In 2022, Tempest facilitated a management buy-out of SLT Campus (Private) Limited (SLTC) from Sri Lanka Telecom PLC for Rs. 410 million. SLTC operates one of the leading privately owned research universities in the country and is located on a 36 acres property in Padukka. The consortium of investors, organized and managed by Tempest, was led by Associated Electricals Corporation Limited. The buy-out was supported by the Founder President/CEO of SLTC, Mr. Ranjith Rubasinghe, and his senior management team.
Tempest Two, which is the special purpose vehicle created to facilitate the acquisition, also injected Rs. 290 million in fresh equity into SLTC to support the growth plans of the campus.
SLTC which began operations in 2015, has approximately 3,000 (mainly undergraduate) students across five schools (Engineering, IT, Technology, Business & Music) which offer UGC approved degree programmes.
We see great opportunities in the higher education space in Sri Lanka and believe SLTC is the ideal platform from which to realize this potential also considering the strong academic team of approximately 180 lecturers that the campus has built in its short history.