Fri 09/18/2020 06:55 AM
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Press Release ACXIT

Debt advisors are looking at French art and design educational services operator AD Education which has appointed Lazard to launch a sale in the coming weeks, sources told Reorg. The sources added that they expect pitching to start in the coming weeks. Continue reading for the EMEA Middle Market by Reorg team's coverage of  AD Education's financial restructuring, and request a trial to access our coverage of thousands of financial restructurings at other distressed and performing credits.

During the first quarter of this year, Barings provided a financial restructuring for AD Education’s debt structure which consisted of more than €100 million of stretched senior line, sources told Reorg. Rothschild acted as financial advisor at that time, sources said.

AD Education generates about €20 million of EBITDA and could fetch a multiple between 12 to 15x, sources said. In France, in March, Cinven acquired education provider Inseec U and this could be a similar process, according to sources. The business was valued about 14x its full-year 2018 EBITDA, according to an article from Les Echos Capital Finance.

In terms of the potential bidders, sources said that the business is an attractive asset and that it will raise the appetite of sponsors.

On Sept. 8, AD Education acquired German-based HMKW University of Applied Sciences for Media, Communication and Management. ACXIT Capital Partners acted as exclusive financial advisor to the company. Financial terms were not disclosed.

AD Education provides an international network of schools which offer higher education courses in the fields of luxury, design, animation, communication and digital. The business is owned by its CEO, Kevin Guenegan, and it is located in France, Italy, Spain and Germany.

AD Education nor Lazard replied to Reorg’s request for comment at the time of publication.

--Lucía Camblor
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