CIR GROUP: AGREEMENT FOR SALE OF INTEREST IN SEG (SWISS EDUCATION GROUP) FOR € 64.1 MILLION
Overall return on the investment € 45.5 million. Closing expected within a month
Milan, 27 October 2015 – CIR-Compagnie Industriali Riunite S.p.A. has announced that its fully owned subsidiary CIR International has reached an agreement with a group of investors, which envisages the sale of its 17.4% shareholding in Swiss Education Group (SEG) for an amount at current exchange rates of € 64.1 million, of which € 3.9 million refers to the repayment of a shareholder loan.
The agreement, which is subject to the necessary financial and administrative requirements, is expected to complete in about a month.
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. On completion of today’s agreement, SEG will be owned by a consortium comprising some of its traditional shareholders, including the Swiss private equity firm Invision, together with new investors. The CIR group had invested in SEG in 2011.
Once completed, the deal will give the CIR 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%.
This transaction is consistent with the strategy of focusing the CIR group on the development of its three main sectors – media with Espresso, automotive components with Sogefi and healthcare with KOS – while seeking the best value for its non-strategic assets.
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