CDPQ increases its interest in CAE

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Private Equity, Québec Montréal,

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Caisse de dépôt et placement du Québec (“CDPQ”) has announced a $150 million equity investment in CAE (NYSE: CAE; TSX: CAE), a world leader in training and operational support in the civil aviation, defence and security and health care markets. With this transaction, CDPQ is supporting the Québec company’s expansion plans, including the acquisition of Flight Simulation Company B.V., which will allow CAE to grow its capacity to offer training services to customers in Europe, primarily airlines and cargo carriers. This transaction was done in conjuction with the company’s previously announced drive to raise $300 million in capital.Despite the unprecedented situation created by COVID‑19, the Québec company has proven the resilience of its business model over the last year. The investment announced today will allow CAE to finance potential future growth and acquisition opportunities.

“Our investment is rooted in a desire to support a resilient Québec business like CAE in its recovery and growth efforts. In a global context that is challenging for the aeronautics sector, CAE continues to demonstrate the capacity to innovate in various growth sectors of the economy and strengthen its competitive position with a view to fully resume activities,” declared Kim Thomassin, CDPQ’s Executive Vice-President and Head of Investments in Quebec and Stewardship Investing.

“The successful completion of the public offering and private placement will provide CAE with additional financial flexibility to pursue our strategic growth opportunities and capitalize on potential future acquisition opportunities, while maintaining a solid financial position,” said Marc Parent, CAE’s President and Chief Executive Officer. “We are pleased with the continued partnership with the Caisse de dépôt et placement du Québec and we are proud with the trust they have placed in CAE, a Quebec-based high-technology and training leader.”

ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and para-public pension and insurance plans. As at June 30, 2020, it held CA$333.0 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit www.cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

ABOUT CAE

CAE is a high technology company, at the leading edge of digital immersion, providing solutions to make the world a safer place. Backed by a record of more than 70 years of industry firsts, we continue to reimagine the customer experience and revolutionize training and operational support solutions in civil aviation, defence and security, and healthcare. We are the partner of choice to customers worldwide who operate in complex, high-stakes and largely regulated environments, where successful outcomes are critical. Testament to our customers’ ongoing needs for our solutions, over 60 percent of CAE’s revenue is recurring in nature. We have the broadest global presence in our industry, with approximately 10,000 employees, 160 sites and training locations in over 35 countries. www.cae.com

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Naxicap Partners has acquired Eureka Education Group, a major player in private professional and higher education, from Abénex and the Finoli Group

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Naxicap

Partnered with majority shareholder Abénex since 2018, Eureka Education has today issued a statement on its ongoing growth strategy alongside Naxicap Partners, an affiliate of Natixis Investment Managers*.
On completion of the deal, Abénex and the Finoli Group will transfer their interest to Naxicap Partners, which will hold a majority of the group’s capital alongside managers, who are reinvesting in the deal.

Eureka Education is now a major player in private professional and higher education through its three education verticals: Silvya Terrade (beauty, cosmetics, fragrances, and hairdressing); Euridis Business School (complex B2B sales and negotiations); and SupTertiaire (real estate and social housing). Drawing on the skills of more than 1,000 teachers, the group hosts nearly 10,000 students each year for training programmes from high-school to BAC+5 on more than 50 campuses in France and Switzerland. The training courses are fully recognised by the state and professional branches and are based on Education Nationale diplomas (BAC, BTS, etc.) as well as RNCP and CQP qualifications from levels 1 to 5 (V to I in the French nomenclature).

Since its acquisition by Abénex in April 2018, the group has implemented an ambitious buy-and-build strategy with the completion of nearly 20 external growth deals, allowing for the strengthening of Silvya Terrade’s historic leadership and the addition of two new high-growth divisions (Euridis Business School and SupTertiaire).

The Group aims to pursue its organic and external growth strategy in France and in Europe by expanding its existing network of schools, acquiring schools in new education verticals, and increasing investments in the digitisation of content and teaching methods.
Bernard de Sagazan, head of Eureka Education, says, ‘We are very pleased to welcome Naxicap Partners with which we share an ambitious vision of the group’s development. This will allow us to continue to develop our training catalogue according to market needs and better understand the many recent developments in our sector such as the rise in apprenticeship and the arrival of CPF in its new form’.
Antoine Houël, a partner at Abénex, adds, ‘We are proud to have supported Eureka Education Group management during this impressive expansion phase. Eureka is now a major player in education in France, operating three renowned schools, recognised both for the quality of their teaching and their ability to facilitate students’ entry into ambitious career paths. We wish the new shareholders and management every success in continuing this way’.

