Capza backs IMF Business School

The French GP acquired a stake of around 75% in a deal that values IMF at around €50m, according to press reports.

Following the deal, the company's founders, Carlos Martínez and Belén Arcones, will stay on with the business and retain a minority stake.

With Capza's support, IMF plans to further consolidate its market position in Spain and boost its international expansion, primarily in Latin America.

The GP invested in the company via Capza 5 Flex Equity Fund, which held a first close on €450m. The vehicle has a target of €500m and has already exceeded the size of its predecessor, which closed on €350m in October 2016.

The fund provides flexible financing that combines majority or minority capital, convertible bonds and mezzanine. It offers tailor-made equity packages adapted to the company's project.

The vehicle supports mid-cap companies in France, Spain, Germany and Italy with turnovers of up to €150m in their development and expansion projects. It plans to complete 20-25 investments over a five-year investment period. Around 70-75% of the capital should be deployed as mezzanine, with the remainder invested as equity.

Company
Established in 2001 and headquartered in Madrid, IMF Business School is a provider of masters and university courses, primarily online but also on campus.

The company is headquartered in Madrid, with a presence in other Spanish locations, including Malaga and Valencia, as well as in Portugal, Bolivia, Colombia and Ecuador. It provides digital education to around 125,000 students across 110 countries.

People
Capza – José Tomás Moliner (partner).
IMF Business School – Carlos Martínez, Belén Arcones (co-founders).

Advisers
Equity – Finenza (corporate finance); PwC (financial due diligence); King & Wood Mallesons (legal); Allen & Over (legal).
Company – Araoz & Rueda (legal).

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