AD EDUCATION
Acquired by
ARDIAN
AD EDUCATION acquired by ARDIAN
Target
AD EDUCATION
Acquirer
ARDIAN
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).
AD EDUCATION, which reported an EBITDA margin of LOGIN in 2020, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the 10.9x average currently observed in the Retail & Consumer sector.
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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
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with AD EDUCATION
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 06/2024 | AD EDUCATION | POLE LEONARD DE VINCI | FRANCE | Education Providers | AD Education entered into exclusive negotiations to acquire Pole Leonard de Vinci. The transaction aims to diversify AD Education into the "Engineering" and "Business" verticals, complementing its historical artistic portfolio. The historical non-profit association managing the schools will evolve into a Foundation focused on social openness and scholarships. AD Education will provide financial backing for international expansion and the massive real estate project (new 18,000 m² campus delivered in 2026). |
| 06/2022 | AD EDUCATION | GROUPE OKTOGONE | FRANCE | EdTech & Content | AD Education acquired Groupe Oktogone from its founder. This transaction marks a major diversification for AD Education, adding a strong "Online" vertical to its predominantly "Presential" portfolio. The deal allows the group to offer comprehensive hybrid learning paths. It follows a series of recent acquisitions by AD Education, including IMAAT (2021), Asfored (2022), and the ongoing acquisition of SAE Institute's European activities. |
| 10/2016 | CATHAY CAPITAL / BPIFRANCE | AD EDUCATION | FRANCE | Education Providers | Cathay Capital and Bpifrance acquired a minority stake in AD Education to support its growth strategy, while the President retains the majority shareholding. The transaction aims to accelerate the group's international expansion (targeting Europe, China, and the USA) and its digital transformation. The capital injection supports the opening of new campuses and selective acquisitions to export French "savoir-faire" in creative arts. |
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