‘Naxicap Partners is pleased to announce the acquisition of a majority stake in Eureka Education Group alongside Bernard de Sagazan and his teams. The group’s expertise and unique position as well as the quality of its management team make this a rare investment opportunity in the sector’, said Eric Aveillan, Chairman of the Executive Board at Naxicap Partners.

Contacts:
Eureka Education: Bernard de Sagazan
Legal – Corporate: Hugot Avocats (Olivier Hugot, Farrah Ducher)
Legal – Management: Jeausserand Audouard (Erwan Bordet, Eléonore Gaulier)
Financial Adviser – managers: Oloryn Partners (Eric Lesieur, Cyrille Leclerc)
Financial VDD: KPMG (Damien Moron, Sophie Dervain, Charles-Boris Pavard)
Finoli Group: Grégory Declercq, Pierre Juhen
Legal – M&A: Jeausserand Audouard (Erwan Bordet, Eléonore Gaulier)
M&A Adviser: Rothschild & Co. (Pierre Sader, Augustin Delouvrier)
Abénex: Antoine Houël, Karim Hoebanx
Legal – M&A: McDermott, Will & Emery (Grégoire Andrieux, Louis Leroy, Lucas Tabouret)
M&A Adviser: Rothschild & Co. (Pierre Sader, Augustin Delouvrier)
Naxicap Partners: Eric Aveillan, Laurent Sallé, Aurélien Dorkel, Simon Ricque, Agathe Baujard, Mouncef Daifallah, Corentin Desbois
Legal – M&A and Corporate: Edge Avocats (Matthieu Lochardet, Claire Baufine-Ducrocq)
Legal – Tax: Keels Avocats (Laurent Partouche, Hélène Leclère, Adélie Louvigné)
Legal – Financial: Mayer Brown (Patrick Teboul, Marion Minard, Julien Leris)
M&A Adviser: Clearwater (Thomas Hamelin – Edmond de Rothschild Corporate Finance since 01/09/2020, Sophie Lerond), Lazard (Charles Andrez)
Financial Adviser: Clearwater (Laurence de Rosamel, Paul Assael)
Financial Due Diligence: Exelmans (Stéphane Dahan, Manuel Manas, Rodolphe Savary De Beauregard)
Legal, Tax and Social Due Diligence: Edge Avocats (Matthieu Lochardet, Claire Baufine-Ducrocq)
Strategic Due Diligence: Indefi (Julien Berger, Mehdi Belefqih, Adam Laissaoui)
Financing: Barings (Alice Foucault, Benjamin Gillet, Rana Misirlizade)
Barings Legal: Nabarro & Hinge (Jonathan Nabarro)

About Eureka Education
Eureka Education is the leading institution in the field of professional education in France and Switzerland. Every year, the Group provides over 10.000 students with a large array of courses ranging from French BAC (A-Level) to Master’s degrees across a proprietary network of 50 campuses and employed more than 1.000 teachers and administrative staff.
Building on strong and diversified fundamentals, as well as strenghtened financial capabilities, Eureka Education ambitions to further enhance its position as leading consolidation platform for high-employement professional schools in France and in Europe.
www.eureka-education.fr

About Naxicap Partners
As one of the top private equity firms in France, Naxicap Partners – an affiliate of Natixis Investment Managers* – has €3.5 billion in assets under management. As a committed, responsible investor, Naxicap Partners builds solid, constructive partnerships with entrepreneurs so that their projects can succeed. The firm has 39 investment professionals spread across five offices in Paris, Lyon, Toulouse, Nantes and Frankfurt.
For more information, visit www.naxicap.fr/en

