At what enterprise value was AD EDUCATION acquired in 2020?

During the acquisition of AD EDUCATION by ARDIAN in 2020, the transaction's Enterprise Value is estimated to be in the range of 500M - 1.5b EUR.

What was the EV/EBITDA of AD EDUCATION when it was acquired by ARDIAN?

The estimated EV/EBITDA multiple for AD EDUCATION is in the range of 15x - 25x.

When was AD EDUCATION acquired by ARDIAN?

AD EDUCATION was acquired by ARDIAN in 2020.

What was the revenue of AD EDUCATION at the time of the deal?

The revenue of AD EDUCATION at the time of the deal is estimated to be in the range of 100M - 200M EUR.

What was the EBITDA of AD EDUCATION during the acquisition?

AD EDUCATION's EBITDA is estimated to be in the range of 25M - 50M EUR.

How is the data for the AD EDUCATION acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the AD EDUCATION deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.ardian.com/fr/communiques-de-presse/ardian-acquiert-une-participation-majoritaire-dans-ad-education-plateforme

What is the average EV/EBITDA multiple for the Retail & Consumer sector in 2026?

The average EV/EBITDA multiple for the Retail & Consumer sector in 2026 is 11.2x.

← DATABASE

Home Database Retail & ConsumerAD EDUCATION

12/2020

AD EDUCATION acquired by ARDIAN

FRANCE Education / Education Providers EV 500M - 1.5b EUR

Context

Ardian acquired a majority stake in AD Education following a highly competitive auction involving ten bidders (including finalists Five Arrows, Wendel, and Partners Group). The founder sold control but reinvested significantly to retain approximately 30% of the capital. Historical shareholders Cathay Capital and Bpifrance realized a partial exit while discussing a potential minority reinvestment in the new structure. The transaction is supported by a bank debt package representing leverage between 5.0x and 5.5x EBITDA. The group has tripled its revenue since 2015 through organic growth and ten acquisitions in Europe (including Barreira and CEV in Spain, Accademia Italiana in Italy, and HMKW in Germany).

It is worth noting that the fund Cathay Capital / Bpifrance took control of Ad Education through an LBO in 2016.

AD EDUCATION, which reported an EBITDA margin of in 2020, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Retail & Consumer sector (11.2x).

-> Deep-dive in Retail & Consumer market trends

Target

Founded in 2009 by Kevin Guenegan (originating from Ecole de Conde), AD Education is a leading European private education group dedicated to creative arts (Design, Graphics, Media, Digital, Audiovisual, Culture, Luxury). The group operates a network of 36 campuses across France, Italy, Spain, and Germany, serving 15,000 students.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2020

2019

Other operations with AD EDUCATION

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
06/2024	AD EDUCATION	POLE LEONARD DE VINCI	FRANCE	Education Providers
06/2022	AD EDUCATION	GROUPE OKTOGONE	FRANCE	EdTech & Content
10/2016	CATHAY CAPITAL / BPIFRANCE	AD EDUCATION	FRANCE	Education Providers

REFERENCES

Valuation range: EV 500M - 1.5b EUR

Revenue range: 100M - 200M EUR

EBITDA range: 25M - 50M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of AD EDUCATION by ARDIAN are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Acquirer: ardian