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GROUPE EDH

Acquired by

FIVE ARROWS

FRANCE Education EV [500m EUR - 1b EUR] 05/2022

Target

GROUPE EDH

Acquirer

FIVE ARROWS

Context

Five Arrows Principal Investments entered into an exclusivity agreement to acquire a majority stake in Groupe EDH from Quilvest Capital Partners and IK Partners. The transaction marks a new stage in the group's development, with the management team led by Amin Khiari reinvesting significantly to maintain a central role. Historic investors Quilvest and IK also planned to reinvest alongside Five Arrows. This capital reorganization follows an intense cycle of external growth marked by the acquisitions of Institut Cread (interior architecture) and ESEC (cinema). The new partner's ambition is to support the continuation of this consolidation strategy and strengthen the digitalization and international expansion of the group's brands.

GROUPE EDH, which reported an EBITDA margin of LOGIN in 2021, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level LOGIN as high as the 10.9x average currently observed in the Retail & Consumer sector.

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Groupe EDH is a leading French private higher education group specializing in communication (EFAP), cultural management (ICART), journalism (EFJ), and design/digital creation (Brassart/Aries). Under the leadership of Amin Khiari, the group has aggregated multiple schools to form a platform with over 7,000 students across 13 campuses in France and 4 international sites (New York, Shanghai, Algiers, Santander).

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)

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2021
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2020
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Other operations with GROUPE EDH

DateAcquirerTargetCountrySectorDeal Context
01/2020IK PARTNERSGROUPE EDHFRANCEEducation Providers

Groupe EDH completed its third LBO (LBO Ter). The existing majority shareholder, Quilvest Private Equity, retained control while welcoming IK Investment Partners as a new minority shareholder. The management team also significantly reinvested. The transaction was highly competitive, attracting a dozen bidders. It is supported by a unitranche debt facility provided by historical lenders CIC Private Debt and Idinvest, with leverage around 5.0x EBITDA. The group aims to continue its aggressive external growth strategy (following the recent acquisitions of Brassart, Aries, and Cesine in Spain) to consolidate the fragmented market.

11/2017QUILVEST CAPITAL PARTNERSGROUPE EDHFRANCEEducation Providers

Quilvest Private Equity acquired a majority stake in Groupe EDH from Platina Equity Solutions, which had held over 80% of the capital since the first LBO in 2014. The transaction allowed the management team, led by President Amin Khiari, to reinvest and increase their stake. The deal follows a restricted auction process involving 3-4 funds managed by Transaction R. The acquisition is financed through a unitranche debt facility provided by CM-CIC Private Debt and Idinvest Partners. The strategic roadmap shifts from a three-year restructuring phase to an offensive growth strategy focusing on acquisitions, new locations (Europe/Africa), and diversification.

09/2014PLATINA EQUITY SOLUTIONSGROUPE EDHFRANCEEducation Providers

Platina Equity Solutions acquired a majority stake in Groupe EDH from its founder. The transaction was structured as a Management Buy-In (MBI) with a former executive at Pole Leonard de Vinci as President of the Management Board to lead the group's transformation. The deal aimed to professionalize the management structure and initiate a performance improvement plan in a context described as "far from traditional MBO specifics," hinting at operational challenges.

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