KKR is buying a majority stake in Spanish vocational training provider MasterD in a deal that will bolster the private equity pioneer’s global education portfolio.

The firm’s founder Luiz Gomez and MasterD’s management team will reinvest alongside the $36 billion listed asset manager, which is said to have valued the company at €150 million, including debt, Bloomberg reports.

A well-placed source told this publication that MasterD, which providers more than 280 courses to over 50,000 people in Spain and Portugal via its online platform, records annual EBITDA of €10-15 million.

KKR is investing in MasterD through its first Global Impact Fund, which closed at $1.3 billion earlier this year and seeks to capitalise on a burgeoning trend in which socially responsible investments focus on climate change, clean water and workforce development.

“MasterD is helping address a critical societal challenge in improving employability and skills, which aligns very strongly with the objectives of KKR’s strategy around impact investing,” Stanislas de Joussineau, KKR’s head of global impact for Europe, the Middle East and Africa, said in the statement.

The transaction will see KKR expand its footprint in the global education arena, in which it already controls US-based digital reading platform OverDrive, which it acquired in January, and India’s EuroKids International.

Founded in 1976 by cousins Henry Kravis and George Roberts, and Jerome Kohlberg, KKR is widely regarded as the pioneer of leveraged buyouts.

Listed on the New York Stock Exchange, it is one of the world’s largest private equity companies, managing some $150 billion of assets.

Date published: 4 August 2020

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