Global investment giant KKR is acquiring Medac, the Malaga-based vocational education company, and combining it with MasterD, KKR’s vocational training company, Voxpopuli has reported.
The investment was made through KKR’s $ 1.3 billion Global Impact Fund.
Medac was founded in 2010 and has 23 centres throughout Spain. Medac’s management team will continue to run the business and will reinvest alongside MasterD and KKR.
The new group will become Span’s biggest professional training company, according to KKR. It initially invested in MasterD in July last year, and combined it with vocational training company Technical Institute for Professional Studies last February.
Paco Ávila, president of Medac, said: “We are delighted that KKR is investing in the next phase of our growth to help us advance our mission and create a new leader in Spain. With the support of KKR and as part of a new group together with a stronger and larger MasterD, we can reach more students and provide them with the skills they need to improve their careers and offer benefits to Spanish society.”
Antonio Mayoral, chief executive of MasterD, added: “We are delighted with this investment that expands the group’s perimeter and consolidates our position in the educational market in Spain. One of our goals has always been to improve employability, something that is fundamental in our country. Having the support of KKR has been instrumental in reaching more students and helping them achieve competencies that help them advance in their careers. We are prepared to continue growing during this new stage together with Medac.”
Date published: 26 August 2021