Trematon Shareholders Approve $10.4M Sale of Generation Education to Old Mutual's EduFund
The JSE-listed investment holding company disposes of its 87% stake in the private school operator for R172 million, recycling capital to return value to shareholders while retaining core education technology assets.
CAPE TOWN — Shareholders of JSE-listed Trematon Capital Investments have overwhelmingly approved the R172 million (~$10.4 million) sale of its ~87% controlling stake in Generation Education Group.
The transaction transfers ownership to the Education Investment Impact Fund of South Africa (EduFund), an education-focused impact vehicle managed by Old Mutual Alternative Investments. Approved by 98.06% of voting shareholders at a special general meeting on October 14, 2026, the deal remains subject to final regulatory clearance from South Africa's Competition Commission and Competition Tribunal.
Portfolio Rationalization & Valuation Dynamics
Founded in 2016 by Jevron Epstein in partnership with Trematon, Generation Education operates six private school campuses across the Western Cape and Gauteng, offering a blended Montessori-inspired and Cambridge academic curriculum:
- Transaction Rationale: Trematon’s board determined that Generation Education failed to meet initial growth timelines. With the asset weighing on Trematon’s listed valuation on the JSE, the sale enables a direct liquidity event to return net cash proceeds to shareholders.
- Valuation Adjustments: An independent valuation of the school group dropped from R293 million in August 2024 to R200.7 million in August 2025. The final R172 million cash consideration sits below the fair value of R191 million recorded in Trematon’s February 2026 interim financials.
- Financial Performance: Revenue contracted slightly from R209.1 million in FY2024 to R206.4 million in FY2025, with operating profit declining from R30.8 million to R25.4 million due to reduced pre-primary enrollments amid household budget constraints.
Retained Technology Assets
The transaction specifically excludes GenEx, Generation Education’s former technology unit that develops proprietary learning management and student information systems. Unbundled from the school network in 2024, GenEx remains directly held by Trematon to pursue commercial AI education applications in international markets, including the US.
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