Vocational training company MasterD, which is backed by KKR, has fully acquired professional training provider Implika Educación from private equity firm Suma Capital.
This publication has learnt that the company was sold at a valuation of around 10x its €5.6 million adjusted EBITDA.
The deal ends a three-year holding period for Suma, which acquired a majority stake in the business investing alongside its founder and chief executive Zigor Maritxalar.
With this exit, Suma made a 3x money multiple return and 55% IRR on the investment, this publication understands.
Established in 2009, Implika provides professional training in Spain, with a strong presence in the Basque Country, Madrid, Catalonia and Valencia. Its offering includes more than 200 courses, both professional courses and formal training with official qualifications issued by the Ministry of Education.
The company employs 300 people distributed between its headquarters in Bilbao and 10 centres located throughout Spain.
Under Suma’s ownership, Implika increased its revenue from €20 million in 2020 to €31 million in 2021 and its EBITDA margin from 13% in 2019 to 18% in 2021.
With this acquisition, MasterD expects to further expand its offering in the distance education sector and broaden its market share.
KKR acquired a majority stake in MasterD in July 2020, investing via its Global Impact Fund. The company’s founder Luis Gomez and the management team reinvested in the deal alongside KKR.
Founded in 1994 and headquartered in Zaragoza, MasterD provides over 280 courses to more than 50,000 learners annually, across Spain and Portugal through its proprietary online virtual learning platform, as well as in person and through hybrid training available in 36 locations.
CMS Albiñana & Suárez de Lezo advised KKR and MasterD on the deal.
Date Published: 15 June 2022