AURELIUS successfully closes the Studienkreis Group exit

Aurelius

  • Selling price EUR 71.7 million
  • Multiple of capital employed of 11.6x
  • Significant increase in revenues and profitability after successful realignment by AURELIUS following acquisition in 2013
  • Record dividend for 2017 of EUR 5.00 per share

Munich, 21 December 2017 – As of 20 December 2017, AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) successfully completed the sale of its portfolio company Studienkreis to IK Small Cap I Fund, a fund advised by the pan-European private equity firm IK Investment Partners. The selling price is EUR 71.7 million, with a multiple of capital employed of 11.6x. Studienkreis Group is already the third very successful exit by AURELIUS in 2017.

Significant increase in revenues and profitability after successful realignment by AURELIUS following acquisition in 2013

Since the acquisition of Studienkreis Group from Franz Cornelsen Bildungsgruppe in 2013, AURELIUS established the company as clear No. 2 in the tutoring market with roughly 1,000 locations in the German-speaking countries and roughly 60,000 students. During the time with AURELIUS, more than 140 new locations were opened or acquired from franchise partners; to this end, a seven-digit amount was invested in Studienkreis every year. Furthermore, an innovative, integrated online programme was developed and established. Besides contacting customers through targeted online marketing, tailored tutoring services are offered on the Internet. The programme also features its own Studienkreis app.

On the basis of these measures, revenues increased by over 20 percent and EBITDA more than quintupled under AURELIUS ownership.

Record year allows for a dividend increase to EUR 5 per share

“2017 was a very eventful but primarily also extremely successful year for AURELIUS. We successfully exited several realigned companies and acquired seven new companies”, says Dirk Markus, CEO of AURELIUS Equity Opportunities. “As a result, our shareholders can also benefit from a record dividend. The dividend proposed by the Executive Board provides for a 25 percent increase in the overall dividend per share compared with the prior-year figure from EUR 4.00 to EUR 5.00. Measured in terms of the current return of almost 9 percent, AURELIUS is at the top of the league table in terms of German dividend-bearing shares.”

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Eurazeo and Primavera Capital Group complete acquisition of Worldstrides

Eurazeo

Eurazeo, a leading global investment company listed in Paris, in partnership with Primavera Capital Group, a major China-based investment firm, has announced the completion of the acquisition of WorldStrides, a premier experiential education provider serving students of all ages. The partnership will accelerate WorldStrides’ global expansion and growth through program diversification and investment in sales and marketing, furthering the company’s 50+ year mission to ignite personal growth for students through educational travel and study abroad.

Eurazeo and Primavera Capital Group reached an agreement in November 2017 to purchase the company. Eurazeo’s total investment is $469 million, representing a majority equity stake of approximately 80%.

WorldStrides reported over $580m in Revenue and Adjusted EBITDA

1margin of 13% in the Fiscal Year ending June 30, 2017.

 

About WorldStrides

WorIdStrides, headquartered in Charlottesville, Va., is the largest educational student travel company and study abroad organization in the United States. The company was founded in 1967 to provide middle school travel programs to Washington, D.C., and has grown to provide educational programs for more than 400,000 students annually from more than 7,000 universities and K12 schools to over 100 countries around the world. The organization’s full suite of programs is tuned to learners at stages from elementary through post-graduate levels, and feature specializations like performing arts, sports and study abroad.

About Eurazeo

With a diversified portfolio of approximately ~€7 billion in assets under management, of which €1 billion is from third parties, Eurazeo is a leading global investment company with offices in Paris and Luxembourg, New York, Shanghai and Sao Paolo. Its purpose and mission is to identify, accelerate and enhance the transformation potential of the companies in which it invests. The firm covers most private equity segments through its five business divisions – Eurazeo Capital, Eurazeo Croissance, Eurazeo PME, Eurazeo Patrimoine and Eurazeo Brands. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. As a global long-term shareholder, the firm offers deep sector expertise, a gateway to global markets, and a stable foothold for transformational growth to the companies it supports.

Eurazeo is listed on Euronext Paris.

ISIN: FR0000121121

Bloomberg: RF FP -Reuters: EURA.PA 1

Reflects the cash collected for trips not yet departed and the approximate costs for those trips.

