Nordic mid-market private equity firm FSN Capital and a number of minority shareholders have sold Vindora to EQT-backed AcadeMedia, Northern Europe’s largest education company, for SEK546m (€57.25m).

The transaction, which has an enterprise value of SEK650m, has been financed through existing funds and a rights issue of approximately SEK400m.

Located in Sweden, Vindora provides apprentice-based vocational education and is primarily active in the upper secondary segment.

Its education model is based on a close collaboration with small- and medium-sized companies across Sweden, enabling students to build relevant work experience and thereby enhancing their job placement rate.

The business has approximately 6,500 upper secondary school students and around 1,1000 employees.

In 2016 Vindora had pro forma turnover of SEK833m and pro forma Ebitda of approximately SEK100m.

”We are proud of Vindora’s development during FSN Capital’s close to eight-year ownership period,” Marcus Egelstig, principal at FSN Capital, said.

EQT floated AcadeMedia in June last year. The firm subsequently reduced its interest from 64 per cent to 41.5 per cent in February, and to 25.4 per cent in June.

In 2014 AcadeMedia bought Norwegian pre-school Espira from Nordic private equity firm CapMan.

FSN Capital III was advised by Wigge & Partners, KPMG and ABG Sundal Collier.


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