Palamon Capital Partners has acquired a 49 per cent stake in Italian education services company Business School24.
The company has been carved out of Italian business newspaper Il Sole 24 Ore. Palamon has an option to acquire a further two per cent stake in May 2018, while Il Sole will retain a minimum interest of 20 per cent.
Business School24 provides professionally-orientated postgraduate education and training. With offices in Milan and Rome, it enroles 26,000 students every year both in classrooms and online.
“Business School24 is one of the most widely respected education brands in Italy and it is playing a key role in overcoming the structural disconnection between tertiary education and employment, which is severely undermining graduate prospects and damaging the economy,” said Palamon partner Fabio Massimo Giuseppetti.
Palamon has enjoyed success in this sector before. The firm made a 14.5x return from its exit of Cambridge Education Group in 2013.
The deal is the sixth from Palamon’s latest fund, which closed at €402m earlier this year.