Instructure enters into a Definitive Agreemend to be acquired bij Thoma Bravo

Thomas Bravo

Instructure Stockholders to Receive $47.60 Per Share in Cash; Partnership will Accelerate Innovation and Investment in Long-Term Strategy

SALT LAKE CITY – Dec. 4, 2019 – Instructure (NYSE: INST) today announced that it has agreed to be acquired by Thoma Bravo, LLC, a leading private equity investment firm, in an all-cash transaction that values Instructure at an aggregate equity value of approximately $2 billion. As part of the terms of the agreement, Instructure stockholders will receive $47.60 in cash per share. The price per share represents an 18% premium to the Company’s 3-month volume-weighted average price as of October 27, 2019, the day prior to the Company’s third quarter earnings call at which it announced a strategic review for its Bridge business.

“After a thorough review of strategic alternatives, the Instructure Board of Directors is pleased to reach this agreement,” said Josh Coates, Executive Chairman of the Board at Instructure.

The Instructure management team, led by CEO Dan Goldsmith, will continue to lead the Company in their current roles. Thoma Bravo will support Instructure as it increases investment in education technology innovation and expands internationally.

“Instructure believes the opportunity to become a private Company will provide additional flexibility and position us to invest more strategically to drive innovation for our customers,” said Goldsmith. “We look forward to working closely with all parties to complete this transaction and enter into our next chapter of growth and industry leadership.”

“Instructure’s Canvas product is the gold standard for learning management systems in the global education market,” said Holden Spaht, a Managing Partner at Thoma Bravo. “We are excited to partner with Dan and the senior management team to support continued investment and innovation in the Company’s market leading products and world class customer support.”

Brian Jaffee, a Principal at Thoma Bravo added, “We’ve followed the impressive Instructure growth story for many years and believe Canvas is a highly unique vertical market SaaS leader with exciting scale and future growth potential. We look forward to building on the strong momentum in the business and accelerating growth and product investment both organically and through M&A.”

The members of Instructure’s Board of Directors have unanimously approved the transaction and recommended that its stockholders approve the merger. A special meeting of Instructure’s stockholders will be held as soon as practicable following the filing of a definitive proxy statement with the U.S. Securities and Exchange Commission (“SEC”) and subsequent mailing to its stockholders. Instructure’s headquarters will remain in Salt Lake City, Utah, with regional offices across the United States and abroad. Closing of the transaction is subject to approval by Instructure stockholders and certain regulatory and antitrust authorities and the satisfaction of customary closing conditions. The transaction is expected to close in the first quarter of 2020 and is not subject to a financing condition. Upon completion of the acquisition, Instructure will become wholly-owned by Thoma Bravo.

The agreement includes a 35-day “go-shop” period expiring on January 8, 2020, which permits Instructure’s Board of directors and advisors to solicit alternative acquisition proposals from third parties. Instructure will have the right to terminate the merger agreement to enter into a superior proposal subject to the terms and conditions of the merger agreement. There can be no assurance that this “go-shop” will result in a superior proposal, and Instructure does not intend to disclose developments with respect to the solicitation process unless and until it determines such disclosure is appropriate or is otherwise required.

J.P. Morgan Securities LLC is serving as the exclusive financial advisor to Instructure and Cooley LLP is serving as its legal advisor. Kirkland & Ellis is serving as legal advisor to Thoma Bravo.

Additional Information and Where to Find It
The Company intends to file with the Securities and Exchange Commission (the “SEC”) and furnish to its stockholders a proxy statement on Schedule 14A, as well as other relevant documents concerning the proposed transaction.  The proxy statement will contain important information about the proposed Merger and related matters.  Investors and security holders of the Company are urged to carefully read the entire proxy statement when it becomes available because it will contain important information about the proposed transactions. A definitive proxy statement will be sent to the stockholders of the Company seeking any required stockholder approvals.

Investors and security holders of the Company will be able to obtain a free copy of the proxy statement, as well as other relevant filings containing information about the Company and the proposed transaction, including materials that will be incorporated by reference into the proxy statement, without charge, at the SEC’s website (http://www.sec.gov) or from the Company by contacting the Company’s Investor Relations at (866) 574-3127, by email at Investors@instructure.com, or by going to the Company’s Investor Relations page on its website at https://ir.instructure.com/overview/default.aspx and clicking on the link titled “SEC Filings.”

