WENDEL: Wendel completes the acquisition of c.50% of Globeducate, a leading international K-12 education group

PRESS RELEASE - OCTOBER 16, 2024

Wendel completes the acquisition of c.50% of Globeducate, a leading international K-12 education group

Wendel (Euronext: MF.FP) has completed the acquisition of c.50% of Globeducate, one of the world’s leading international K-12 education groups, from Providence Equity Partners, ("Providence”), a premier private equity firm specializing in growth-oriented investments in media, communications, education and technology.

Wendel invested €625 million of equity, at an Enterprise Value of c.€2 billion¹, to join Providence, which has been the Globeducate reference shareholder since 2017, and both firms will now own c.50% of the group.

Founded in 1972 in Spain, Globeducate provides K-12 (primary and secondary) education through a network of 67 premium bilingual and international schools, as well as online programs, across 11 countries mostly in Europe. The Group employs more than 6,000 people, including 4,000 highly qualified teachers.

Globeducate schools provide more than 40,000 students with a world-class education adhering to high academic standards. Globeducate students representing a wide range of backgrounds, benefit from a comprehensive and innovative educational experience – as well as first-class pastoral care – to prepare them to become ‘global citizens who can shape the world’. Many students achieve top grades and are typically accepted into higher education programmes at 50 of the world’s top 100 universities. School facilities are modern and well-appointed, having benefited from significant investment in recent years. Importantly, Globeducate aligns closely with Wendel’s strategy and values.

Providence has been the majority shareholder of Globeducate since 2017. Under Providence’s ownership, Globeducate has delivered double-digit average annual revenue growth through a combination of organic growth new developments, and accretive external growth, with 23 international accretive acquisitions completed over the period and opportunities in the pipeline.

Globeducate is expected to achieve revenue² of c.€440 million, c.80% of which would be generated in Europe, and EBITDA³ of c.€120 million in its financial year ending August 2025.

Agenda

Thursday, October 24, 2024

Q3 2024 Trading update?–?Publication of NAV as of September 30, 2024 (post-market release)

Thursday, December 6, 2024,

2024 Investor Day.

Wednesday, February 26, 2025

Full-Year 2024 Results?–?Publication of NAV as of December 31, 2024, and Full-Year consolidated financial statements (post-market release)

Thursday, April 24, 2025

Q1 2025 Trading update?–?Publication of NAV as of March 31, 2025 (post-market release)

Thursday, May 15, 2025

Annual General Meeting

Wednesday, July 30, 2025

H1 2025 results?–?Publication of NAV as of June 30, 2025, and condensed Half-Year consolidated financial statements (post-market release)

1 EV including IFRS 16 impacts. Excluding IFRS 16, EV stands at c.€1.86 billion.

2 Including ongoing acquisitions under exclusivity (c.€25 million).

3 Including ongoing acquisitions under exclusivity (c.€9 million). Including IFRS 16 impacts. EBITDA excluding IFRS 16 impacts stands at c.€96m.

Attachment

• Closing Globeducate_10.16.2024