About Natixis Investment Managers*
Natixis Investment Managers serves financial professionals with more insightful ways to construct portfolios. Powered by the expertise of more than 20 specialized investment managers globally, we apply Active Thinking® to deliver proactive solutions that help clients pursue better outcomes in all markets. Natixis Investment Managers ranks among the world’s largest asset management firms1 with more than $1 trillion assets under management2 (€906.0 billion).
eadquartered in Paris and Boston, Natixis Investment Managers is a subsidiary of Natixis. Listed on the Paris Stock Exchange, Natixis is a subsidiary of BPCE, the second-largest banking group in France. Natixis Investment Managers’ affiliated investment management firms include AEW; Alliance Entreprendre; AlphaSimplex Group; DNCA Investments;3 Dorval Asset Management; Flexstone Partners; Gateway Investment Advisers; H2O Asset Management; Harris Associates; Investors Mutual Limited; Loomis, Sayles & Company; Mirova; MV Credit; Naxicap Partners; Ossiam; Ostrum Asset Management; Seeyond; Seventure Partners; Thematics Asset Management; Vauban Infrastructure Partners; Vaughan Nelson Investment Management; Vega Investment Managers;4 and WCM Investment Management. Additionally, investment solutions are offered through Natixis Investment Managers Solutions, and Natixis Advisors offers
other investment services through its AIA and MPA division. Not all offerings available in all jurisdictions. For additional information, please visit Natixis Investment Managers’ website at im.natixis.com
| LinkedIn: linkedin.com/company/natixis-investment-managers.
Natixis Investment Managers’ distribution and service groups include Natixis Distribution, L.P., a limited purpose broker-dealer and the distributor of various U.S. registered investment companies for which advisory services are provided by affiliated firms of Natixis Investment Managers, Natixis Investment Managers S.A. (Luxembourg), Natixis Investment Managers International (France), and their affiliated distribution and service entities in Europe and Asia.
1 Cerulli Quantitative Update: Global Markets 2020 ranked Natixis Investment Managers as the 17th largest asset manager in the world based on assets under management as of December 31, 2019.
2 Assets under management (“AUM”) as of June 30, 2020 is $1,017.7 billion. AUM, as reported, may include notional assets, assets serviced, gross assets, assets of minority-owned affiliated entities and other types of non-regulatory AUM managed or serviced by firms affiliated with Natixis Investment Managers.
3 A brand of DNCA Finance.
4 A wholly-owned subsidiary of Natixis Wealth Management.

About Abénex
Founded in 1992, Abénex is a historical player in French private equity market, specialized in growth and buyout transactions both as a minority and majority shareholder. Independent for more than 10 years, Abénex operates in three segments of private equity: Smallcaps, Midcaps and Real-estate.
In Small and Midcap segments, Abénex is a long-term investor partnering with entrepreneurs and founding families, and operationally-involved in growth and operational optimization projects. Abénex is committed to the Management team’s success, providing them with a fully dedicated operational team to support their projects of transformation and external growth strategy. Abénex invests in SMEs valued up to €50m in Smallcaps and between €50m and €500m in Midcaps.
The team is composed of 30 professionals with demonstrated and renowned expertise, located in Paris and Lyon.
Abénex is approved by the AMF (Autorité des Marchés Financiers) to manage FPCI (Fonds Professionnels de Capital Investissement) and OPCI (Organismes de Placement Collectif Immobilier) funds.
www.abenex.com

About Groupe Finoli
Groupe Finoli is a French industrial conglomerate founded in 2008 by MM Pierre Juhen and Grégory Declercq, with a strong track record of supporting long-term development projects and values. Groupe Finoli currently operates in the fields of healthcare, beauty and wellness, through its main subsidiaries PATYKA, the leading French organic skincare brand, and NUTRIMUSCLE, European leader in the field of food supplements dedicated to high-intensity ahtletes.

Press contacts

Naxicap Partners
Valérie Sammut – Tel: 04 72 10 87 99
valerie.sammut@naxicap.fr
Abenex
Antoine Houël – Tel : 01 53 93 69 18
antoine.houel@abenex.com

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ClassWallet to Distribute ‘Strong Families, Strong Students Initiative’ Funds in Idaho to Low-Income Families for Remote Learning Expenses During COVID-19

Brentwood

ClassWallet has been awarded a contract from the State of Idaho and the Idaho State Board of Education to help distribute close to $50 million in funds for its ‘Strong Families, Strong Students Initiative’ to families for their remote learning needs during the COVID-19 pandemic.

Funds for the initiative come from the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was passed by Congress and signed into law by President Trump.

ClassWallet will work with Idaho’s Office of the State Board of Education to administer the distribution of funds, safely and securely, from its advanced fintech platform to roughly 30,000 eligible families. Students are eligible for grants of $1,500 each, with a maximum of $3,500 per family. Families will be provided with digital wallets to cover online learning expenses including, but not limited to, technology (computers, software and other devices), internet connectivity, instructional materials, fees for courses, tutoring services and educational services and therapies.

“We created the Strong Families, Strong Students Initiative to provide economic support to Idaho’s low-income families for their children’s educational needs during this difficult time,” said Governor Little in his press conference announcing the initiative. “It is important that we do all that we can to keep parents from having to leave the work force to ensure their children receive a quality educational experience.”

“The ClassWallet platform will enable Idaho to work quickly and nimbly to distribute funds to those families most in need for specific online learning assistance,” said Jamie Rosenberg, ClassWallet co-founder and CEO. “At the same time, we put checks and balances in place to ensure accountability and transparency, while reducing staff time, paperwork and administrative headaches.”