Participants in the Solicitation
The Company and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed Merger.  Information regarding the interests of the Company’s directors and executive officers and their ownership of Company common stock is set forth in the Company’s annual report on Form 10-K filed with the SEC on February 20, 2019 and the Company’s proxy statement on Schedule 14A filed with the SEC on April 8, 2019. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests in the proposed Merger, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC in connection with the proposed Merger.  Free copies of these documents may be obtained, without charge, from the SEC or the Company as described in the preceding paragraph.

Notice Regarding Forward-Looking Statements
This communication contains forward-looking information related to the Company and the acquisition of the Company.  Forward-looking statements in this release include, among other things, statements about the potential benefits of the proposed transaction, the Company’s plans, objectives, expectations and intentions, the financial condition, results of operations and business of the Company, and the anticipated timing of closing of the proposed transaction.  Risks and uncertainties include, among other things, risks related to the ability of the Company to consummate the proposed transaction on a timely basis or at all, including due to complexities resulting from the adoption of new accounting pronouncements and associated system implementations; the satisfaction of the conditions precedent to consummation of the proposed transaction; the Company’s ability to secure regulatory approvals on the terms expected in a timely manner or at all; disruption from the transaction making it more difficult to maintain business and operational relationships; the negative side effects of the announcement or the consummation of the proposed transaction on the market price of the Company’s common stock or on the Company’s operating results; significant transaction costs; unknown liabilities; the risk of litigation and/or regulatory actions related to the proposed transaction; competitive factors, including competitive responses to the transaction and changes in the competitive environment, pricing changes, sales cycle time and increased competition; customer demand for the Company’s products; new application introductions and the Company’s ability to develop and deliver innovative applications and features; the Company’s ability to provide high-quality service and support offerings; the Company’s ability to build and expand its sales efforts; regulatory requirements or developments; changes in capital resource requirements; and other business effects, including the effects of industry, market, economic, political or regulatory conditions; future exchange and interest rates; changes in tax and other laws, regulations, rates and policies; and future business combinations or disposals.

Further information on these and other risk and uncertainties relating to the Company can be found in its reports on Forms 10-K, 10-Q and 8-K and in other filings the Company makes with the SEC from time to time and available at www.sec.gov.  These documents are available under the SEC filings heading of the Investors section of the Company’s website at https://ir.instructure.com/overview/default.aspx.

The forward-looking statements included in this communication are made only as of the date hereof.  The Company assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

ABOUT INSTRUCTURE
Instructure helps people grow from the first day of school to the last day of work. More than 30 million people use the Canvas Learning Management Platform for schools and the Bridge Employee Development Platform for businesses. More information at www.instructure.com.

ABOUT THOMA BRAVO, LLC
Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors. With a series of funds representing more than $35 billion in capital commitments, Thoma Bravo partners with a Company’s management team to implement operating best practices, invest in growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business. Representative past and present portfolio companies include industry leaders such as ABC Financial, Blue Coat Systems, Deltek, Digital Insight, Frontline Education, Global Healthcare Exchange, Hyland Software, Imprivata, iPipeline, PowerPlan, Qlik, Riverbed, SailPoint, SolarWinds, SonicWall, Sparta Systems, TravelClick and Veracode. The firm has offices in San Francisco and Chicago.

 

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Blackstone Partners with Aakash Educational, One of India’s Largest Test Prep Education Companies

Blackstone

Mumbai, October 30, 2019: Blackstone (NYSE:BX) announced that private equity funds managed by Blackstone (“Blackstone”) have partnered with Aakash Educational Services Limited (“AESL”), to build India’s largest digitally enabled, omni-channel education company.

AESL is India’s largest medical test preparation provider with a network of more than 200 centers across 130 cities, teaching more than 250,000 students, along with a fast growing digital business. AESL was founded as Aakash Institute around three decades back by Mr. J.C. Chaudhry. AESL has demonstrated a consistent track record of results in both medical and engineering entrance examinations over the last three decades. In 2019, nine of the top ten NEET rank-holders were AESL students.

Mr. Aakash Chaudhry, Director and CEO of AESL, said:
“AESL has grown tremendously, emerging as one of the largest and most trusted brands in the education sector. The entire management team is excited to partner with Blackstone, a leading alternative asset manager. We believe Blackstone is a like-minded partner that shares our values and culture. As we embark on the next trajectory of growth at AESL, Blackstone will complement our team with its deep expertise and network in the education sector globally and a team of highly accomplished professionals with a proven track record of creating value. Blackstone’s value creation has been visible already, as they have helped bring Deborah Quazzo, a leading education technology investor, onto the board of the company. Given Blackstone’s unique partnership philosophy, we engaged exclusively with the Blackstone team for this transaction. This investment is a testament to the dedication of our outstanding employees who have built this company by keeping with our founder’s motto of ‘Student First’.”