 

About Primavera Capital Group

Primavera Capital Group is a China-based investment management firm. Founded by Dr. Fred Hu, a renowned economist and prominent investor, and formerly a partner and Chairman of Greater China at Goldman Sachs Group, the firm’s investment team has over 30 outstanding professionals with global M&A and capital market experience, strong industry expertise, deep local knowledge, and a unique network of relationships with policy makers, leading CEOs and influential entrepreneurs. Primavera employs a flexible investment strategy of control/buy-outs, growth capital and cross-border transactions. Primavera’s investments capitalize on China’s emergence as the world’s biggest consumer market. The firm targets investments in the financial services, consumer, education, health care, and TMT sectors, where Primavera has significant expertise and experience. Primavera has built a high -quality portfolio consisting of leading companies in some of the world’s fastest – growing and most innovative industries.

 

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EQT Credit provides financing to support the acquisition of Studienkreis, a leading player in the German tutoring market

eqt

The EQT Mid-Market Credit fund (“EQT Credit”) today announces that it has provided a tailored financing solution to support IK Investment Partners’ investment in Studienkreis Holding GmbH (“Studienkreis” or the “Company”), a German private tutoring service provider.

Studienkreis was founded in 1974 and is headquartered in Bochum. It operates a network of over 1,000 learning centres and offers small group tutoring to 60,000 primary and secondary school students across Germany. It also offers online tutoring and has developed the Studienkreis app for homework support. The Company has a strong growth profile, driven by expansion both through acquisitions and opening of new centres. Studienkreis has opened 150 new locations since 2013, when previous owner Aurelius acquired the group, and today has 160 full time employees.

EQT Credit is providing a unitranche facility to back IK Investment Partners’ acquisition of Studienkreis. The drawn debt consists of a super senior package by Berenberg Bank and an Unitranche facility. The parties have agreed not to disclose the terms of the transaction.

Paul Johnson, Partner at EQT Partners’ Credit team, Investment Advisor to EQT Credit, commented: “EQT Credit has a strong history in providing financing to the education sector. We are looking forward to supporting Studienkreis to further facilitate growth and expansion of the Company”.

Contacts:
Paul Johnson, Partner at EQT Partners, Investment Advisor to EQT Mid-Market Credit, +44 207 430 55 54
EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

About EQT
EQT is a leading alternative investments firm with approximately EUR 37 billion in raised capital across 25 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More information: www.eqtpartners.com

About the EQT Credit platform
The EQT Credit platform, which spans the full risk-reward spectrum investing with three strategies: senior debt, direct lending and credit opportunities, has invested over EUR 3.6 billion in more than 136 companies since inception in 2008.

More information:www.eqtpartners.com/Investment-Strategies/Credit

 

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FIELDS Group acquires majority stake in FMTC

Fields Group

November 2017 – FIELDS Group, a renowned industrial holding with offices in Amsterdam and Munich, acquires a majority stake in FMTC. FIELDS Group will support the management of the fast growing safety training provider in its further expansion. FMTC is one of the leading safety training providers in the Netherlands for offshore, maritime, wind and industry. With locations in Schiphol, IJmuiden and Dordrecht, the company can serve its client base optimally. Approximately 70 skilled trainers provide the highest quality of safety training according to the highest international standards. Together with founder Rob Bruinsma and the management team of FMTC, FIELDS Group will further build on the strong foundation that has been built in recent years.

Rob Bruinsma, managing director of FMTC, explains: “With FIELDS Group we have found a partner with relevant experience in further professionalizing our organization and prepare for further growth in the Netherlands as well as abroad. Our current setup with three locations in the Netherlands enable us to service our European client base. Coming years we will look for opportunities to expand our highly flexible, customer focused model into other countries.”

René van der Velden, CEO of FIELDS Group: “FMTC has managed to disrupt the Dutch market for safety training for offshore, marine, wind and industry by offering a highly flexible model, the highest possible quality on an exciting location, that offers a unique experience for trainees. FMTC has proven to be very successful and we are very excited to be able to partner with Rob and his team to further role out this concept internationally. We have identified various opportunities and FIELDS will support FMTC with follow-on investments if needed.”

