CIR: sale of interest in SEG (Swiss Education Group) for € 64.1 mln completed

Overall return on the investment € 45.5 million. CEO Mondardini: “The agreement creates value for CIR and is consistent with our development strategy”

Milan, 26 November 2015CIR-Compagnie Industriali Riunite S.p.A. has announced that its fully owned subsidiary CIR International completed today the sale of its 17.4% shareholding in Swiss Education Group (SEG) to a group of investors for an amount at current exchange rates of € 64.1 million, of which € 3.9 million refers to the repayment of a shareholder loan.

SEG is the largest hotel management education group in Switzerland and a leading provider of hospitality management education and training internationally with 6,100 students from 110 different countries.

The CIR group had invested in SEG in 2011. The deal will give the group a capital gain of € 42.1 million in the year 2015 with an overall return on the investment of € 45.5 million, corresponding to an IRR (Internal Rate of Return) of 30%.

Monica Mondardini, CEO of CIR, said: “After having supported the growth of SEG in the last four years, we have completed an agreement that creates value for CIR. This transaction is consistent with our strategy of focusing the group on the development of its three main sectors – media with Espresso, automotive components with Sogefi, healthcare with KOS – pursuing at the same time the best valuation of its non-strategic activities”.

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