Mr. JC Chaudhry, Chairman and Managing Director of AESL said:
“It is heartening to commence our partnership with the Blackstone Group, which is one of the world’s largest private equity firms. AESL has seen significant growth in the last decade, becoming one of the largest education companies in the country. By leveraging Blackstone’s global reach and expertise, this partnership will aid our push into newer areas and cutting-edge education technology, enabling us to deliver long-term value to our students, employees, investors and other stakeholders.”

Mr. Amit Dixit, Head of India Private Equity at Blackstone, said:
“We are investing in AESL since it is the most scaled up test preparation business in India with a professional management team and best-in-class corporate governance. Live tutoring, whether in physical or online classrooms, has proven to be an effective model globally for delivering consistent results in standardized tests.

AESL has been a leader in this model in India, delivering exceptional results in NEET and JEE examinations year after year. Our thesis is to accelerate AESL’s push in online live tutoring, both organically and through acquisitions. We are excited to partner with Aakash and his management team to deliver on this vision.”

Mr. Amit Jain, Managing Director at Blackstone, said:
“Unlike most other players, AESL’s mission and business model have been to take high quality test preparation education closer to the student’s home rather than the student needing to migrate for it. AESL’s 200 pan-India centers, powered with institutional academic pedagogy, enable this distributed delivery currently. We plan to supplement this strong physical network by growing AESL’s digital segment to create India’s largest omni-channel test preparation company.”

Kotak Investment Banking acted as the exclusive financial advisor to the sellers. S&R acted as legal advisor to sellers. E&Y, KPMG, Trilegal and Clifford Chance acted as advisors to Blackstone.

About AESL
AESL is one of the largest test preparation companies in India, preparing students from grades 8 to 12 to prepare for medical, engineering and other competitive examinations like Olympiads and NTSE.  Established in 1988 as Aakash Institute, AESL has a long history. Today, the company has more than 200 centers across 130 cities, employing over 2,200 teachers to help teach more than 250,000 students.

Further information is available at www.aakash.ac.in

About Blackstone
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with approximately $554 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on global basis.

Blackstone has been active in India since 2006 and has committed over $13 billion of investments in India through private equity, real estate and tactical opportunities.

Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

 

Contact

Ellen Bogard
+852 9731 9726
Ellen.Bogard@Blackstone.com

Deepa Jayaraman
+91 900 877 8681
Deepa.Jay@outlook.com

Varun Soni
+91 742 879 0060
varunsoni@aesl.in

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Sanoma completes the acquisition of Iddink Group

NPM Capital

Sanoma has completed the acquisition of Iddink Group from NPM Capital. Earlier the acquisition was announced on 11 December 2018 and at the time it was still subject to customary closing conditions, including the approval of Dutch competition authorities, which was received and announced on 29 August 2019. Iddink will be reported as part of Sanoma Learning SBU as of 1 October 2019.

Iddink’s integrated learning and school administration platforms provide its customers – pupils, parents, schools and teachers – with access, communication and learning tools. Iddink’s business is complementary to Sanoma’s Dutch subsidiary Malmberg, a leading educational publisher for primary, secondary and vocational education.

With the acquisition, Sanoma enters the integrated digital learning platform business in the Netherlands. Iddink will remain a separate operational company within Sanoma Learning.

NPM Capital held a majority stake in Iddink Group since 2014.

Also read ‘NPM Capital sells educational service provider Iddink Group to Sanoma Learning’

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KKR Acquires a Majority Stake in EuroKids International

KKR

Investment in a leading Indian education services provider to support high-quality, holistic learning programs for future generations

MUMBAI, India–(BUSINESS WIRE)–Sep. 5, 2019– Global investment firm KKR and leading Indian education services provider EuroKids International Pvt. Ltd. (“EuroKids” or the “Company”) today announced that KKR has completed the acquisition of a majority stake in EuroKids franchise from the existing investor consortium led by Gaja Capital.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190905005477/en/

EuroKids will continue to be managed by its team of experienced educators, administrators and management team led by Co-Founder & Group CEO Prajodh Rajan, who will also remain a shareholder in the Company.