About FMTC

FMTC, with training locations in Schiphol, Dordrecht and IJmuiden, is a provider of safety training for offshore, maritime, wind and industry. FMTC is fully certified by all relevant parties such as OPITO, NOGEPA, GWO and STCW.

www.fmtc.nl

 

About FIELDS Group

FIELDS Group is a renowned industrial holding with offices in Amsterdam and Munich. With its in-house operational taskforce FIELDS Group is directly involved with the development of the group companies. FIELDS Group invests in industrial companies with its headquarters in the Netherlands or Germany.

www.fields.nl

 

Contact for press:

Rob Bruinsma, FMTC: +316 5029 6819, rob@fmtc.nl

René van der Velden, FIELDS Group: +316 5343 5712, r.vandervelden@fields.nl

 

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IK Investment Partners to support Studienkreis

ik-investment-partners

IK Investment Partners (“IK”) is pleased to announce that the IK Small Cap I Fund together with Management has reached an agreement to acquire Studienkreis GmbH, (“Studienkreis” or “the Company”), a leading provider of tutoring services for primary and secondary school students in Germany from Aurelius.

Since its inception in 1974, Studienkreis has developed into one of the leading providers of tutoring services on the German market. The Company operates a dense network of over 1,000 learning centres, offering small group tutoring to c. 60,000 primary and secondary school students across Germany, covering all common subjects as well as special preparatory courses for pre graduation exams. The Company has further developed a true online offering, comprising the Studienkreis App supporting students with their homework and tutoring schedule. Renowned for its high quality tutoring services as well as proven learning concept – developed and refined over 40 years, Studienkreis benefits from high brand awareness and customer satisfaction in the German market and has continuously been certified by various testing institutes.

“Customer satisfaction is truly at the centre of our business strategy. Our qualified and certified tutors assess every student individually; personalised support plans, as well as the documented progress are discussed with parents on a regular basis. It is this proven learning concept Studienkreis has built its reputation on. We now embark on the next phase of our growth trajectory with the support from IK and I’m truly excited for the opportunity to even better service our students,” said Lorenz Haase, CEO of Studienkreis.

“Studienkreis has a distinctive successful concept and a proven track record. Together with the highly experienced management team, we are looking forward to supporting the Company’s future success as they continue to grow their network and their tutoring offering,” said Anders Petersson, Partner at IK Investment Partners and advisor to the IK Small Cap I Fund.

Completion of the transaction is subject to merger control approvals.

For further questions, please contact: 

IK Investment Partners

Anders Petersson
Partner
Phone: +49 40 369 8850

Mikaela Hedborg
Director Communications & ESG
Phone: +44 77 87 573 566
mikaela.hedborg@ikinvest.com

Studienkreis GmbH
Thomas Momotov
Press and public relations
Phone: +49 2 34 97 60 12
tmomotow@studienkreis.de

About Studienkreis GmbH
Studienkreis is one of the leading private education providers in Germany. The company offers qualified tutoring for students of all classes and types of school in all major subjects. Individual support follows a scientifically proven learning concept. It strengthens the students’ sense of responsibility towards their learning, improves their confidence in their abilities, and helps them to develop their potential. For more information, visit www.studienkreis.de

About IK Investment Partners
IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Nordics, DACH region, France, and Benelux. Since 1989, IK has raised more than €9 billion of capital and invested in over 110 European companies. IK funds support companies with strong underlying potential, partnering with management teams and investors to create robust, well positioned businesses with excellent long-term prospects. For more information, visit www.ikinvest.com

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Eurazeo, together with Primavera Capital Group, to invest in Worldstrides

Eurazeo

Eurazeo, a leading global investment company listed in Paris, in partnership with Primavera Capital Group, a major China-based investment firm, is pleased to announce it has entered into an agreement to invest in WorIdStrides, a premier experiential education provider serving students of all ages.

Headquartered in Charlottesville, Virginia, WorIdStrides provides Experiential learning to over 400,000 students per year covering academic, professional, performing arts, and athletic programming. The company partners with more than 7,000 K-12 schools and 800 universities, including top MBA programs. Since its founding in 1967, more than seven million students have travelled with WorIdStrides. For the fiscal year ended June 30, 2017, the company generated over $580million in revenue.

“Firmly committed to education for many years, we strongly believe that experiential learning is a vital part of curriculum and student development,” said Virginie Morgon, Deputy CEO of Eurazeo and President and CEO of Eurazeo North America. “We are impressed by the company’s growth in recent years, along with its unmatched breadth and depth of educational travel offerings. Eurazeo has developed a significant international presence, which will be leveraged to strengthen and accelerate WorIdStrides’ presence in Europe and Asia.”

“For over 50 years, we have been providing students with a world of travel experiences that immerse them in knowledge, culture, and inspiration,”said Jim Hall, CEO of WorIdStrides. “As our world becomes more interconnected, we’re excited to partner with Eurazeo and Primavera to offer more students experiences with a journey of possibilities.”

