Parquest, Amundi buy Eduservices in SBO

Eduservices was marketed based on an EBITDA of €12-13m, according to Unquote sister publication Mergermarket. PE firm Montefiore was among the interested bidders, the publication reported.

The transaction saw founder Philippe Grassaud retain a majority stake in the business. Debt provider Capzanine, although divesting from the business, provided financing for the transaction.

Parquest is currently investing via its Parquest Capital II fund, closed on €310m in 2017. 

Previous funding
In July 2010, London-based private equity firm Duke Street acquired a majority stake in Eduservices through an early-stage investment. Seven years later, Capzanine acquired a minority stake in the company from its previous majority owner. 

The change of ownership was an opportunity for Eduservices CEO Philippe Grassaud to increase his stake from 40% to an estimated 52%, French publication Capital Finance wrote at the time. Capzanine's stake amounted to 46.4%, while the balance (1.6%) was held by management.

The transaction also saw Capzanine provide a 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.

Company
Founded in 2010 and based in Levallois-Perret, Eduservices provides services and support to schools and programmes working in the education sector.

Through its schools network spread across 25 cities in France, it trains 19,000 students each year in a variety of courses ranging from short vocational studies to masters in sales, accounting, communication and hospitality qualifications. The business, employing 2,000 people, has revenues of around €115m.

People
Eduservices – Philippe Grassaud (founder).
Parquest Capital – Denis Le Chevallier (managing director).
Capzanine – Christophe Karvelis (president).

Advisers
Equity – Goodwin (legal); Indefi (commercial due diligence); Eight Advisory (financial due diligence).
Vendor – Oderis Consulting (corporate finance); Ayache Salama (legal); PMSI (commercial due diligence); CMS Francis Lefebvre (legal).

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• Topics
• Buyouts
• Exits
• France
• Consumer
• France
• Amundi Private Equity
• Capzanine
• Parquest Capital