STUDY GROUP acquired by ARDIAN

Qualium Investissement and Bpifrance entered into exclusive negotiations to acquire a stake in emlyon business school from the Chamber of Commerce and Industry (CCI) of Lyon Metropole. The investors committed to a total capital injection of EUR100 million over five years, with an immediate tranche of EUR40 million. While initially minority shareholders, Qualium and Bpifrance are set to become majority owners as funds are deployed. The CCI retains a blocking minority stake for at least ten years and veto rights on major decisions to guarantee the school's excellence and local anchorage. The deal also opens 10% of the capital to employees and 5% to alumni. The proceeds will finance a new EUR110 million campus project and the school's digital and international expansion.

Cinven acquired Inseec U. from Apax Partners following a highly competitive auction process managed by Rothschild & Cie. This Secondary LBO concludes a six-year holding period for Apax Partners, who had originally carved out the asset from the American group CEC in 2013. Under Apax's ownership, the group transformed significantly through acquisitions (CREA Geneve, 5 schools from Laureate France) and international expansion (San Francisco, Shanghai). Cinven aims to continue this consolidation strategy and further diversify the educational offerings.

Parquest Capital and Amundi Private Equity acquired minority stakes in Eduservices, allowing the exit of Capzanine (now Capza) from the equity structure. The founder retained a majority stake, continuing the governance model established in previous rounds (where he increased ownership from 40% to ~52%). The deal was competitive, with Montefiore among the interested bidders. Although Capzanine divested its equity, it remained involved by providing financing for the transaction.

Six months after its own LBO with Andera Partners, Skill & You acquired a 75% stake in Ilerna Online. The remaining 25% is retained by the management and the historical physical entity (Ilerna). The acquisition is financed through an extension of the existing unitranche facility provided by LGT European Capital. This build-up enables Skill & You to expand into Spain, Italy, and potentially Latin America, and to leverage Ilerna's regulatory ability to grant official diplomas online.

Andera Partners acquired a majority stake in Skill & You from a pool of selling shareholders including 21 Invest, Access Capital Partners, Jolt Capital, Alma Learning Group, and Capital Transmission. The operation is structured as a Management Buy-Out (MBO) led by Eric Petco and Sonia Levy-Odier, who reinvest alongside the new sponsor. The acquisition is financed through equity from the Winch Capital 4 fund and a unitranche debt facility provided by LGT European Capital. The strategic plan focuses on European expansion and opening new schools (following recent launches like Ecole des Pros and Esecad).

IK Partners, through its IK Small Cap I Fund, acquired a majority stake in Domia Group from Metric Capital Partners. This transaction marks the group's first traditional LBO following a successful period of financial and operational recovery. The historical founders (Maxime Aiach, Philippe Coléon, and José Dinis) significantly reinvested in the deal to retain equity and drive further development. The financing was completed with a unitranche debt facility provided by Tikehau Capital. The objective of this new cycle is to capitalize on Acadomia’s recovery and the rapid growth of the Shiva franchise network to solidify the group’s leadership in the French home services market.

Tethys Invest acquired a minority stake of approximately 20% in Galileo Global Education. The shares were sold by the majority owner, Providence Equity Partners, who retains control of the group alongside existing minority investors CDC International Capital and Mubadala. The transaction was executed without a mandated investment bank. This move aligns with Galileo's strategy to diversify its shareholder base with long-term partners capable of supporting international expansion, particularly in Africa and in the EdTech/Health sectors.

Abenex acquired a majority stake in Groupe Silvya Terrade (now Eureka Education) from Apax Partners Development. This transaction marks the exit of Apax after a short but intense holding period starting in 2016. The management team reinvested in the operation to pursue growth. The strategy under Apax involved massive consolidation (acquisition of ~30 schools) and digitalization. The roadmap with Abenex aims to expand this build-up strategy internationally and further develop higher education curricula.

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.

Investcorp Technology Partners acquired 100% of Impero from its previous owners. This transaction was the third technology deal for the firm's fourth Technology Fund within a nine-month period. The strategic rationale for the acquisition focused on the target's best-in-class safeguarding software, its high levels of recurring revenue, and its dominant position in the UK market. The acquirer intends to drive the company's next phase of growth through international expansion—particularly in the US—and through targeted add-on acquisitions. This deal allows the company to transition from a regional leader to a globally scaled EdTech platform.