Providence-backed Galileo completes €225m carve-out from Laureate

Galileo was in competition with Patron Capital and Dutch trade buyer Global University Systems in the second round of bidding for Laureate's non-core European assets, according to unquote" sister publication Mergermarket.

At that stage, the Italian and Cypriot businesses were being marketed along with Laureate's German assets with a combined EBITDA of more than €20m. The sale of the German businesses has not yet been announced.

The entire European division of Laureate reported a $54.8m EBITDA from revenues of $148.6m for 2016.

Providence started its education buy-and-build strategy in Europe in 2011, acquiring Italian Istutio Marangoni for $22m.

The group has made several bolt-on transactions since including Germany-based Macromedia in 2013 and Bregal Capital's Studialis for an estimated €250m in August 2015.

In May 2016, CDC International and Mubadala Development took a minority stake in the group for approximately €20m.

Galileo generated revenues of €270m in 2016.

Company
Nuova Accademia di Belle Arti Milano (NABA) and Domus Academy are Laureate's Italian businesses and make up a private fine arts academy in Milan.

European University Cyprus (EUC), which was established in 1961, is a university with the first medical school and only accredited dentistry programme in Cyprus.

People
Laureate Education – Douglas Becker (CEO).
Galileo Global Education – Marc-François Mignot Mahon (CEO).

Advisers
Company – Linklaters (legal)
Vendor – Macquarie (M&A); Allen & Overy (legal).

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• Topics
• Expansion
• Southern Europe
• Consumer
• Italy
• Cyprus
• Providence Equity Partners
• Build-up
• Linklaters
• Allen & Overy