KKR will work closely with EuroKids and its portfolio of brands to identify both organic and inorganic growth opportunities and ways to enhance offerings and practices. Areas of focus include tech-enabled/digital learning and tailored pedagogy to provide more students with access to a world-class, holistic education. Having acquired Kangaroo Kids and Billabong High franchise in 2017, EuroKids has a successful track record of mergers & acquisitions in the education services space, and looks to continue adding high-quality education brands to its portfolio.

EuroKids is one of India’s largest education services providers in the Pre-School and K-12 segments. Its portfolio of award-winning brands, which includes EuroKids, EuroKids DayCare, Kangaroo Kids, EuroSchool and Billabong International, serves more than 120,000 students from 1,115 Pre-Schools and 35 K-12 schools across five countries. Since the launch of its first Pre-School in 2001, EuroKids has built one of India’s most trusted and well-regarded education brands with a child-first ideology focused on safety and learning experiences backed by new-age curriculum that meets international standards and promotes holistic development in children. Earlier this year, EuroKids launched their EUNOIA Pre-School curriculum focused on Mindful practices like Attention, Resilience and Kindness.

Mr. Rajan said, “We are excited to build on our momentum and position our business for its next phase of growth alongside a firm of KKR’s caliber. Our mission is to provide Pre-School and K-12 students with a holistic educational foundation that will instill in them a love for learning that will continue throughout their academic career and give them the tools to succeed long-term. We are thrilled to receive investment and support from KKR which shares our vision, ambition and passion for education.”

Ajay Candade, Director at KKR, said, “The desire for high-quality educational services is at an all-time high in India. The country has over 125 million children in the two-to-six age range, as well as the largest K-12 population in the world at 320 million people. We are excited to support families looking to provide their children with a world-class, new-age learning environment. EuroKids is recognized as a true industry leader that provides innovative education solutions, and we are excited to work with Prajodh and the EuroKids team to accelerate the Company’s growth and advance its mission to bring the highest-quality education to students across India.”

Gopal Jain, Managing Partner of Gaja Capital, said, “We are extremely proud to have partnered with co-founders Prajodh Rajan and Vikas Phadnis, along with the entire management team since our investment in 2013 to support a period of tremendous growth and development for EuroKids. This is a world-class organization – and one of India’s most well-regarded education brands – which is poised to expand rapidly in the coming years.”

KKR has a strong track record and expertise in the education space, including through its former investments in Cognita Schools, a UK-based global private schools group, Weld North Education, a platform operator of digital and SaaS educational solutions, and Kindercare, a US-based operator of early-education and child care education facilities.

KKR makes its investment from its Asian Fund III. Further terms of the transaction were not disclosed.

EY-Parthenon, Cyril Amarchand Mangaldas, Barclays and Simpson Thacher & Bartlett served as advisors to KKR. Avendus Capital was the exclusive financial advisor to the Company and the Sellers, and Nishith Desai & Associates being the legal advisor to the Company, and Pioneer Legal being the legal advisor to Gaja Capital.

About EuroKids International

EuroKids International is India’s leading education services company in the Early Childhood and K-12 education space, focused at delivering the ‘Joy of Learning’ by enhancing its pedagogy and consistently building a holistic, nurturing and secure learning environment for children. Over the last 18 years, EuroKids International has played an active role in the evolution of the education landscape with its portfolio of brands committed to deliver a robust foundation for future generations. EuroKids International’s portfolio of brands includes EuroKids, EuroKids DayCare, Kangaroo Kids, EuroSchool & Billabong International spread across 350+ cities and five countries. The group is also committed to creating long-term sustainable entrepreneurial opportunities especially for women entrepreneurs and has enabled employment of over 10,000 individuals across the country. Having bagged multiple prestigious awards in the education segment including Best Education Brands, 2018, EuroKids is constantly REINVENTING EDUCATION in the country. For more information on EuroKids International, please visit www.eurokidsgroup.com.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About Gaja Capital

Gaja Capital is one of India’s leading independent private equity firms providing growth capital to mid-market companies. Founded in 2004, Gaja Capital’s team of sector and functional specialists combine investing, entrepreneurial and operating experience to deliver tangible value beyond capital. For more information on Gaja Capital, please visit http://www.gajacapital.com.

