Wendel Se · EURONEXT:MF
Wendel — Merger or Acquisition (July 2024)
14 slides from Wendel's merger presentation, Jul 1, 2024
Slide 1: Acquisition of Globeducate
Acquisition of July 1, 2024 2023 2024 2021 1
Slide 2: Transaction overview
Transaction overview • On July 1, 2024, Wendel announced it has entered into an agreement with Providence Equity Partners to invest in Globeducate, one of the world’s leading international K-12 education groups. Providence has been Globeducate’s shareholder since 2017 and will sell part of its stake
Slide 3: Key figures and key terms of Wendel's investment
Key figures Double-digit growth since 2017 8.2y average student tenure c.€440m in sales in FY25e(1) >40,000 students c.€120m in EBITDA FY25e(2) >6,000 employees, of which 4,000 teachers High-quality infrastructure, underpinned by 11 countries ~35% owned real estate portfolio and long-term leases Key
Slide 4: Globeducate, a unique company that aligns closely with Wendel's strategy and values
Globeducate, a unique company that aligns closely with Wendel’s strategy and values Improving children’s skills through quality education fits with Wendel’s values and mission Strong & predictable business, largely protected from macroeconomic risks A unique opportunity to invest behind a leadin
Slide 5: A high-quality group, with proven and attractive growth profile
A high-quality group, with proven and attractive growth profile Accretive and disciplined M&A Operational leverage playbook expertise Experienced business development team Low-risk, solid Continued margin accretion with a strong reputation for from expansions maturation and executing M&A and expansi
Slide 6: A unique and balanced global footprint of high-quality K-12 schools
A unique and balanced global footprint of high-quality K-12 schools 39 schools / 25k students / Europe c.80% of Revenue(1) India 13 schools / 10k students 13 schools 11 schools 5 schools (2) (3 locations) (8 locations) (2 locations) (3) (13 locations) (5 locations) (2 locations) Online Homeschooling
Slide 7: A compelling financial profile, fueled by organic and external growth
A compelling financial profile, fueled by a combination of organic and external growth… Revenue CAGR of c.13% 21 successful acquisitions (2021-2025e)(1) integrated since 2017 Acquisitions Revenue LTM as of August Year-End In €m +13% p.a. 440 373 344 307 258 258 269 (2) 2019 2020 2021 2022 2023 2024
Slide 8: Fair through-the-cycle valuation multiples for transactions in the K-12 sector
… supporting fair through-the-cycle valuation multiples for transactions in the K-12 sector Precedent private transactions through the cycle(1) EV / FY+1 EBITDA excluding IFRS 16 (x)(2) (3) Average through the cycle: ~19x 19.4x Transaction #1 #2 #3 #4 #5 #6 #7 #8 #9 #10 #11 2018-2023 Global platform
Slide 9: Key takeaways
Key takeaways A world-class education Unique global leading Predictable business, group relying on the highest player with long established largely protected from academic standards and a relationships in a rapidly macroeconomic risks strong management team developing market Strong track record in S
Slide 10: Q&A
Q&A 2023 2024 2021 10
Slide 11: Disclaimer
Disclaimer • The following applies to this document, the oral presentation of the information in this document and any question-and-answer session that follows the oral presentation. • This document has been prepared by Wendel S.E. (“Wendel”) solely for use at the potential transaction presentation,
Slide 12: Financial agenda
Financial agenda Ny) WENDEL
Slide 13: Financial agenda
Financial agenda Wednesday July 31, 2024 H1 2024 results – Publication of NAV as of June 30, 2024, and condensed Half-Year consolidated financial statements (post-market release). Thursday October 24, 2024 Q3 2024 Trading update – Publication of NAV as of September 30, 2024 (post-market release). Th
Slide 14: For more information, please visit www.wendelgroup.com
For more information, please visit www.wendelgroup.com 14 Wendel Q3 2022 Trading Update | October 28, 2022