Global fund KKR set to sell Eurokids, hires bankers
KKR & Co is all set to sell its education portfolio in India — Lighthouse Learning (formerly Eurokids International). KKR has hired JP Morgan and Avendus to run the sale process, which is expected to be launched by next week, said two sources aware of the development.
Lok Sabha Voting Phase 5: All the latest news
KKR, which wanted to exit its 5-year old investment, eyes a valuation of $1-1.2 billion (Rs -10,000 crore). Alpha Asia Holdings II Pte Ltd (investment arm of KKR) holds 94.53% in the holding company Lighthouse Learning, while co-founder & CEO Prajodh Rajan holds the balance 5.47% stake.
Lighthouse, one among the largest educational groups, has seen interests from global educational institutions based out of the Middle East, Europe as well as PE buyout funds, added sources.
The Lighthouse group operates more than 1,350 pre-schools and 45 schools through its owned as well as franchisee model. It has seven core brands — EuroKids, Kangaroo Kids and Mother’s Pet (pre-school segment) and EuroSchool, Billabong High, Centre Point and Heritage Xperiential (K-12 segment).
KKR acquired the controlling stake in EuroKids in 2019 from a consortium led by Indian private equity firm Gaja Capital and Swiss firm Partners Group for about Rs1500 crore.
KKR & Co is considering a sale of its controlling stake in Indian pre-school and early-learning provider EuroKids International for around $1 billion, Bloomberg reported in March.
When contacted, KKR, Prajodh Rajan, JP Morgan, Avendus declined to comment.
