Naxicap acquires Eureka Education from Abénex, Finoli

Naxicap acquired the stakes previously owned by the two GPs, while the company's management reinvested alongside Naxicap.

Naxicap generally deploys equity tickets of €50-200m. The GP aims to expand Eureka's school network, as well as acquire more schools in new education verticals. Naxicap also intends to invest in the digitalisation of Eureka's content and teaching methods.

Previous funding
In April 2018, Abénex, at the time known as Groupe Silvya Terrade Abénex, acquired a majority stake in Eureka Education. The deal was valued in the €50-100m range. The GP invested via Abénex V, which held a final close in December 2017 on €425m. The fund deploys equity tickets of €10-60m, focusing on companies with enterprise values of €15-300m.

The company initially provided beauty and hairdressing training via its network of colleges in France, but Abénex pursued a buy-and-build strategy to expand the range of courses offered, expanding to commercial and business education.

Eureka made several add-ons before undertaking a refinancing in January 2020 in the form of a unitranche debt package from Tikehau Capital. Eureka announced three further add-ons in January 2020, as well as the completion of five new bolt-ons in July 2020, backed by Tiekahu's financing. The group made 20 add-ons in total.

Company
Eureka provides private professional training and higher education courses in France and Switzerland. The company has three divisions: Silvya Terrade, which provides beauty, cosmetics, fragrances, and hairdressing training; Euridis Business School, which offers courses in B2B sales and negotiations; and SupTertiaire, which focuses on real estate and social housing. Eureka employs 1,000 teachers and has approximately 10,000 students.

The business generates around €50m in revenues, according to a statement, and has 50 schools. The business generated revenues of €21m in 2017, which increased to €30m in 2018. The group comprised 24 schools at the time of Abénex's original investment in 2018.

People
Naxicap – Eric Aveillan (chairman of the executive board); Laurent Sallé, Aurélien Dorkel (directors); Simon Ricque, Agathe Baujard (senior associates); Mouncef Daifallah, Corentin Desbois (analysts).
Abénex – Antoine Houël (partner).
Eureka Education Group – Bernard de Sagazan (president)
Finoli Group – Grégory Declercq, Pierre Juhen (co-founders).

Advisers
Equity – Edge Avocats, Matthieu Lochardet, Claire Baufine-Ducrocq (legal); Keels Avocats, Laurent Partouche, Hélène Leclère, Adélie Louvigné (legal); Mayer Brown, Patrick Teboul, Marion Minard (legal); Clearwater, Thomas Hamelin, Sophie Lerond, Laurence de Rosamel, Paul Assael (corporate finance); Lazard, Charles Andrez (corporate finance); Exelmans, Stéphane Dahan, Manuel Manas, Rodolphe Savary De Beauregard (financial due diligence); Indefi, Julien Berger, Mehdi Belefqih, Adam Laissaoui (commercial due diligence); Barings, Alice Foucault, Benjamin Gillet, Rana Misirlizade (debt advisory).
Vendor – Jeausserand Audouard, Erwan Bordet, Eléonore Gaulier (legal); McDermott Will & Emery, Grégoire Andrieux, Louis Leroy, Lucas Tabouret (legal); Rothschild, Pierre Sader, Augustin Delouvrier (corporate finance).
Company – Hugot Avocats, Olivier Hugot, Farrah Ducher (legal); KPMG, Damien Moron, Sophie Dervain, Charles-Boris Pavard (financial due diligence); Oloryn Partners, Eric Lesieur, Cyrille Leclerc (corporate finance).

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• Topics
• Buyouts
• France
• Consumer
• Secondary buyout
• Naxicap
• Abénex Capital
• France