Agreement between Laureate Education, Inc. and Eurazeo for the sale of Glion and Les Roches hospitality management schools
BALTIMORE, March 15, 2016 /PRNewswire/ -- Laureate Education, Inc., the largest global network of degree-granting higher education institutions, and Eurazeo, one of Europe's leading investment companies, today announced that they have signed an agreement under which Eurazeo will acquire Glion Institute of Higher Education ("Glion") and Les Roches International School of Hotel Management ("Les Roches") from Laureate Education for a total transaction value of CHF 380m.
Glion and Les Roches rank among the top three hospitality management schools in the world for preparing students for an international career (TNS Survey). The institutions, founded in 1962 and 1954, respectively, benefit from a rich history and a strong international reputation. Glion has a combined total of more than 2,000 students on its campuses in Switzerland and the UK, as well as online, while Les Roches has a combined total of more than 2,900 students on its campuses in Switzerland, Spain, Jordan, and China. Both institutions are U.S.-accredited by the New England Association of Schools and Colleges (NEASC).
With a diversified portfolio of over 5 billion euros in assets, Eurazeo is one of the most prestigious publicly traded investment companies in Europe. It is notably a majority or key shareholder in such well-known hospitality, travel, and luxury brands as AccorHotels, Elis, Europcar and Moncler.
Commenting on this transaction, Douglas Becker, Chairman, CEO and founder of Laureate declared: "Laureate is proud to have supported Glion and Les Roches for more than a decade on their paths to excellence in the global hospitality and luxury management field. With its long-term orientation, strong investments in hospitality and luxury brands, and commitment to social responsibility, we are confident in Eurazeo's ability to support Glion and Les Roches on a global scale and to build on the institutions' record of success for the many students they serve."
Virginie Morgon, Deputy CEO of Eurazeo, commented: "We are delighted to announce this agreement with Laureate and look forward to working with the respective management of Glion Institute of Higher Education and Les Roches International School of Hotel Management as they build on the high quality of education offered to their students in Switzerland and abroad through the different campus locations. We intend to provide both schools with the necessary resources to build on Laureate's legacy."
The transaction value amounts to CHF 380m, subject to certain adjustments at closing.
The governing boards of each institution support this transaction. Its closing is subject to regulatory approvals, including by NEASC, and other customary conditions and provisions. Following the closing, Laureate will continue to provide services to Glion and Les Roches, and programs of those schools will continue on various campuses of Laureate throughout the world. The two parties look forward to a smooth transition and the completion of this process in a timely fashion.
Credit Suisse acted as exclusive financial advisor to Laureate Education, Inc., while Lenz & Staehelin acted as legal advisor. Lazard acted as financial advisor to Eurazeo, while Bredin Prat and Bär & Karrer acted as legal advisors.
About Laureate Education, Inc.
Laureate Education, Inc. is the largest global network of degree-granting higher education institutions, with more than one million students enrolled across more than 80 institutions in 28 countries at more than 200 campuses and online. Laureate offers high-quality, career-oriented undergraduate, graduate and specialized degree programs in a wide range of academic disciplines including architecture, business, design, education, engineering, health sciences, medicine, law, and hospitality management. Laureate believes society is best served when its students, professors and employees use their collective skills and experiences to create positive and enduring change. This commitment is expressed through the company's philosophy of being 'Here for Good' and is represented by its status as a certified B Corporation® and conversion in 2015 to a U.S. Public Benefit Corporation, a new class of corporation committed to creating a positive impact on society. For more information, please visit www.laureate.net.
About Eurazeo
With a diversified portfolio of over 5 billion euros in assets, Eurazeo is one of the leading listed investment companies in Europe. Its purpose and mission is to identify, accelerate and enhance the transformation potential of the companies in which it invests. The Company covers most private equity segments through its four business divisions – Eurazeo Capital, Eurazeo Croissance, Eurazeo PME and Eurazeo Patrimoine. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. Eurazeo is notably either a majority or key shareholder in AccorHotels, Asmodee, Desigual, Elis, Europcar, Fintrax, Foncia, InVivo NSA and Moncler, and IES Synergy, Prêt d'Union, Vestiaire Collective and PeopleDoc through Eurazeo Croissance, as well as Dessange International, Léon de Bruxelles and Colisée through Eurazeo PME. Eurazeo is listed on Euronext Paris. ISIN: FR0000121121 - Bloomberg: RF FP - Reuters: EURA.PA
About Glion Institute of Higher Education
Founded in 1962, Glion Institute of Higher Education is a private Swiss institute that offers undergraduate, graduate and post-graduate programs in the fields of hospitality, tourism, and events, sports and entertainment management. Glion is accredited at the university level by the 3
NEASC and ranked by luxury hotel hiring managers among the top three hospitality management schools in the world for an international career (TNS Global Survey, 2013). Glion is located on three campuses in Switzerland and the UK: in Glion, above the famous resort of Montreux on the shores of Lake Geneva; in Bulle, in the heart of the Gruyère region; and in London. Glion has the unique advantage of offering its international student body a multicultural educational environment. For more information, visit www.glion.edu.
About Les Roches International School of Hotel Management
Founded in 1954, Les Roches International School of Hotel Management is a private institution based on the Swiss model of education. Les Roches offers undergraduate, graduate and post graduate programs in the fields of hospitality, tourism, event and entertainment management. With campuses in Switzerland and Spain (Les Roches International Hotel Management School, Marbella), and affiliated campuses in China and Jordan (Les Roches Jin Jiang International Hotel Management College (LRJJ), Shanghai, China; and The Royal Academy of Culinary Arts (RACA), Amman, Jordan), Les Roches offers students the opportunity to transfer between its locations to gain an international educational experience. Les Roches is accredited at the university level by the New England Association of Schools and Colleges, Inc. (NEASC) and is ranked by luxury hotel hiring managers among the top three hospitality management schools in the world for an international career (TNS Global-2013 Survey). For more information, please visit www.lesroches.edu.
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