N+1 sells Colegios Laudes

The GP has sold a 49.3% stake in the company, alongside the profit-participating loans it had extended to the firm.

The divestment sees Dinamia exit the company's Spanish schools; as part of the transaction, Dinamia will remain a shareholder in the firm's UK schools via Colegios Laude II, which was valued at €1.54m in the private equity house's latest NAV report.

Payment for part of the sale price (€875,000) has been deferred. An additional bonus payment of €875,000 will be made subject to the achievement of certain targets.

Dinamia wrote down the value of its investment in Colegio Laudes in 2009. A drop in enrolment figures as a result of the financial crisis was cited as the reason behind the downturn. The investment in the company was valued at €1.97m in Dinamia's most recent NAV report.

Previous funding
The Dinamia fund acquired six schools operating in Spain to form Colegios Laude in 2006.

Company
Colegios Laude owns and operates seven schools in Spain. More than 5,000 students are enrolled at the institutions, which generate revenue in excess of €37m.

The company is based in Madrid.

People
Federico Pastor and Ignacio Moreno are co-CEOs of N+1.

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• Topics
• Southern Europe
• Consumer
• Exits
• Spain
• Partial sale