Thu 11/26/2020 11:46 AM
A formal lender education was organized last week for the sale of French art and design school operator AD Education, sources told Reorg. Direct lenders are pitching packages with leverage at 6x and 6% margin, sources said. The company is being marketed with an EBITDA of about €30 million.
In the first quarter, Barings provided a refinancing for the company’s debt structure of more than €100 million of stretched senior line, sources told Reorg. Rothschild acted as financial advisor at that time.
The sale process is being run by Lazard and it is expecting bids to be submitted at the beginning of December.
AD Education is owned by its CEO Kevin Guenegan. With sites in France, Italy and Spain the company provides an international network of schools which offer higher education courses in the fields of luxury, design, animation, communication and digital.
This article is an example of the content you may receive if you subscribe to a product of Reorg Research, Inc. or one of its affiliates (collectively, “Reorg”). The information contained herein should not be construed as legal, investment, accounting or other professional services advice on any subject. Reorg, its affiliates, officers, directors, partners and employees expressly disclaim all liability in respect to actions taken or not taken based on any or all the contents of this publication. Copyright © 2024 Reorg Research, Inc. All rights reserved.