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Industry News

Victoria Capital Partners Exits Brazil’s Damasio Educacional

16 December 2014

(Press Release) DeVry Education Group, a global provider of educational services, announced that DeVry Brasil has signed a definitive agreement to acquire Damásio Educacional. Completion of the transaction is expected to occur February 2015, subject to all regulatory approvals.

Damásio is a leader in bar exam test preparation and a high quality provider of undergraduate and graduate law programs. Damásio has a 44-year history in Brazil and serves more than 50,000 students through a network of approximately 220 learning centers located in many major cities (see map in Chart 1) and through distance learning. Damásio is expected to generate approximately $50 million in revenue in calendar year 2014. DeVry Group expects Damásio to be modestly accretive to earnings per share in fiscal 2015 and increasing thereafter.

“The addition of Damásio is in line with our strategy to continue to grow and diversify our educational offerings,” said Daniel Hamburger, president and CEO of DeVry Education Group. “This acquisition represents two of our priorities for capital allocation – higher education in Brazil and professional education globally. We look forward to welcoming Damásio faculty and staff to DeVry Group and to sharing best practices among our institutions.”

Damásio operates two educational segments:

Professional education and exam review: Damásio is one of the largest providers of test preparation for the bar exam in Brazil. The institution is nationally recognized for its excellent academic reputation. Students who prepare with Damásio test preparation pass the bar exam at twice the national average. Professional education contributes approximately 65 percent of Damásio’s total revenue and represents more than 75 percent of its student body.

Higher education: Damásio offers onsite undergraduate and graduate law programs and online and distance learning graduate law programs through its network of learning centers. Its law school in Sao Paulo is considered to be of the highest quality having received a recommendation from the Brazilian bar association. Only seven percent of law schools in the country have received this recommendation.
In addition to the sharing of best practices, DeVry Group expects Damásio students to benefit from significant investments in infrastructure, such as libraries and laboratories equipped with the latest technology. Professors and staff will have opportunities for professional growth within DeVry Brasil and other institutions within DeVry Group. In addition, Damásio will have the opportunity to develop academic offerings with DeVry Group’s sister institutions, such as Becker Professional Education.

BMO Capital Markets Corp. served as advisor to Damásio Educacional on this transaction. Damásio Educacional was controlled by Victoria Capital Partners private equity firm since 2008.