Capzanine takes a minority stake in Eduservices

Alice Tchernookova
10 January 2017

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Capzanine has acquired a minority stake in educational services group Eduservices from previous majority owner Duke Street Capital.

Duke Street will fully exit the group by selling its majority share to the new investor. Eduservices CEO Philippe Grassaud will also see his capital share increase from 40% to an estimated 52%, Capital Finance writes. Capzanine's stake will be 46.4%, with the balance (1.6%) held by company management.

Capzanine also provided mezzanine financing to support the transaction. The mezzanine package was supplemented by a senior debt arranged by HSBC France, LCL, Caisse d'Epargne Ile-de-France and Crédit Mutuel.

With Duke Street's backing, the group grew its turnover from €75m in 2010 to a current €99m, the GP claims.

Previous funding
In July 2010, London-based private equity firm Duke Street acquired a majority stake in Eduservices for an undisclosed amount through an early-stage investment.

Company
Founded in 2010, Eduservices provides services and support to schools and programmes working in the education sector. Through its schools network, it trains 15,000 students each year in a variety of courses ranging from short vocational studies to master level in sales, accounting, communication and also hospitality qualifications.

Based in Paris, the firm currently generates sales of €99m, according to Capital Finance.

People
Duke Street Capital – Didier Bismuth (partner).
Capzanine – Christophe Karvelis (managing partner); Brunon Bonnin (director); Clément Colin (associate).

Advisers
Equity – ACA-Nexia, Hervé Krissi, Thierry Guelfi, Adrien Bauwens (financial due diligence) ; Lafayette Associés, Jean-Christophe Chamayou (commercial due diligence); Gowlings, Jérôme Pattenote, Sophie Mesnier-Teissedre (legal).
Vendor – D&A Partners, Jean-Marc Dayan, Julien Skornik, Robin Jelin (corporate finance); AyacheSalama, Olivier Tordjman, Gwenaëlle de Kerviler, Sophie Allex-Lyoudi, Bruno Erard (legal).
Debt – De Gaulle Fleurance & Associés, Jonathan Souffir, Pauline Sturznegger (legal).