EQT floats AcadeMedia in SEK 3.7bn IPO

The listing price implies a market cap of SEK 3.76bn for the company, though only around 29% will be placed in free float, provided the overallotment option is fully exercised.

With nearly a third of AcadeMedia's shares in free float at SEK 40 apiece, the value of the offering would be around SEK 1.1bn.

EQT, AcadeMedia's management team and other minority shareholders sold a combined 25% stake in the IPO through the Marvin holdco, not including the 4% greenshoe. In addition to existing shares, AcadeMedia issued SEK 350m of new shares as part of the listing.

The IPO had five institutional investors as cornerstones, subscribing for a total of 15.32% of AcadeMedia's share capital. Family office Mellby Gård acquired a 9.99% stake, while the Second Swedish National Pension Fund, Lannebo Fonder, Odin Fonder and Swedbank Robur each bought 1.33% of the company's shares.

At the time of publication, shares were trading around SEK 54 apiece.

AcadeMedia has been deemed a somewhat controversial company by the Swedish press and business commentators, as it has faced criticism from a number of politicians and has been threatened with fines by the country's education regulator.

Carnegie was the global coordinator of the offering as well as joint bookrunner alongside Nordea and SEB. DNB Market was the co-lead manager.

Previous funding
EQT acquired AcadeMedia in June 2010, taking a 79.4% stake in the company through a public-to-private bid that valued the company at SEK 3.31bn.

The GP tapped its EQT V fund for equity, with Nordea providing senior debt while MezzVest and Partners Group supported the transaction with mezzanine financing.

Company
Founded in 1996, AcadeMedia is a private education provider operating in northern Europe. It offers schooling from pre-school level through compulsory school and upper secondary, as well as adult education courses.

The company operates in Sweden, Norway and Germany. It had revenues of SEK 8.1bn in 2015 with operating income before interest and taxes of SEK 517m.

Advisers
Vendor – Latham & Watkins (legal).
Company – Vinge (legal).

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