“We see a strong secular trend driving demand for global student travel into and out of the Greater China region,” said Dr. Fred Hu, Founder of Primavera Capital Group. “ We look forward to working closely with Eurazeo and Jim Hall and the management team to accelerate the company’s expansion into international markets.” Eurazeo’s majority investment will be accompanied by a minority investment by Primavera Capital Group.

Eurazeo’s total investment will be in the $500 million range, pending further adjustments through transaction close which is expected to occur by year end. Macquarie Capital served as financial advisor to Eurazeo.

About WorIdStrides

WorIdStrides, headquartered in Charlottesville, Va., is the largest educational student travel company and study abroad organization in the United States. The company was founded in 1967 to provide middle school travel programs to Washington, D.C., and has grown to provide educational programs for more

than 400,000 students annually from more than 7,000 universities and K12 schools to over 100 countries around the world. The organization’s full suite of programs is tuned to learners at stages from elementary through post-graduate levels, and feature specializations like performing arts, sports and study abroad.

About Eurazeo

With a diversified portfolio of approximately ~$8billion in assets under management, of which $1 billion is from third parties, Eurazeo is a leading global investment company with offices in Paris and Luxembourg, New York, Shanghai and Sao Paolo. Its purpose and mission is to identify, accelerate and enhance the transformation potential of the companies in which it invests. The firm covers most private equity segments through its five business divisions –Eurazeo Capital, Eurazeo Croissance, Eurazeo PME, Eurazeo Patrimoine and Eurazeo Brands. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. As a global long-term shareholder, the firm offers deep sector expertise, a gateway to global markets, and a stable foothold for transformational growth to the companies it supports. Eurazeo is notably a shareholder in AccorHotels, Asmodee, CIFA, CPK, Desigual, Elis, Europcar, Fintrax, Grape Hospitality, Iberchem, Les Petits Chaperons Rouges, Moncler, Neovia, Novacap, Sommet Education, Trader Interactive, and also SMEs such as Flash Europe, In’Tech Medical and Smile, as well as start-ups such as Farfetch and Vestiaire Collective

 

Eurazeo is listed on Euronext Paris.

ISIN: FR0000121121-

Bloomberg: RF FP

Reuters: EURA.PA

 

About Primavera Capital Group

Primavera Capital Group is a China-based investment management firm founded by Dr. Fred Hu, a renowned economist and prominent investor, and formerly a partner and Chairman of Greater China at Goldman Sachs Group, the firm’s investment team has over 30 outstanding professionals with global M&A and capital market experience, strong industry expertise, deep local knowledge, and a unique network of relationships with policy makers, leading CEOs and influential entrepreneurs. Primavera employs a flexible investment strategy of control/buy-outs, growth capital and cross-border transactions. Primavera’s investments capitalize on China’s emergence as the world’s biggest consumer market. The firm targets investments in the financial services, consumer, education, health care, and TMT sectors, where Primavera has significant expertise and experience.

Primavera has built a high-quality portfolio consisting of leading companies in some of the world’s fastest-growing and most innovative industries

 

 

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Acquisition of Career Partner Group

oakleycapital

Acquisition of Career Partner Group

Oakley Capital Private Equity III (“Fund III”) has agreed to aquire Apollo Global Germany GmbH (“Career Partner Group”), from its current shareholder Apollo Education Group Inc. Fund III, together with a number of underlying Fund III investors, will hold a 79% stake in the business. Fund III will be partnering with CEO Dr. Sven Schütt and his management team, who will be investing in the new structure.

Career Partner Group is a leading provider of private higher education and personnel development in Germany. Operating principally under the brand of International University of Applied Sciences Bad Honnef (IUBH), the business currently has over 13,500 students enrolled in four types of program: traditional on-campus universities, online university degree courses, dual studies (an alternative to traditional apprenticeships) and corporate training. Fund III will seek to support the continued development of the business particularly in the online university and dual studies segments, both of which are high-growth sectors in Germany.

The business generated revenues of €61.5 million and reported EBITDA of €10.3 million for the year ended 31 August 2017. The transaction is partly funded by a unitranche debt facility from BlueBay. Fund III will invest €85 million in the business. Completion is subject to approval by the Federal Cartel Office, and is anticipated to be on December 31, 2017.