Source: KKR

Media:
For EuroKids International
Amit Yadav
amit.yadav@eurokidsindia.com

For KKR
KKR Asia Pacific
Anita Davis
+852 3602-7335
Anita.Davis@KKR.com

KKR Americas
Kristi Huller / Cara Major
+1 212-750-8300
Media@KKR.com

Sard Verbinnen & Co (for KKR Asia Pacific)
Miles Radcliffe-Trenner
+852 3842-2200
KKR-SVC@sardverb.com

Edelman (for KKR India)
Siddharth Panicker
+91-9820-857-522
siddharth.panicker@edelman.com

For Gaja Capital
Gopal Jain
+91-22-2421 2280
gopal.jain@gajacapital.com

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Graphite Capital acquires Horizon Care and Education

Graphite

 

In August 2019, Graphite Capital led the management buy-out of Horizon Care and Education, a leading provider of specialist care for children and adolescents. Horizon provides care for young people with Social, Emotional and Mental Health (“SEMH”) needs, managing 47 residential homes, fourteen day schools and a range of supported living accommodation across England. The company is split into three divisions: Residential, Education and Transitional Services.

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CVC Fund VII to invest in Multiversity, owner of Italian online university Pegaso

Founder Danilo Iervolino will retain a 50% stake in the company and continue as chairman and CEO

CVC Capital Partners (“CVC”) announces that CVC Fund VII has agreed to acquire 50% of Multiversity, the owner of Italy’s largest online university Universitá Telematica Pegaso (“Pegaso”), as well as Mercatorum University. Multiversity and Pegaso founder Danilo Iervolino will retain a 50% stake in the company and continue as chairman and CEO.

Founded in 2006, Pegaso is the largest online university in Italy, offering courses to c. 80,000 undergraduate and post-graduate students across more than 70 exam venues. Pegaso’s innovative online platform offers a range of programs for the underserved further education market, including bachelor and master degrees, post-graduate masters and single courses.

“We are delighted to have the opportunity for CVC Fund VII to invest in Pegaso. The online education sector is a rapidly growing global market that provides students the opportunity to pursue individual study paths and work training services. Many students do not have the opportunity to access further education via traditional routes so Pegaso is helping to meet an important and growing social need.” Explains Andrea Ferrante, Managing Director of CVC.

“The acquisition of Pegaso further strengthens CVC’s presence in Italy and in European higher education, following CVC Fund VII’s recent investment in Spain’s leading private university, Alfonso X el Sabio (“UAX”) of Villanueva de la Caada.

“We look forward to working closely with the team, to build on their achievements, to continue improving Pegaso and Mercatorum’s quality proposition and to accelerate the business’ investment plans.”

Danilo Iervolino, CEO and founder of Multiversity, comments: “We are very proud of the success achieved by Pegaso University so far. We believe that now is the time for us to partner with a high-profile international firm, to support our growth strategy for Italy and international markets. We believe that in CVC Capital Partners we have found the perfect partner to help us to deliver on our mission. There remain many untapped markets that we want to capitalise on and CVC’s sector expertise and global network will be invaluable to us as we enter our next phase of growth.”

CVC was assisted by Legance, Bain & Company, PwC Advisory and Facchini, Rossi e Michelutti.

Multiversity was supported by Studio Bifolco & Associati, EY Advisory – M&A and Gianni, Origoni, Grippo, Cappelli & Partners.

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Funds advised by CVC Capital Partners lead consortium to acquire significant minority stake in GEMS Education

Consortium will acquire approximately 30% stake in world’s largest provider of private K-12 education by revenue

Funds advised by CVC Capital Partners (“CVC Funds”) have led a consortium (the “CVC Consortium”) which has agreed to acquire a significant minority stake in GEMS Education, the world’s largest provider of private K-12 education by revenue.

Upon completion of the transaction, the CVC Consortium will acquire approximately a 30% stake in the company from the existing shareholders. Concurrently, GEMS Education has launched a refinancing programme (expected to include loans and bonds), details of which will be announced in due course. Both transactions are anticipated to close by the end of July 2019.

The transaction sees the successful exit by a consortium led by Fajr Capital Limited including Tactical Opportunities funds managed by Blackstone (“Blackstone”) and Bahrain Mumtalakat Holding Company B.S.C. (“Mumtalakat”), the sovereign wealth fund of the Kingdom of Bahrain, which acquired a significant minority stake in GEMS Education in 2014. Existing minority investor Khazanah Nasional Berhad, a sovereign wealth fund of Malaysia, which invested in January 2018, will retain its 3% stake in GEMS Education.

Dino Varkey, CEO, GEMS Education, said: “GEMS Education strives to improve every part of the education journey for both students and parents. Aided by our investors, the last five years have seen consistent and continued improvements across GEMS Education schools, most significantly with our excellent inspection outcomes, year on year increases in student examination results, and our safeguarding and inclusion work with students, schools and parents. We repaid our inaugural Sukuk in November 2018 and are excited to re-engage with the international capital markets, including securing our inaugural credit ratings, as we launch our refinancing.