The company manages similar grant programs in Arizona, North Carolina and Oklahoma and is under consideration in several other states. In addition, ClassWallet’s spending management program for teachers is currently in use in more than 135,000 classrooms spread across 3,200 schools in a total of 20 states.

“ClassWallet’s financial technology platform is helping state governments and school districts of all sizes to safely and securely distribute funds for a wide variety of educational purposes,” said Eric Reiter, partner, Brentwood Associates and a director in ClassWallet. “In many ways, the company is acting like a ‘market maker’ in that it solves complex funding distribution challenges up front which allows new programs to be developed.”

Read the full announcement:

ClassWallet to Distribute ‘Strong Families, Strong Students Initiative’ Funds in Idaho to Low-Income Families for Remote Learning Expenses During COVID-19

Rotunda Capital-Backed Trinity3 Technology and FireFly Computers Unite to Serve the K-12 Tech Market

Rotunda Capital Partners

ST. PAUL, Minn.–(BUSINESS WIRE)–Trinity3 Technology and FireFly Computers are pleased to announce that the two companies are merging, effective today. Financial terms of the transaction were not disclosed.

This merger unites two leading providers of technology solutions to the K-12 market and will be led by Scott Gill, currently president and chief executive officer of Trinity3. Both businesses are based in Minnesota and will retain existing operating locations in St. Paul and Arden Hills.

“While we are focused foremost on computing device availability for school districts and students across the U.S. this fall, I am excited by the combination of our two teams and the positive impact it will have on our ability to deliver a uniquely superior customer experience in the years ahead,” said Gill.

“FireFly and Trinity3 coming together feels like a perfect union in so many ways, and I believe it will create something special and unparalleled in the K-12 market.” said Kari Phillips, former CEO of FireFly. “It’s been an absolute honor to lead FireFly to this point, and I can’t wait to see what we achieve together as a unified team, at a time schools need us more than ever.”

The combined company will continue to be a Rotunda Capital Partners portfolio company, following Rotunda’s acquisition of Trinity3 Technology last year. Rotunda provided additional equity capital for the merger, alongside investments by Kari Phillips and Devang Shah from FireFly, who will both join the combined company board in non-executive roles.

“We are excited to back the united Trinity3/FireFly team and create one of the largest K-12 technology focused platforms in the U.S.,” said John Fruehwirth, managing partner at Rotunda Capital Partners. “The unique scale of the combined firm will further enhance service levels while reducing total cost of IT ownership for school districts by combining our device knowledge, deployment services, and customized comprehensive multi-year warranty programs.”


About FireFly Computers

From its start, FireFly Computers built its identity in the K-12 market as a vendor focused on solving customer pain points. This solution-oriented mindset naturally grew into a public mission of “Hassle-Free, Worry-Free Technology.” With customer experience always at the forefront, FireFly has developed services and conveniences found nowhere else and has established itself as a key player in delivering affordable, high-quality computing technology to schools and government. The level of excellence FireFly has achieved has everything to do with an internal culture of being “supportive, evolving, and fun.” Over the years, FireFly has helped thousands of technology directors succeed in putting more devices in the hands of more students as their truly committed partner in education technology. For more, visit www.fireflycomputers.com

About Trinity3 Technology

Trinity3 Technology is wholly immersed in serving the technology needs of the education market. The company offers custom solutions—including student computing, warranty services and enterprise products—to suit each customer’s unique needs. Backed by an experienced team of sales, support, and technical professionals, Trinity3 delivers exceptional value to educational institutions. What makes Trinity3 Technology unique is not just the products and services offered but the people who stand behind them. For more, visit www.trinity3.com

About Rotunda Capital Partners

Rotunda Capital Partners is a private equity firm that invests equity capital in established, lower middle market companies. Rotunda Capital partners with management to build data-driven growth platforms within its targeted sectors, including value added distribution, asset light logistics, industrial/business services and specialty finance/insurance services. Founded in 2009, the firm has a long history of helping management teams achieve their goals for growth. The Rotunda Capital team actively provides guidance and draws on deep industry and financial relationships to contribute to the successful execution of Rotunda’s companies’ strategic plans. For more, visit www.rotundacapital.com


Contacts

Scott Gill
Trinity3 Technology | FireFly Computers
(651) 888-7922
sgill@trinity3.com

Jill Lafferty
Rotunda Capital Partners
(847) 280-1295
jill@rotundacapital.com

Kian Portfolio Exit Announcement — TrueLearn

Kian Capital

Jun 10, 2020

Kian Capital Partners, a middle-market focused private investment firm, is pleased to announce a successful exit from its investment in TrueLearn (“TrueLearn”) through a sale to LLR Partners (“LLR”). Terms of the transaction were not disclosed.

