WENDEL: Wendel completes the acquisition of c.50% of Globeducate, a leading international K-12 education group
17 October 2024 - 3:00AM
UK Regulatory
WENDEL: Wendel completes the acquisition of c.50% of Globeducate, a
leading international K-12 education group
PRESS RELEASE - OCTOBER 16, 2024
Wendel completes the acquisition of c.50% of
Globeducate, a leading international K-12 education group
Wendel (Euronext: MF.FP) has completed the
acquisition of c.50% of Globeducate, one of the world’s leading
international K-12 education groups, from Providence Equity
Partners, (“Providence”), a premier private equity firm
specializing in growth-oriented investments in media,
communications, education and technology.
Wendel invested €625 million of equity, at an
Enterprise Value of c.€2 billion1, to join Providence,
which has been the Globeducate reference shareholder since 2017,
and both firms will now own c.50% of the group.
Founded in 1972 in Spain, Globeducate provides
K-12 (primary and secondary) education through a network of 67
premium bilingual and international schools, as well as online
programs, across 11 countries mostly in Europe. The Group employs
more than 6,000 people, including 4,000 highly qualified
teachers.
Globeducate schools provide more than 40,000
students with a world-class education adhering to high academic
standards. Globeducate students representing a wide range of
backgrounds, benefit from a comprehensive and innovative
educational experience – as well as first-class pastoral care – to
prepare them to become ‘global citizens who can shape the
world’. Many students achieve top grades and are typically
accepted into higher education programmes at 50 of the world’s top
100 universities. School facilities are modern and well-appointed,
having benefited from significant investment in recent years.
Importantly, Globeducate aligns closely with Wendel’s strategy and
values.
Providence has been the majority shareholder of
Globeducate since 2017. Under Providence’s ownership, Globeducate
has delivered double-digit average annual revenue growth through a
combination of organic growth new developments, and accretive
external growth, with 23 international accretive acquisitions
completed over the period and opportunities in the pipeline.
Globeducate is expected to achieve
revenue2 of c.€440 million, c.80% of which would be
generated in Europe, and EBITDA3 of c.€120 million in
its financial year ending August 2025.
Agenda
Thursday, October 24, 2024
Q3 2024 Trading
update – Publication of NAV as of September 30, 2024
(post-market release)
Thursday, December 6, 2024,
2024 Investor Day.
Wednesday, February 26, 2025
Full-Year 2024
Results – Publication of NAV as of December 31, 2024, and
Full-Year consolidated financial statements (post-market
release)
Thursday, April 24, 2025
Q1 2025 Trading
update – Publication of NAV as of March 31, 2025
(post-market release)
Thursday, May 15, 2025
Annual General Meeting
Wednesday, July 30, 2025
H1 2025 results – Publication
of NAV as of June 30, 2025, and condensed Half-Year consolidated
financial statements (post-market release)
1 EV including IFRS 16 impacts. Excluding IFRS
16, EV stands at c.€1.86 billion.
2 Including ongoing acquisitions under
exclusivity (c.€25 million).
3 Including ongoing acquisitions under
exclusivity (c.€9 million). Including IFRS 16 impacts. EBITDA
excluding IFRS 16 impacts stands at c.€96m.
- Closing Globeducate_10.16.2024
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