Constellation divests Ibis to Quadriga

Constellation conducted a bolt-on acquisition strategy and diversified Ibis into two segments: youth education and higher professional education.

The private equity house stated it saw high demand for education assets and was approached by several mid-market buyout funds for Ibis, resulting in the decision to sell. The investment generated an IRR of 57%.

Constellation invests in service companies in the German-speaking region, particularly in the education, business services, healthcare and financial services segments.

Previous funding
Constellation acquired a majority stake in Ibis in December 2011 via its Constellation III German Asset Light SICAV-FIS Private Equity Fund.

Company
Founded in 1981, Ibis provides training and education for adults, young people and school leavers, as well as immigrants, from 80 branches in Austria and Germany. Its aim is to reintegrate the unemployed back into the labour market.

The Viennese company has revenues of around €70m and its 100 employees teach 50,000 students per year.

People
Rafael Montibeller is CEO of Ibis. Constellation chairman Dieter Scheiff has been at the firm since 2010 and was promoted to managing partner last year. Andreas Fendel is managing director at Quadriga.

Advisers
Vendor – William Blair (Corporate finance); Taylor Wessing (Legal).

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• Topics
• DACH
• Exits
• Buyouts
• Support services
• Quadriga Capital
• Austria