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WorldStrides to receive funding round
Posted on Friday, 10 November 2017 14:34
Eurazeo and PrimaVera Capital have agreed to make an investment in WorldStrides, a Virginia-headquartered organiser of educational travel for students.
The size of the funding round has yet to be disclosed, but Eurazeo is expected to take a majority stake as a result of an injection of around USD 500.00 million.
Proceeds of the funding round have been earmarked for increasing WorldStrides’ international presence, specifically in Europe and Asia.
Chief executive Jim Hall added that the company also expects to gain a significant competitive advantage and grow its existing customer base as a result of the injection.
Completion of the deal is expected to follow by the end of this year.
WorldStrides is headquartered in Charlottesville and describes itself as the largest educational student travel and study abroad organisation in the US.
The company was established in 1967 and now offers educational programmes to more than 400,000 students from over 7,000 universities every year.
It employs in excess of 1,300 people across 58 offices spanning six continents.
WorldStrides received a similar investment in February 2016, when Metalmark Management and Silverhawk Capital Partners injected an undisclosed consideration to pick up a majority shareholding in the business.
That deal represented an exit for the Carlyle Group, which had acquired a majority stake, again for an unknown sum, in October 2011.
WorldStrides has also completed a few acquisitions of its own over the years; according to Zephyr, the M&A database published by Bureau van Dijk, its most recent purchase was in March 2014, when it bought Australian student and family tour operator Trekset (Aust).
The firm’s previous targets include Boston-based peer NETC and UK player Casterbridge Tours.
Zephyr shows the largest deal targeting a travel agency or tour operator to have been announced this year involved a Japanese company as Yoshimura Holdings sold a 9.2 per cent stake in Evolable Asia to an unknown buyer for USD 554.77 million.
© Zephus Ltd