Holding Générale d’Education
Image from Holding Générale d’Education’s website

SPE Capital, a private equity firm focused on Africa and the Middle East, has acquired a minority stake, via its private equity fund SPE AIF I, in Holding Générale d’Education (Holged), a private education group in Morocco and Tunisia, from TPG Growth, the middle market and growth equity platform of alternative asset firm TPG, and from Satya Capital, an independent pan-African focused investment firm.

Founded in 1986, Holged is a K12 education group teaching more than 16,000 students across four schools and 17 campuses.

Holged’s chief executive Ahmed Benyahia said: “I would like to thank both the TPG and Satya Capital teams for their continued support, which greatly contributed to the development of the group and the consolidation of its position in the private education market in Morocco. On behalf of all Holged employees, I would like to welcome SPE Capital, with whom we’ve had a close partnership over the last few years in Tunisia and with whom we intend to pursue our commitment to excellence across our operations, to the benefit of both students and parents”.

Stéphane Heuzé, managing partner at SPE Capital, added: “We are delighted to deepen our partnership with Holged and assist the group in its new development chapter, alongside its management team. This investment is also for us the opportunity to support a growth story that comes along with a true social and societal impact for the region and its communities”.

Hichem Omezzine, business unit partner at TPG, and Moez Daya, managing partner at Satya Capital said in a ststement: “We had a great partnership with Mr Ahmed Benyahia and the Holged team over the past few years, and are proud to have helped build a leading education platform in Morocco and Tunisia that continues to focus on quality teaching and positive impact outcomes. Together, we achieved some of the highest Baccalauréat success rates and successfully expanded the group with the acquisition of top tier AEFE-accredited institutions in both Morocco and Tunisia. We want to thank the entire Holged team for their partnership over the past seven years and wish them continued success as they enter their next chapter”.

The Benyahia family was advised by Naciri & Associés and Allen & Overy.

SPE Capital was advised by DLA Piper (legal), Mediterranean Corporate Finance (financial), Deloitte (financial and tax), Ibis Consulting (ESG), Peony Partners (strategic and commercial), and Figes Mernissi (legal).

TPG and Satya Capital were advised by Cleary Gottlieb Steen & Hamilton (legal), Rothschild & Co (financial), Deloitte (financial and tax) and Peony Partners (strategic and commercial).

Date published: 4 April 2022

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