 

Headquartered in Mooresville, NC, TrueLearn is a leading provider of virtual learning and exam preparation software for physicians and healthcare professionals seeking Board licensure and accreditation. The Company relentlessly advocates for learners seeking to maximize outcomes across a multitude of healthcare fields, including medical specialties such as General Surgery, Anesthesiology, and OB/GYN, and partners with medical schools and healthcare training programs to promote the highest levels of success. TrueLearn’s innovative platform leverages elements of cognition and data science to help make learning more durable, while providing insightful performance analytics to faculty that can be used to guide teaching.

 

The business was founded in 2008 by Dr. Joshua Courtney, while completing his own Anesthesiology residency. In early 2017, Kian made a minority investment in TrueLearn that enabled Dr. Courtney to regain full control of his business and focus on key growth initiatives to drive the business forward. Since then, Kian has served as a value-added Board member and financial partner to Dr. Courtney and the Truelearn executive team as they’ve successfully executed a winning strategy, resulting in significant growth.

 

“Kian has been a true partner over the last three years, offering insight and flexibility as we shifted our operations to the Charlotte area, bolstered our executive team and attained important growth targets,” Dr. Courtney stated. “It was a huge benefit to have a financial partner I could rely on as we navigated through a tight timeline to close our deal in 2017. Kian’s genuine partnership approach was paramount during an important period in the Company’s history, resulting in a rewarding relationship that has positioned TrueLearn for accelerated growth as we look to serve our customers in new and exciting ways in the future.”

 

E-learning solutions such as those offered by TrueLearn are in high demand as institutions adjust to asynchronous and remote classroom environments. In recent months, TrueLearn has expanded its offerings beyond physician education to adjacent healthcare markets including pharmacy and allied health. This shift has helped meet rising needs of medical schools, residency programs and allied healthcare programs, which seek to train learners in remote settings, while continuing to address the problem of healthcare workforce shortages.

 

“At Kian, we have a flexible investment mandate that allows us to structure investments to meet the unique needs of companies and their founders. We were proud to back Josh and his executive team with a capital solution that helped TrueLearn achieve such success,” commented Matt Levenson, Partner at Kian Capital. “LLR brings valuable expertise in the education, technology and healthcare industries. TrueLearn is well-positioned to take advantage of all the resources and experience that will be available as they grow to the next level. We look forward to developing future partnerships within the e-learning and test prep space.”

 

DC Advisory acted as exclusive financial advisor to TrueLearn.

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Montagu invests in Galileo Global Education

Montagu

Montagu announces that it has agreed to participate in the buyout of Galileo Global Education (“Galileo”) within a consortium of financial investors.

Galileo is a leading, international provider of higher education to over 110,000 enrolled students.  Its network of 42 schools on 80 campuses offer a number of subjects including applied arts, fashion, design and digital/Internet, business and medicine.  It operates in 13 countries around the world, with a particular presence in France, Italy, Germany, Cyprus and Mexico.

Founded in 2011 and headquartered in Paris, Galileo is Europe’s largest higher education group, in terms of both geographical spread and breadth of course offering.  Its network includes highly respected institutions including the Paris School of Business (PSB), Cours Florent and Atelier de Sèvres in France, Instituto de Estudios Universitarios in Mexico, Macromedia University in Germany and Istituto Marangoni in Italy.

Montagu is delighted to work with Marc-François and his very capable team who are committed to making Galileo the leading global provider of higher education.  Galileo’s market-leading position and its great reputation in higher education makes it an excellent fit for our investment strategy.

Marc-François Mignot Mahon, CEO of Galileo Global Education, said “Galileo is proud to welcome Montagu, which join forces with other major institutional investors to support us in becoming the world leader in higher education and continue our mission at the service of society: to educate and train.”

This is our second transaction in the education sector in recent years.  Montagu had previously invested in the University of Law – the leading provider of professional legal education and training in England and Wales – which was sold to Global University Systems in 2015.

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EQT Credit completes financing to support growth of Dukes Education

eqt

EQT Credit, through its Direct Lending investment strategy, is pleased to announce that it has provided incremental committed credit facilities to support the continued growth of Dukes Education Group (“Dukes” or the “Company”).

Founded in 2015 by Aatif Hassan, Dukes is a leading UK-based provider of private premium nurseries, K-12 schools, colleges and summer schools, as well as university consultancy services.

