Providence's Nace buys majority stake in KC School

Backed by private equity fund manager Providence Equity, the company fully acquired a majority stake in the targeted business. The GP's portfolio company Nace will expand its geographical reach towards Italy, having already established a presence in Spain, France, the UK and India though its 21 schools.

The deal is the second acquisition in Italy for the GP, which acquired Italian fashion school operator Istituto Marangoni in 2011.

Previous funding
Baring Private Equity and Banco Popular initially acquired a controlling stake in Nace, and the investor consortium subsequently sold the asset to Spanish buyout house Magnum Capital in 2014 for a reported €100m. More recently, Providence acquired Nace from Magnum Capital for €350m in February 2017.

Company
Founded in 2009, KC School manages an English-speaking school in Milan. The institute includes one nursery, one kindergarten and one primary school, educating children from six months to 11 years of age.

Advisers
Acquirer – Gilberti Triscornia e Associati (legal).
Company – Bird & Bird (legal).

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• Topics
• Expansion
• Consumer
• Southern Europe
• Build-up
• Italy
• Providence Equity Partners
• Acquisition finance