Relevant Document:
Acquisition of Ducasse
Sponsors and direct lenders are monitoring the sale of Swiss hospitality education group Sommet Education. Rothschild is advising on the sale, which is at an early stage, and the company is being marketed off about €30 million EBITDA, sources told Reorg.
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The Swiss education group specializes in hospitality management and the culinary arts. Direct lenders said the education sector is attractive and are angling to replace existing lender Intermediate Capital Group. The incumbent lender is likely to compete to remain in its debt position, sources said.
Recent activity in the education sector in France includes the ongoing
sale of French paramedical education group Amphi Holding and the auction of French online platform
L’Ecole Française. Online education businesses have attracted high leverage multiples, including French online education group
Skill & You, which was acquired by IK Partners and supported by a €150 million unitranche facility provided by Permira and incumbent lender LGT.
Eurazeo Capital acquired Sommet Education in 2016, according to Eurazeo’s
portfolio. In 2019, the sponsor acquired a 51% stake in Ducasse Education, according to a statement.
Sommet Education has hospitality management institutions in Glion and Les Roches, with 17 campuses across Switzerland, Spain, France, the U.K., China and South Africa.
Rothschild and ICG declined to comment. Eurazeo did not respond to Reorg’s request for comment.