Sven Schütt, CEO, Career Partner Group commented:

“On behalf of the management team and employees of Career Partner Group, we look forward to having Oakley as our new partner.  The business has flourished under the ownership of Apollo and we are very grateful for their support.  There are also many exciting opportunities ahead of us as the market for online education further develops in Germany.”

Peter Dubens, Managing Partner, Oakley Capital commented:

“We are delighted to be building on our expertise in the sector with another investment in education. CPG is a dynamic and high-growth business that has been a leader in the delivery of online higher education in Germany and is set to continue on that path with Oakley as a partner.”

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Sale of shares in AcadeMedia to 12 high quality investors including Mellby Gård

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eqt

Marvin Holding Limited (a holding company owned by EQT V Limited and its co-investor) (“Marvin”) has entered into an agreement to sell 12,586,941 shares in AcadeMedia AB (publ) (“AcadeMedia”) to 12 high quality Swedish and international investors including Mellby Gård AB.

After the sale, Marvin owns 11,511,385 shares, corresponding to approximately 12.1% of the total number of shares in AcadeMedia. The shares in AcadeMedia that Marvin holds after the sale will be subject to a so-called lock-up, up to and including the date of publication of the Company’s first quarterly report for 2017/2018, which is expected to be published on October 26, 2017, subject to customary exceptions or written consent from Carnegie Investment Bank AB (publ) (“Carnegie”) and Scandinavian Enskilda Banken AB (publ) (“SEB”). Mellby Gård AB, anchor investor in the listing of AcadeMedia, will through the transaction increase its holding in AcadeMedia from approximately 20.1% to 21.1% of the total number of AcadeMedia shares.

Carnegie and SEB acted as advisors in the transaction.

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FSN Capital III divests Vindora to AcadeMedia

Fsn Capital

FSN Capital III has entered into an agreement to divest Vindora to AcadeMedia, Northern Europe´s largest education company.

Vindora is a leading education provider, primarily active in the upper secondary segment, with a market leading position in apprentice based vocational education. Vindora has for almost two decades contributed to society by addressing one of the main challenges, youth unemployment. Vindora’s unique education model, based on a close collaboration with thousands of small and medium sized companies across Sweden, has proven to be highly effective in enabling the students to build relevant work experience and thereby enhance their job placement rate.

Marcus Egelstig, Principal at FSN Capital AB, acting as adviser to the FSN Capital Funds, says:
”We are proud of Vindora’s development during FSN Capital’s close to eight-year ownership period. Under the leadership of CEO Jarl Uggla, Vindora has continuously developed its successful education model and invested heavily in structure and processes to build a solid platform for the long run. To join forces with the industry leader, AcadeMedia, means that Vindora has optimal conditions for continued positive development”.

Please press here to read the AcadeMedia press release.

FSN Capital III was advised by Wigge & Partners, KPMG and ABG Sundal Collier.

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Almi Invest invests in Studybee

Almi Invest

Almi Invest invests two million in Malmo Company StudyBee, a elevutvecklings- and assessment service for Google Classroom, which allows teachers to individualize and grade student assignments.

In the issue of a total of four million is also participating private investors, among others Djäkne startup Studio and football pros Pontus Jansson and Robin Olsen through his investment company PJ & PL Invest AB. The money will be used to launch in the UK.

Today’s school becomes increasingly digitized, but teachers are often referred to several different, often complex, systems for planning education, rate and follow up. It means that the teacher must devote much time on administration. This would StudyBee easier by offering a product that provides comprehensive assessment in handy Google Classroom.

With StudyBee teacher can easily perform all tasks related to teaching, feedback to the student, grades, and save and share information with the individual student.

– StudyBee release time for teachers and makes it easy to individualize instruction and follow the curriculum, says Jenny Strömberg, Investment Manager at Almi Invest. It becomes more and more obvious that the use of digital content in the classroom. Here StudyBee good opportunity to establish itself as a leading player.

The service launched in Sweden in autumn 2016 and has already managed to attract 170 schools with 20,000 students. Establishment in the UK took place in spring 2017 and the plan is also a presence in the US eventually. The launch is in partnership with Google’s Premium Partners, for example, British C-Learning.

– Thanks to this capital increase, we can now continue to process our markets in cooperation with Google’s partners, says StudyBees CEO Ian Rattigan. Our goal is to StudyBee will help to reduce teachers’ workload and help students achieve their potential.

 

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