KKR backs online learning specialist MasterD

The deal gives the company an enterprise value of around €150m, Unquote understands. This would equate to approximately 10x its EBITDA, according to press reports.

According to the deal, MasterD's founder Luis Gomez and the management team will reinvest alongside KKR.

This is the second European deal made by KKR via its Global Impact fund, following its investment in the UK-based recycling and waste management company Viridor.

The fund held a final close on $1.3bn in February 2020. The vehicle is dedicated to investment opportunities in companies providing commercial solutions to environmental or social challenges.

It targets lower-mid-market companies based across the Americas, Europe and Asia that contribute measurable progress towards one or more of the United Nations' Sustainable Development Goals (SDG). The fund aims at generating private equity risk-adjusted returns by investing in opportunities where financial performance and societal impact are intrinsically aligned.

Global Impact fund is managed by a global team of 12 professionals, led by KKR partners and global impact co-heads Robert Antablin and Ken Mehlman.

Company
Established in 1994 and headquartered in Zaragoza, MasterD provides 280 courses to more than 50,000 students per year in Spain and Portugal through its proprietary online learning platform, as well as in person and with hybrid training available in 36 locations.

Its distance learning offering includes a variety of business courses which provide practical job-related skills, to help students enter the job market and workers improve their career prospects.

The company generates EBITDA of around €6m from annual revenues of approximately €50m.

People
KKR - Stanislas de Joussineau (director, head of Global Impact in EMEA).
MasterD - Luis Gomez (founder); Antonio Mayoral Serrate (CEO).

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