Naxicap aims for Eureka Education sale process by Q3

Although no sell-side adviser has been mandated yet, the sale is one of the most anticipated deals in the French education market, given the scarcity of large-cap assets in the space in France, the sources said. Financial sponsors have already begun working on the asset in anticipation of a formal process later in the year, one of the sources added.

The Paris-based group is expected to be marketed based on EBITDA of at least EUR 70m, the sources said.

Naxicap acquired a majority stake in Eureka Education in October 2020 from private equity firm Abénex, valuing it at EUR 200m-300m. The company's EBITDA was around EUR 18m when the sale was completed, according to Unquote sister publication Debtwire.

Eureka Education has the potential to expand outside France by acquiring peers in Spain, Germany, Italy and the UK, one of the sources said. The French group operates in France and Switzerland, according to its website.

Eureka Education has grown through acquisitions in recent years. In February 2021, the school network bought French peer GEMA (Grandes Ecoles des Métiers d'Avenir), which aimed to post EUR 12m revenues last year. In December 2020, it acquired French e-learning specialist Icademie, which generated revenues of EUR 17m.

The group has 100 campuses and enrols around 20,000 students each year for A-level or above formations. Among the six brands held by Eureka Education are Euridis Business Schools and aesthetics and hairdressing school network Groupe Sylvia Terrade.

Naxicap and Eureka Education did not respond to requests for comment.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• France
• Consumer
• Mergermarket
• Naxicap
• France