Andrew Cleland-Bogle, Partner at EQT Partners and Investment Advisor to EQT Credit, commented: “Dukes comprises a portfolio of schools with outstanding quality and strong academic results. We have been impressed by the high calibre of Aatif and his management team, as well as the track record of growth achieved during our continued partnership. This transaction marks one of several made by the Credit platform in the education sector and is another example of the platform’s ongoing ability to provide long-term support to founder-led companies as they expand.”

Aatif Hassan, Founder and Chairman of Dukes, commented: “EQT Credit’s support has been unwavering. We are pleased to have them as a committed long-term partner as we continue to grow our family of best in class schools and educators.”

Contact
Andrew Cleland-Bogle, Partner at EQT Partners, +44 20 7430 5510
EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 41 billion in assets under management across 19 active funds. 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.eqtgroup.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.eqtgroup.com/business-segments/credit/strategies/

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Funds advised by Apax Partners to acquire Cadence Education from Funds advised by Morgan Stanley Capital Partners

Investment to support continued growth of a leader in early childhood education

Scottsdale, AZ and New York, NY, February 12, 2020: Funds advised by Apax Partners (the “Apax Funds”) today announced they have reached an agreement to acquire Cadence Education, a leading provider of early childhood education in North America, from investment funds managed by Morgan Stanley Capital Partners (“MSCP”). The transaction is expected to complete in March 2020. Financial terms of the transaction were not disclosed.

Cadence Education serves families and students in more than 225 private preschools through a network of over 40 brands, including the company’s flagship Cadence Academy brand. The company’s schools serve children aged six weeks to 12 years. With more than 27 years in business, Cadence Education schools offer a proprietary curriculum developed by experts to give students the skills and confidence necessary to excel in their next phase of education.

The investment from the Apax Funds will support Cadence Education to continue its impressive growth trajectory, including strategic acquisitions and the expansion of core operational capabilities.

Dave Goldberg, President and Chief Executive Officer of Cadence Education, said: “We are very excited about our new partnership with Apax, which will help drive our continued growth and bring our mission of providing an exceptional education in a fun and nurturing environment to even more children. MSCP has been a great partner to the business, and we thank them for their support.”

Nick Hartman, Partner at Apax Partners, said: “We look forward to working with Dave and the Cadence Education team to continue to execute the strategy that has established the company as a leader in the early childhood education space. Cadence Education’s focus on children and parents delivers industry-leading customer satisfaction which, in combination with a highly-skilled team, positions the company for continued growth.”

David Thompson, Executive Director of MSCP, said: “We are proud to have partnered with Cadence Education to strengthen its educational offering and deepen its position as a leading provider of early childhood education in the US. Cadence Education is deeply committed to its mission of providing high quality education and care to families, and we have appreciated the opportunity to work with Dave Goldberg and the entire Cadence team during this exciting growth period.”

Debevoise & Plimpton LLP served as legal advisor, and William Blair and Lazard Middle Market served as financial advisors to MSCP. Simpson Thacher & Bartlett LLP served as legal advisor to Apax Partners.

About Cadence Education

Cadence Education is one of the premier early childhood educators in the United States, operating more than 225 private preschools across the country. With more than 27 years in business, Cadence has developed an unparalleled expertise in preparing students to thrive in the next step of their childhood. Cadence Education provides parents with peace of mind by giving children an exceptional education every fun-filled day in a place as nurturing as home. For additional information about Cadence, please visit www.cadence-education.com.

About Apax Partners

Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.$50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare, and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

About Morgan Stanley Capital Partners

Morgan Stanley Capital Partners, part of Morgan Stanley Investment Management, is a leading middle-market private equity platform that has invested capital in a broad spectrum of industries for over three decades. Morgan Stanley Capital Partners focuses on privately negotiated equity and equity-related investments primarily in North America and seeks to create value in portfolio companies primarily in a series of subsectors in the business services, consumer, healthcare, industrials, and education markets with an emphasis on driving significant organic and acquisition growth through an operationally focused approach. For further information about Morgan Stanley Capital Partners, please visit: www.morganstanley.com/im/capitalpartners.

Media Contacts

For Apax Partners

Global Media: Andrew Kenny, Apax | +44 20 7 872 6371 | andrew.kenny@apax.com

USA Media: Todd Fogarty, Kekst CNC | +1 212-521-4854 | apax@kekstcnc.com

UK Media: Matthew Goodman / James Madsen, Greenbrook | +44 20 7952 2000 | apax@greenbrookpr.com

Notes to Editors 

London-headquartered Apax Partners (www.apax.com) and Paris-headquartered Apax Partners (www.apax.fr) had a shared history but are separate, independent private equity firms.

