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Apax agrees $305m deal for Career Education’s European property assets

25 Oct 2013

college-education-graduatApax Partners has agreed a $305m deal to buy the European education properties of global post-secondary education programme provider Career Education Corporation.

The assets, which include Career Education’s entire international schools segment, had revenues of $128.6m last year, representing about nine per cent of the company’s consolidated revenue.

Career Education offers doctoral, master’s, bachelor’s and associate degrees and diploma and certificate programs.

Company president Scott Steffey said, “These European education operations have shown steady growth in enrollment over several years.

“[Paris-based INSEEC] is led by a strong management team with a bright future.

“This transaction allows Career Education to realize substantial value, while providing Apax Partners with significant education properties for their portfolio.

“It is a smart transaction for Apax Partners and for Career Education.

I’m also pleased that Career Education and Apax Partners have agreed to cooperate, mutually discuss and explore possible joint opportunities for international investments in the education sector in the future.”

In July Apax-backed college textbook maker Cengage filed for bankruptcy protection in the US courts as it looked to shed more than $4bn from its $5.8bn debt pile.

The firm bought into Cengage alongside OMERS Capital in 2007, and has since increased its equity stake to about 97 per cent according to the FT.

It said Apax had also bought into the company’s senior debt as Cengage’s fortunes slumped, picking up about $850m of first lien debt and about $425m of junior debt.

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