Education IU Group

The largest and fastest-growing university group in Germany.

IU has continued its growth trajectory in 2023, with revenue and adjusted EBITDA up >30% and >35% against the prior year, respectively. Intake in Germany continues to grow against the prior year, with total students now at >140k. IU also continued its growth in B2C International during the year. The integration of LIBF (The London Institute of Banking & Finance, UK) and UFred (University of Fredericton, Canada) add-ons is ongoing with the first students having signed up for fully UK accredited IU online degrees.

Consumer North Sails

North Sails comprises a portfolio of market-leading marine brands focused on providing high-performance products for the world’s sailors.

North Sails achieved revenue and EBITDA growth of 18% and 32% respectively versus prior year. All divisions of the group are performing ahead of their prior year performance with the exception of Actionsports, which experienced softer performance due to a broader market slowdown that is expected to normalise in 2024. The Apparel division continues to grow, with EBITDA more than double the prior year-end position; Sails remains strong, with year-end revenues up by 16% on prior year partly due to consistently high order intake. The Masts business also continues to trade well, in part due to higher productive hours in the factory. As a result of North Sails’ strong performance, the group was one of the three largest contributors to NAV growth in the portfolio during the year.

In 2023, North Sails completed a refinancing process with a new bank syndicate on a five year term.

Consumer idealista

The leading online real estate classifieds platform in Southern Europe.

idealista concluded 2023 with strong growth at both revenue and EBITDA level. Growth is coming from all three of idealista's core geographies of Spain, Italy and Portugal.

In each market is coming from a well-balanced mix of price (ARPA), volume (number of agent customers) and ancillary services.