South African primary school teacher who turned R240,000 into a R7.2 billion empire
Dr Chris van der Merwe started Curro with his R240,000 severance package as a teacher at the time, which has now been sold to a billionaire’s foundation for R7.2 billion.
Van der Merwe grew up in Goodwood, Cape Town, where his single mother raised him after his father died when he was just three years old.
After completing his teacher training, he pursued a master’s degree and graduated in 1992. He began his teaching career at Fanie Theron Primary School, but he soon wanted more.
With the approval of the Inspector of Education, he started a company that developed electronic learning modules as substitutes for textbooks.
The venture wasn’t profitable but taught him vital business lessons, which included how to manage cash flow.
He then completed his doctorate at Stellenbosch University. His research focused on what educational institutions needed to compete globally.
After earning his PhD, he applied for a senior position at the Western Cape Department of Education, but was unsuccessful.
“I sat with my wife, Stephanie, and we decided that the only way I would live out my dreams was by starting our own school.”
In 1998, at the age of 37 and working as a deputy principal, he resigned, using his R240,000 severance package to launch a new chapter in his life.
On 15 July that year, the first Curro school opened its doors with just 28 pupils in church-leased premises in Durbanville.
Though he had no formal business training, Van der Merwe took responsibility for Curro’s financial planning and business model during its formative years, while his partners focused on academics.
The first four Curro schools were established in Durbanville, Langebaan, Silver Lakes, and Roodeplaat, and required significant financing.
Van der Merwe often approached banks, using personal assets as collateral to secure loans. However, this wasn’t enough to generate the amount of money he needed to expand the group.
Billionaire foundation buys Curro for R7.2 billion
A turning point came when Curro started working with PSG Group, particularly its founder, Jannie Mouton.
PSG bought 50% of Curro and brought in a team of chartered accountants who shared critical business insights.
Curro was listed on the Johannesburg Stock Exchange (JSE)’s Alternative Exchange in June 2011, with a market cap of R400 million.
A year later, with 12,000 students across 19 campuses, it moved to the Main Board. “I supported listing because it gave us access to more capital,” Van der Merwe explained.
Curro has grown exponentially. Today, it is South Africa’s largest independent school network with 189 schools across 81 campuses.
In August last year, the South African billionaire Jannie Mouton Foundation, which has a long-standing history with Curro, announced that it would buy the group for R7.2 billion.
The trust’s vision is to position Curro as an ever-evolving independent education institution that uses its funds to build more schools, expand facilities and offer bursaries.
“For the foundation, acquiring Curro represents a game-changing donation in quality education,” said Jan Mouton, a trustee of the Foundation and Jannie Mouton’s oldest son.
He added that the acquisition was quite possibly the largest philanthropic contribution South Africa has ever seen.
“Over time, this will open the door for thousands more children to attend Curro schools through bursaries, broadening access to excellent education.”
At the end of 2025, Curro announced to shareholders that all suspensive conditions for takeover by billionaire Jannie Mouton’s Foundation had been met, making the deal unconditional.
The commission recommended that the transaction be approved, subject to undertakings that the new organisation will make a substantial positive contribution to education.
This includes providing greater access to historically disadvantaged persons (HDPs) in South Africa.
Through the deal, the Foundation provided existing shareholders with a minor cash consideration, as well as shares in Capitec and PSG Financial Services.
The completion of the deal marked the end of Curro as a publicly traded private school group. It delisted from the JSE on 13 January 2026 and moved forward as a bona fide public benefit organisation (PBO).
Some photos of Curro schools
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