“Investment by the CVC Funds marks the third time we have successfully collaborated with global institutional investors. As we approach our 60th anniversary, we look forward to developing the company further. This is aligned with our vision of expanding the business into new markets and continuing our long history of growth. We would like to thank our exceptional team for their hard work to get us here, especially Riz Ahmed and Jake Barnard and the broader management team.”

Sunny Varkey, Founder, GEMS Education, said: “We are delighted to welcome CVC as our new partners, as we continue our mission of raising the benchmark for quality education and shaping the future of learning for tomorrow. We are also grateful to Fajr Capital, Blackstone, and Mumtalakat for their contributions to the business over the past five years. Sixty years on from opening our first school, I believe more than ever that ‘whatever the question, education is the answer.’ We are excited that CVC shares our passion for this mission, and our belief in our potential to continue to enhance quality education in our growing school portfolio.”

Jan Reinier Voûte, Partner and Co-Head of CVC Strategic Opportunities, said: “We are excited to embark on our partnership with GEMS Education, the world’s leading education provider by revenue. GEMS is a perfect fit for our Strategic Opportunities strategy which is ideally positioned to support value creation in long term partnership investments. We look forward to supporting GEMS to deliver their vision of expanding their footprint.”

This investment is made from CVC’s Strategic Opportunities Platform, which was established in 2014 in response to growing demand from institutional investors to be able to invest for the long term in stable, high-quality businesses. Since the strategy was created, nearly €4 billion of equity capital has been committed to seven investments.

Özgür Önder, Managing Director and a member of CVC’s Eastern Europe & Middle East team, said: “We are very excited about CVC Funds’ first major investment in the GCC region, where we see significant growth opportunities. GEMS Education is a world leader in education and we look forward to working with Sunny Varkey and Dino Varkey and their excellent management team to further enhance and expand their offering.”

Iqbal Khan, CEO of Fajr Capital, Andrea Valeri, Senior Managing Director of Blackstone, and Mahmood H. Alkooheji, CEO of Mumtalakat, jointly issued the following statement: “We invested in GEMS Education as a consortium because we believed in the company’s ability to address the substantial and growing demand for quality education across emerging markets. We are all very pleased with the progress GEMS Education has made since our investment – with the company building 16 new schools, entering into new markets through organic and inorganic expansion, strengthening corporate governance, enhancing its capital structure, and improving overall academic excellence. The sale of our stake in GEMS Education marks the end of a very successful partnership and also highlights the positive role strategic financial investors can play to help realise the potential of high-growth businesses in the Middle East. We wish Sunny, Dino, the Varkey family, CVC, Khazanah, and everyone at GEMS Education all the best as the company continues to advance its mission to put quality education within the reach of every child.”

GEMS Education has grown from a single school started by a family of teachers in 1959 to become the world’s largest provider of private K-12 education by revenue. As at 28 February 2019, GEMS Education owned and operated 49 schools in the United Arab Emirates and Qatar. Since Gamma invested in 2014, GEMS Education has invested more than USD 1.0 billion in enhancing and expanding its offering.

Concurrently with the CVC Consortium’s transaction, GEMS Education will assume ownership of a further 14 private schools in Europe, through the acquisition of Bellevue Education, a leading school group headquartered in the UK.

Furthermore, GEMS Education recently invested in a portfolio of 14 schools in the Kingdom of Saudi Arabia and four schools in Egypt through joint ventures with Hassana, the Saudi Arabia Pension Fund, and EFG Hermes respectively.

The Varkey Group, the founding shareholder of GEMS Education, will continue to independently operate schools under the GEMS Education and other brands in the United States, France, India, Singapore, Malaysia, and Sub-Saharan Africa. The Varkey Family, in combination, will remain as the largest shareholders in GEMS Education once the transaction has completed.

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EQT Credit completes unitranche financing to support Oakley Capital’s acquisition of Seagull and Videotel

eqt

EQT Credit completes unitranche financing to support Oakley Capital’s acquisition of Seagull and Videotel

EQT Credit, through its Direct Lending investment strategy, is pleased to announce that it is the sole lender of USD 130 million drawn committed senior facilities to support Oakley Capital’s (“Oakley”) investment in Seagull and Videotel (together, “the Company”).

The Company is a leading provider of e-learning solutions to the maritime sector globally, with a geographically diversified portfolio covering key international maritime transport hubs.

