BC Partners acquires Metropolitan College, AKMI IEK in second deal from Greece-focused fund

BC Partners GR Investment LP (BCPGR) is a special purpose fund that seeks to invest in and support high-growth SMEs in Greece. The transaction was a bilateral, proprietary deal, partner Benjamin Dupuy told Unquote.

The fund, which is currently about 50% deployed, first invested in pet retailer Pet City in November 2021, he said. BC is already familiar with investing in the country, having previously invested more than EUR 6bn in Greece, including Pharmathen, as well as Wind and Nova, for which it committed EUR 2bn towards the development of an optical fibre network.

BCPGR's investment in the group leverages BC Partners' thematic sector focus on education, a "growing and defensive" market, Dupuy said. Education is critical for every family, he added, noting that private education providers have a track record of investing significantly in facilities and the digitalisation of content, as well as in the development of the academic program to reflect the demand of the market.

The GP has previously invested in Netherlands-based academic publisher Springer Nature, Netherlands-based developer and publisher of education puzzle content Keesing, as well as US-based higher education research and software service provider EAB, according to a press release.

The company's founders will remain significantly invested in the business, according to a press release.

"The company has shown consistent double digits growth for the last 20 years and we're buying into a leadership position with a very strong business model," said Dupuy.

Metropolitan College offers traditional post-secondary academic education, while IEK AKMI provides vocational training, but both are managed as one entity, he said.

Looking ahead, the GP seeks to support the business grow organically through the addition of new academic programs and campuses, as well as the launch of a digital platform that will facilitate remote studying. For example new degrees within its existing computer science department could include coding, the Internet of Things (IoT) and cybersecurity, he said.

The sponsor will also seek to develop the company's B2B offering of corporate training, as well as to expand internationally both via M&A and organically by increasing the attendance of international students, he added. The GP plans to explore a mix of strategic and opportunistic acquisitions in the Balkans, looking to become a regional champion, he said.

BC Partners is currently deploying capital via vehicles including EUR 6.9bn BC European Capital XI fund, which held a final close in February 2021, according to Unquote Data.

Company
Founded in 1983, the IEK AKMI and Metropolitan College group operates a network of 27 campuses and venues across all main cities in Greece, providing services to more than 22,000 students across a wide range of disciplines.
IEK AKMI provides education and training in more than 100 specialties across 14 fields. It currently operates 19 facilities across nine Greek cities. Metropolitan College operates eight facilities across eight cities in Greece. It provides private education services and post-secondary education and training across 12 fields with more than 70 undergraduate, postgraduate, and doctoral programmes and a dedicated research department. Its degrees are recognised internationally and can be awarded directly by international partner universities. In the UK, it is the largest provider of Transnational Education (TNE) and is accredited by the British Accreditation Council (BAC) as an independent higher education institution.

People
BC Partners − Nikos Stathopoulos (chairman of Europe), Benjamin Dupuy (partner).
Metropolitan College & AKMI IEK − Konstantinos and Kalliopi Rodopoulos (founders).

Advisers
Equity − Deloitte, Eurvad (corporate finance); Karatzas & Partners (legal); PMSI (commercial due diligence).

[Editor's note: The last paragraph has been updated to include Eurvad and PMSI as advisers to BC Partners.]

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