Washington, D.C. / Mexico City, September 9, 2010—
IFC, a member of the World Bank Group, is making an equity investment in Harmon Hall Holding, S.A. de C.V., to help Mexico’s largest English-language school chain reach more students, including those living in smaller cities in frontier regions.
With IFC’s support, Harmon Hall will expand services, strengthen its financial and corporate governance structure, and reach more students. The company’s other equity partners include Nexxus Private Equity Fund, DEG-Deutsche Investitions- und Entwicklungsgesellschaft MbH, and HSBC Capital (USA) Inc., a private equity division of HSBC Group.
“We are committed to providing affordable high-quality education and to serving areas in Mexico that have no access to services,” said Alejandro Diazayas, Member of Harmon Hall’s Executive Committee. “By helping us expand into midsize cities and frontier regions, IFC’s investment will support the long-term sustainability of our business.”
The company operates 100 facilities in 60 cities in Mexico where different levels of English are taught each year to more than 100,000 students who consequently are able to obtain internationally recognized certification.
“The project addresses a lack of quality English-language education in Mexico in locations where Harmon Hall is present or is planning to enter,” said Guy Ellena, IFC Director for Health and Education. “We also look forward to sharing IFC’s global industry expertise and knowledge of education best practice.”
“Education is a top priority for IFC in Mexico," said Roberto Albisetti, IFC Senior Manager for Mexico. "We are very pleased to partner with Harmon Hall to foster the development of Mexico's human capital by helping students achieve proficiency in English, thereby enabling them to find better job opportunities.”
IFC’s strategy in Mexico focuses on enhancing the private sector’s competitiveness, deepening the financial sector, supporting infrastructure, and investing in areas newly opened to private sector participation. IFC also promotes environmental sustainability, social development, and corporate governance. Since it became an IFC member in 1956, IFC has provided Mexico with more than $6 billion in private sector support.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit
www.ifc.org
.
About Harmon Hall
Harmon Hall Holding, S.A. de C.V. was established in Mexico in 1966. Thanks to its rigorous quality standards and professional integrity, it is a Cambridge ESOL (English for speakers of other languages) authorized examination center. The exclusive pedagogical methodology of its system allows for more than 100,000 Mexicans to learn and improve their level of English every year, thereby opening doors to better opportunities and promoting personal and professional growth for its students. For more information, visit
www.harmonhall.com
.