Paul Johnson, Partner at EQT Partners and Investment Advisor to EQT Credit, commented: “The combination of Seagull and Videotel creates a leading player in the regulated maritime training market. EQT Credit looks forward to supporting the Company and its management team in its future development, as the Company expands its product offering, invests in new areas of content and looks towards further consolidation in the industry.”

Andrew Cleland-Bogle, Managing Director at EQT Partners and Investment Advisor to EQT Credit, added: “EQT Credit is proud to partner again with Oakley on this transaction. We would like to thank EQT’s Industrial Advisors who provided key support and insight to the EQT Credit deal team throughout the due diligence process and confirmed our views on the Company’s exceptional quality offering.”

Contact
Paul Johnson, Partner at EQT Partners and Investment Advisor to EQT Credit, +44 203 372 9424
Andrew Cleland-Bogle, Managing Director at EQT Partners and Investment Advisor to EQT Credit, +44 208 432 5420
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a leading investment firm with more than EUR 61 billion in raised capital across 29 funds and around EUR 40 billion in assets under management. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About EQT Credit
EQT Credit invests through three complementary strategies: Senior Debt, Direct Lending, and Special Situations. Since inception, EQT Credit has raised over EUR 7 billion of capital and invested in over 160 companies. EQT Credit’s Direct Lending strategy seeks to provide flexible, long-term debt solutions to support European businesses, across a wide range of sectors. These businesses include privately-owned companies seeking growth capital as well as those that are the subject of private equity-led acquisitions or refinancings.

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

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EURAZEO Capital and Sommet Education finalize the acquisition of Ducasse Education

Eurazeo

 

Paris, June 6,2019–Eurazeo capital is pleased to announce the acquisition of a 51% stake in Ducasse Education, a major player in culinary arts and pastry training, by the world-renowned hospitality management education group, Sommet Education.

Since its creation in 1999, Ducasse Education has developed and delivered un rivalled culinary and pastry expertise through a wide array of initial and professional development training programs, as well as courses for career changers. With three schools in France and international partnerships(the Philippines and soon the United Arab Emirates), the group boasts a multitude of innovative, methodological and technical expertise. Ducasse Education welcomes over 800 students and 3,000 apprentices at its three French campuses.

Sommet Education, a major higher education player, was built around Glion Institute of Higher Education and Les Roches Global Hospitality Education, two hospitality management institutions acquired by Eurazeo in 2016. With 5,000 students from over 100 countries, the group cultivates the global hospitality leaders of tomorrow. Located in Switzerland, Sommet Education is truly unique, as it is the only hospitality management group with two institutions ranked in the top four hospitality schools worldwide and the top three by employer reputation(QS World University Rankings by Subject 2019).

In line with its strategy to accompany the long-term development of its investments, Eurazeo Capital deploys all the financial, technical and human resources at its disposal to accelerate Sommet Education’s development and transformation. Since 2016, Eurazeo has notably helped to strengthen and internationalize the management team,while enabling the group to invest substantially in its campuses and tools to achieve its goal: create a global education leader in hospitality, gastronomy and services.

The acquisition of Ducasse Education demonstrates Sommet Education’s ability to combine premium educational brands. It will enable the group to propose more comprehensive and balanced training paths combining both long and short formats, and to expandfurther into professional development. Ducasse Education will benefit from Sommet Education’s structures, notably for the recruitment of new students, as well as Eurazeo’s expertise in international development, CSR and digitalization.

Marc Frappier,Head of Eurazeo Capital said: “With this investment decision and Eurazeo Capital’s support, Sommet Education will continue to develop, expanding its catalogue of training courses and becominga major player in hospitality and gastronomy education.”Benoit-Etienne Domenget, Chairman of Sommet Education, added: “This acquisition fits perfectly with our desire to strengthen our presence in the culinary arts, a sector which, we have noted, is of significant interest to the general public. We’re looking forward to working closely with the Ducasse Education teams and pooling our knowhow and expertise.”

MAITLAND/amoDAVID STURKENE-mail: dsturken@maitland.co.ukTel.: +44 (0) 7990 595 913For more information, please visit the Group’s website: www.eurazeo.comFollow us on Twitter,LinkedIn, andYouTube

PRESS CONTACT EURAZEO

CONTACTS

CAROLINE COHEN Head of Investor Relations ccohen@eurazeo.comTel.: +33 (0)1 44 15 16 76

VIRGINIE CHRISTNACHT Head of Communicationsvchristnacht@eurazeo.comTel.: +33 1 44 15 7644 ***

About Eurazeo

Eurazeo is a leading global investment company, with a diversified portfolio of €17 billion in assets under management, including nearly €11 billion from third parties, invested in over 300 companies. With its considerable private equity, real estate, private debt and fund of funds expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its 235 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. 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.

