Suma Capital backs education specialist Implika

Suma invested €10.4m in the company via the purchase of shares from a minority shareholder and a capital increase.

The remaining minority stake was retained by the company's founder and chair, Zigor Maritxalar.

This is the first deal made by the GP via its second growth fund, Suma Capital Growth II, which was launched in November 2019 with a €125m target. The vehicle invests in Spanish SMEs with EBITDA of at least €2m and deploys equity tickets in the €9-12m range.

Implika intends to use the fresh capital provided by Suma to open new branches across Spain and the rest of Europe, and double its revenues in the next couple of years. In addition, the company plans to strengthen its market position and pursue a buy-and-build strategy with the aim of becoming an aggregation platform in the education sector.

Company
Established in 2009 and headquartered in Bilbao, Implika provides business education, as well as internships and training. It manages 10 branches located in Madrid, Barcelona, Málaga, Pamplona, Sevilla, Valencia, Valladolid and Zaragoza, and also offers the possibility of online courses and distance learning. Implika employs 300 staff and expects to generate EBITDA of around €3m from revenues of €22m in 2019.

People
Suma Capital – David Arroyo (partner).
Implika – Zigor Maritxalar (founder, chair).

Advisers
Equity – DC Advisory (corporate finance); KPMG (financial due diligence).

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• Topics
• Expansion
• Southern Europe
• Consumer
• Suma Capital
• Spain
• KPMG
• DC Advisory Partners