March 2022 – SPE Capital, a private equity firm focused on Africa and the Middle East, announces the acquisition, through its SPE AIF I fund, of a significant minority stake in Holding Générale d’Education ( “Holged”), a leading group in private education in Morocco and Tunisia, with TPG Growth, platform of alternative asset manager TPG, focused on development capital investments for the benefit of mid-sized companies, and Satya Capital, a pan-African private equity firm.
Founded in 1986, Holged today brings together a group of leading establishments (including Yassamine and Al Jabr schools in Morocco, ISC in Tunisia) spread over 17 campuses and offering more than 16,000 students school courses ranging from kindergarten to preparatory classes for major engineering schools. Over the past few years and throughout its partnership with TPG and Satya Capital since their investment in 2015, Holged has established itself as one of the leaders in private education in Morocco and Tunisia, thanks to organic growth continuity and successful external growth operations, in Morocco and abroad.
As part of this partnership with Holged, SPE Capital will support the Benyahia family (represented within the group by Mr. Ahmed Benyahia, CEO of Holged) and the group’s management team in accelerating its organic and external growth, with the aim of continuously enriching its educational programs, improving its infrastructures, and strengthening its territorial network, while perpetuating the standards of excellence that have made the group’s reputation for decades. SPE Capital will bring its expertise in the education sector, acquired through its partnership with Holged Tunisia, the main operator of bilingual primary and secondary education in the country, and its regional network, to support Holged in its ambitious development plan. .
Ahmed Benyahia, CEO of Holged, commented: “I would like to salute and thank the teams of TPG and Satya Capital for their continuous support, which has enabled the development of the group and the consolidation of its position in the education market. private in Morocco. I also join all Holged employees in welcoming SPE Capital, whom we know well thanks to our close collaboration in Tunisia, and alongside whom we will continue our commitment to excellence, at the service of students and parents.” .
Stéphane Heuzé, Managing Partner of SPE Capital, declared: “We are delighted to deepen our partnership with Holged and to support the group in this new phase of its history, alongside its management team. This investment is also an opportunity for us to support a growth project with social and societal impact for the region”.
Hichem Omezzine, Partner of TPG, and Moez Daya, Managing Partner of Satya Capital, added: “We are very happy and proud of this successful partnership with Mr. Ahmed Benyahia and the entire Holged team over the past few years. years, a partnership that will have participated in the emergence of a leading education platform in Morocco and Tunisia, committed to maintaining quality education and a positive impact. Together, we have achieved some of the highest Baccalaureate pass rates and managed to grow the group through the acquisition of leading AEFE accredited institutions in Morocco and Tunisia. We thank the entire Holged team for these 7 years of partnership and wish them much success in this new chapter they are about to open”.
The Benyahia family was advised by Naciri & Associés | Allen & Overy.
SPE Capital was supported by DLA Piper (legal advisor), Mediterranean Corporate Finance (financial advisor), Deloitte (financial and tax advisor), Ibis Consulting (ESG advisor), Peony Partners (strategic and commercial advisor) and Figes Mernissi (legal advisor ).
TPG and Satya Capital were advised by Cleary Gottlieb Steen & Hamilton (legal advisor), Rothschild & Co (financial advisor), Deloitte (financial and tax advisor) and Peony Partners (strategic and commercial advisor).
About Holged
Founded in 1986, Holged is a leading group of private education in Morocco and Tunisia, bringing together a set leading establishments (in particular Yassamine and Al Jabr Schools in Morocco, ISC in Tunisia). Holged employs 1,900 people and has a growing network in North Africa, with a presence in the most important Moroccan cities as well as Tunis and Sfax.
For more information, please visit the page LinkedIn or the sites of the different brands (Al Jabr Schools, Yassamine Schools).
About SPE Capital
SPE Capital, founded in 2016, is an independent private equity firm focused on Africa and the Middle East. SPE Capital is led by an experienced, hands-on investment team with strong local knowledge and a proven track record of investing in growth companies. With offices across the region, SPE Capital has an in-depth knowledge of businesses in the region and strives to apply international best practices and governance standards.
For more information, please see: www.spe-capital.com
About TPG Growth
TPG Growth is the platform of alternative asset manager TPG, focused on development capital investments for the benefit of mid-cap companies. With approximately $22 billion in assets under management, TPG Growth targets investments across a wide range of industries and geographies. TPG Growth has the industry knowledge, operational resources, and deep international experience to drive value creation and help companies reach their full potential. The platform is backed by the resources of TPG, with nearly $114 billion in assets under management.
For more information, please visit www.tpg.com or the @TPG Twitter account.
About Satya Capital
Satya Capital is an independent investment firm offering long-term growth capital to African companies. Satya Capital seals partnerships with entrepreneurs with the ambition to build world-class companies with a regional or pan-regional presence, while having the flexibility to support companies at all stages of their development, from expansion to initial public offering, its permanent capital allowing it to keep its investments without a fixed exit horizon. The Satya Capital team works closely with the management teams of its portfolio companies to build the foundations for future growth through the development of internal systems, the recruitment of talent, and the provision of its network. pan-African multi-sectoral.
For more information, please visit: www.satyacapital.com