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Acquisition targets assume six operating schools averaging 300 pupils each. Valuation and shareholder rights are agreed through the round.

Acquisitions & integration

Six schools at $225k each, including purchase, improvements and opening liquidity.

$1.35M

The team & operating system

A two-year budget for central operations, academic support and technology.

$500k

Additional reserve

Flexibility for the handover, transaction timing and unexpected costs.

$150k

Target combined annual revenue at acquisition: $1.8M, assuming $1,000 net revenue per pupil. Purchases are staged; this run rate follows completion of all six acquisitions.

Company-owned schools generate operating profit. Partner-funded schools add management income without DUMA financing every purchase. Teaching programmes, AI-assisted tools and operating systems support both.

Yield target for a school business on leased premises, funded without debt. After school costs, DUMA’s fee, tax and reinvestment; before investor taxes and FX. Early-year income is lower.

$180k purchase + $45k transition and liquidity = $225k total. Purchase price is 4× $45k annual EBITDA before DUMA’s fee. The additional capital covers $10k transaction costs, $20k improvements and $15k opening cash.

Cash available to the owner: $10.9k → $30.4k → $50.8k in Years 1–3. The plan adds 50 pupils within existing capacity and reduces fixed costs by 8%, without real fee increases.

The 6% fee on net collected tuition covers DUMA’s academic and operating management, teacher development, learning tools, admissions support and financial oversight. Local payroll and rent remain school costs.

Cash calculations include a 30% cash-tax provision, maintenance and additional working capital. Available distributions depend on agreed reserves. Figures are USD equivalents.

After property ownership costs, before financing and owner taxes. Rent and lease terms depend on the site and the school’s receipts.

Annual rent

$30k

Annual property costs

−$5k

Annual net rent

$25k

On $300k total property capital, net rent gives an 8.3% yield before financing and owner taxes. Annual rent represents 10% of a school’s $300k net revenue. Figures are USD equivalents.

Agree the tenant, lease term, rent commencement and escalation, fit-out funding and maintenance obligations around the property and school cash flow.

Rate, tenor and security are negotiable. Collateral can include school-owned equipment, vehicles and owned property included in the deal.

$80k-equivalent loan · 12% in KES · five years. Annual principal and interest: $22.2k. Total interest over five years: $31.0k. Interest is charged on the declining balance.

Loan sizing uses earnings at entry: this facility requires the cash flow shown above before funding. Cash flow is net of school costs, rent, DUMA’s 6% fee, a 30% cash-tax provision, maintenance and working capital.

Lending criteria: ≥1.5× repayment coverage, ≥1.2× under stress, and debt within 2× entry EBITDA after DUMA’s fee. The loan amount meets all three thresholds.

Agree collateral ownership, valuations and existing charges, reporting and collection-account arrangements. Set repayments around termly receipts and reserve school operating cash before owner distributions.