Eurazeo has offices in Paris, New York, Sao Paulo, Buenos Aires, Shanghai, London, Luxembourg, Frankfurt and Madrid.

Eurazeo is listed on Euronext Paris.oISIN: FR0000121121 -Bloomberg: RF FP -Reuters: EURA.PA

About Sommet Education

Known for excellence in cultivating the hospitality leaders of tomorrow, Sommet Education encompasses a distinguished group of institutions united by a fundamental belief in the importance of academic rigor, skills-based learning and a dynamic multicultural outlook. Sommet Education institutions Glion and Les Roches serve students from more than 100 countries, preparing them to be immediately effective in their professions –wherever in the world these may be –while delivering exceptional consumer experiences.

Sommet Education is part of Eurazeo, one of the leading listed investment companies in Europe.

For more information,visitwww.sommet-education.com.

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OpenSesame Raises $28 Million in Growth Equity Led by FTV Capital

FTV Capital

elearning Leader Expands Machine Learning Curation to Revolutionize How Employees are Trained

Portland, Oregon — OpenSesame, the elearning innovator providing the world’s most comprehensive online catalog of curated employee training courses, today announced it raised a $28 million growth equity round led by FTV Capital. OpenSesame will use the proceeds to continue enhancing its machine learning-driven curation tools, expand its course offerings, and scale its sales and marketing functions to serve businesses worldwide. This funding round includes participation from existing investors including Altos Ventures. As part of the transaction, FTV partner Chris Winship will join the OpenSesame board of directors.

As workforce training rapidly shifts from classroom to online delivery, OpenSesame is disrupting the standard elearning model by curating the most comprehensive catalog of over 20,000 elearning courses from hundreds of the world’s top publishers and helping companies ensure the success of their training programs. OpenSesame helps businesses around the world find courses, map them to core competencies, sync them with a company’s learning management system (LMS) to increase utilization and improve learning & development (L&D) programs.  OpenSesame has flexible buying options to meet every training need, and the technology platform is simple to integrate and use. Leveraging machine learning and expert advisors, OpenSesame helps curate the best variety of courses for evolving enterprise training requirements, driving employee engagement and increasing elearning utilization. OpenSesame serves a wide range of clients, including governments and Global 2000 companies in services, manufacturing, technology, and highly regulated industries such as financial services and health care.

“Our goal is to make elearning accessible, convenient, and meaningful to all EnerSys employees.” said Drew Krajewski, director of global training & development for EnerSys, a Fortune 1000 OpenSesame customer. “Actual customer service of this caliber is a rarity, and OpenSesame does it right. We don’t consider OpenSesame a vendor. They’re our partner.”

“Based on FTV Capital’s long and successful enterprise SaaS investment track record, we are excited to have them lead our Series C funding,” said Don Spear, CEO of OpenSesame. “This investment coupled with their extensive network of strategic advisors will help OpenSesame to continue to rapidly grow and innovate to meet the constantly evolving training needs of our customers as they prepare their employees for the future of work.”

“Enterprises spend over $30 billion annually on external learning content and programs to maintain a highly skilled, competitive workforce, as well as to comply with complex regulatory requirements,” said Chris Winship, FTV Capital partner. “OpenSesame is capitalizing on key trends that are transforming the workplace, including a more mobile workforce, evolving millennial preferences and behaviors, and the rapid adoption of enabling technologies such as cloud and collaboration. We are extremely impressed with the OpenSesame management team, the market leading solution they have built and their outstanding growth trajectory, and we are excited to join forces in this next phase of growth.”

About OpenSesame

OpenSesame helps develop the world’s most productive and admired workforces. With the most comprehensive catalog of elearning courses from the world’s top publishers, we are here to help you every step of the way, from finding courses, mapping them to your core competencies, syncing them with your LMS to increasing utilization and improving your L&D programs. Not only will you have the flexibility of multiple purchasing options from OpenSesame, you’ll find it simple to use and administer your e-learning courses. To learn more, visit www.opensesame.com.

About FTV Capital

FTV Capital is a growth equity investment firm that has raised over $2.7 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology & services, financial services and payments & transaction processing. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in 108 portfolio companies. FTV has offices in San Francisco and New York. For more information, visit www.ftvcapital.com.

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