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IK Investment Partners joins Amin Khiari and Quilvest by investing in GEDH to accelerate its development

ik-investment-partners

Groupe EDH (“GEDH” or the “Group”), controlled by Quilvest Capital Partners (“Quilvest”) and Amin Khiari, has announced that IK Investment Partners (“IK”), a leading Pan-European private equity firm, has acquired a minority stake in the Group. The investment demonstrates a common willingness to pursue a strong development strategy for the private higher education Group, expanding both in France and internationally.

A pioneer in the field of communication (EFAP), cultural management (ICART) and journalism (EFJ), the Group, managed by Amin Khiari since 2014, received investment from Quilvest in 2017 in order to support its growth plan and in particular its external growth operations. GEDH has since completed the acquisitions of the Brassart and Aries schools, both specialised in the field of digital creation, now combined under the Brassart brand with a presence in 13 cities in France. More recently, the Spanish communication and design university CESINE, based in Santander, joined the Group.

“Our Group has undergone a significant development phase over the past five years through a combination of organic growth, geographic expansion and external growth, increasing from 2,000 to nearly 7,000 students, from three to five schools and from five to twenty campuses. We are proud of these results, rewarding a continuous improvement strategy of both our programs and educational methods to offer an ever better service and professional insertion to our students. The investment from IK will provide us with the necessary resources to pursue a next phase of growth in the coming years, in keeping with the identity and values of our schools,” said Amin Khiari, Chairman of GEDH

IK’s investment will allow the Group to keep up with the financing requirements in its existing schools and through their geographic roll-out, as well as for the acquisition and integration of new campuses in France and abroad, strengthening the position of GEDH as a leader in private higher education in France.

“We are delighted that the management of GEDH and Quilvest have decided to place their trust in us and to be able to contribute to the wider development of these schools. Our approach is based on a clear ambition: to build a champion in higher education in the fields of communication, culture and creation, in France and abroad,” added Thomas Grob, Partner at IK Investment Partners.

Quilvest Capital Partners retains its reference shareholding position in Groupe EDH, alongside Amin Khiari.

“We are familiar with the professionalism and quality of IK Investment Partners’ team and we look forward to building this new team alongside the management of Groupe EDH and continue the fantastic development that we have experienced for several years,” stated Thomas Vatier, Partner at Quilvest Capital Partners.

Parties involved in the transaction

Buyside
IK Investment Partners:  Thomas Grob, Thibaut Richard, Florent Labiale, Adrien Normand
Legal advisor: Goodwin (Thomas Maitrejean, Mathieu Terrisse)
Commercial advisor: PMSI (Rémi de Guilhermier, Lucinda Nicholson)
Financial advisor: Eight Advisory (Lionnel Gerard, Guillaume Catoire)
Legal and tax advisor: PwC Société d’avocats (Jérôme Gertler, Marc-Olivier Roux, Bernard Borrely)

Sellside
Quilvest Capital Partners: Thomas Vatier, Loeiz Lagadec, Hichem Hadjoudj
M&A advisor:  Eurvad Finance (Charles Guigan, Yassine Jnan, Martin Klotz)
Legal advisor: Mayer Brown: Corporate (Olivier Aubouin, Patrick Loiseau Renan Lombard-Platet, Alexandre de Puysegur); Financing (Patrick Teboul, Marion Minard, Julien Léris); Tax structure (Elodie Deschamps, Pauline Barbier)
Financing advisor: Finaxeed (Vincent Rivaillon, Matthieu Lecomte)
Financial advisor: Exelmans (Stéphane Dahan, Richard Dahan, Chenwei Xu, Géraud Delloye)
Legal, tax and real-estate advisor: Delsol: Corporate (Henri-Louis Delsol et Alexandre Zitoune); Tax (Julien Monsenego et Margot Lasserre); Social (Delphine Bretagnolle, Jessica Neufville et Céline Coelho); Real estate (Benoît Boussier et Cérine Chaieb)
Private lenders advisor: Allen & Overy (Jean-Christophe David, Thomas Roy)

Management team
Amin Khiari, CEO
Legal advisor: Gomel Avocats (Arnaud Gomel)
Tax advisor: Ayache Salama (Bruno Erard)

Joint advisors
Private lenders: CIC Private Debt (Pierre-Jean Mouesca, Marie de Taisne, Maureen Planchard); Idinvest (Eric Gallerne, Maxime de Roquette Buisson, Emmanuelle Tanguy)

For further questions, please contact:

IK Investment Partners
France:
CTCom
Sibylle Descamps
+33 (0) 6 82 09 70 07
sibylle.descamps@ct-com.com

International:
Maitland
James McFarlane
+44 (0) 207 379 5151
jmcfarlane@maitland.co.uk

FTI Consulting for Quilvest Capital Partners
Anna Adlewska
+33 (0) 1 47 03 68 56
anna.adlewska@fticonsulting.com

GEDH
Emmanuelle Baruch
e.baruch@groupe-edh.com

About Groupe EDH
Founded in 1961 by Denis Huisman, and succeeded by Amin Khiari in 2014, GEDH is comprised of 5 reference schools, namely EFAP (Communication), ICART (Art and Culture Management), EFJ (Journalism), Brassart (Digital Creation), and CESINE (Design, Marketing and Communication) with 20 campuses in France and abroad.

