Palamon concludes £23m refinancing of Cambridge Education Group
Palamon Capital Partners has completed a £23m refinancing deal for its portfolio company Cambridge Education Group (CEG) with Royal Bank of Scotland.
The refinancing package includes a dividend recap for equity holders and additional financing to support the company's growth. Since 2009, this is the third dividend recapitalisation CEG has completed.
Palamon supported the £10m MBO of the company in February 2007.
Company
Founded in 1952, CEG offers various education programmes from language courses to pre-Cambridge university prep courses. CEG also offers undergraduate programmes and pre-Masters courses. It is headquartered in Cambridge and has the capacity to teach 2,000 students.
In 2011, CEG's revenue amounted to £55m
People
Dan Mytnik, partner, led the deal on behalf of Palamon. Fergus Brownlee is CEO of CEG. Managing director of Financial Sponsors Midlands, Peter Talbot, represented Royal Bank of Scotland.
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