwe, an e-learning content developer/service provider and three Student Support Centres (SSCs). The courses IMM offers are mainly based on self-study, although IMM provides some support (for example, student-teacher contact) through the SSCs. The group currently employs about 40 people on a full time basis and contracts up to 50 part-time lecturers, markers, faculty advisors and other temporary staff.

What is our funding objective?

The sector for long-distance tertiary education is highly fragmented with many small operators. This leads to an opportunity to consolidate and develop a market leading brand with a sound reputation and industry accepted qualifications. With the right platform, tertiary education provides an investment opportunity to consolidate across companies in order to leverage scale benefits, particularly through technology sharing, cross selling and quality assurance infrastructure. As an established and well recognized brand within the industry with a history of full accreditation with the Department of Education and Council for Higher Education, IMM represents an attractive stand-alone investment. But given its substantial base and solid infrastructure it could be well used as the base for such a platform from which to add strategic bolt-on acquisitions.

Why do we fund this investment?

The project has strong development impact due to its strong projected IRR and its impact on market development and, of course, on the final consumers. The project will conribute to affordabable educational sector accessibility for lower-income individuals. IMM attracts a lower positioned demographic than public universities. It attracts a working adult who may not have had previous tertiary education but through work has identified the need to add this qualification and skill in order to progress his career enabling him to climb up the social ladder and expedite the access into the middle class.

More investments

Date Total FMO financing
3/27/2021 ZAR 28.86 MLN
Website customer/investment
South Africa
Infrastructure, Manufacturing and Services
Effective date
End date
Total FMO financing
ZAR 10.17 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)