Benefiting from a powerful network of international partners from the corporate and academic world, GEDH has developed a unique pedagogy focused on strong professional exposure and work experiences. The different schools account for more than 7,000 students and 30,000 alumni throughout the world.

About IK Investment Partners
IK Investment Partners 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 €10 billion of capital and invested in over 130 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

About Quilvest Capital Partners
Quilvest Capital Partners is the private equity arm of the Quilvest Group, a leading, global, independent wealth manager and private equity investor, which was created by a family of entrepreneurs in Paris a century ago. Since 1972, Quilvest Capital Partners partners with family owners and entrepreneurs of private small and medium sized companies in their ambitious, long-term growth projects. Over the last 40 years, Quilvest has backed over 150 mid-sized companies. Quilvest has a team of 15 investment professionals based in Paris and New York and invests equity tickets comprised between 20 and 70 million euros, through both majority and minority stakes. Quilvest Capital Partners also manages several investment programmes in private equity funds, private debt and private real estate. Quilvest Capital Partners manages around $5 billion of assets.

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Absorb Software Acquires ePath Learning, 3rdAcquisition in 2019Latest Deal Advances Global Leadership Position for Absorb in Fast-Growing LMS Market

Calgary, Alberta, Canada(December 20, 2019) –Absorb Software, provider of the Absorb Learning Management System (LMS) and the newly introduced Absorb Infuse, today announced the acquisition of ePath Learning, a leading cloud-based learning technology company in Connecticut. This marks the third acquisition of the year for Absorb, as the company continues its aggressive growth strategy into 2020. “Our mission has been clear since the beginning –to establish Absorb as the global leader in LMS and deliver significant value to our customers. Acquiring ePath Learning provides a tremendous opportunity to accelerate this vision, and represents yet another exciting opportunity to expand our footprint in the fast-growing LMS industry,” said Absorb CEO Mike Owens. “This is a great strategic fit for ePath Learning.After two decades of success, the Absorb dealenables us to continue delivering on our promise to provideworld-class learning management technology to customers,” said Dudley Molina, President and CEO of ePath Learning.The ePath Learning acquisition follows the August 2019 purchase of eLogic Learning. Absorb also purchased Utah-based SaaS LMS provider Torch LMSlast May. The company now serves more than 1,100 active customers with 255 employees across eight international offices.Business momentum has been validated by a series of recent industry accolades and award wins. Absorb was listed on Training Industry’s 2019 Top 20 Learning Portal/LMS Companies. In addition, the company received the highest overall rating in Gartner Peer Insights’“Voice of the Customer”: Corporate Learning Reportthis fall. Most recently, Absorb won a highly-coveted Brandon Hall Group Silver Award for Best Advance in Learning Management Technology, and was recognized with a prestigious Editors’ Choice Award byPCMag. Absorb is a portfolio company of Silversmith Capital Partners. Choate Hall & Stewart served as legal counsel to Absorb Software.

About Absorb Software

Absorb Software is a learning technology company based in Calgary, Alberta Canada, with global offices in London, Dublin, Shanghai, Sydney, Boston, Tampa and Salt Lake City. Absorb offers both Absorb Infuse, the first Learning Experience Platform (LXP) to offer a true in-the-flow learning experience, and its flagship product, Absorb LMS, an industry-leading and award-winning Learning Management System for businesses, higher education, government and non-profit agencies around the world.

Learn more at www.absorblms.com, or follow the company on LinkedIn, Facebook, or Twitter.About Silversmith Capital PartnersFounded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $1.1 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. The firm seeks to invest $15 million to $75 million per company. Representative investments include ActiveCampaign, Centauri Health Solutions,

Digital Map Products, Impact, LifeStance Health, MediQuant, Nordic Consulting Partners, and Validity. The partners have over six decadesof collective investing experience and have served on the boards of numerous successful growth companies including Ability Network, Dealer.com, Liazon, Liberty Dialysis, MedHOK, Net Health, Passport Health, SurveyMonkey, Wrike and Yapstone. For more information, visit www.silversmithcapital.com.

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