IU Group

The largest private university group in Germany.

IU Group continued to deliver double-digit growth, with revenue and adjusted EBITDA for the 12-month period ending December 2024 up 15% and 18%, respectively, compared to prior year. Total student figures have now reached c.150k, with growth in both the B2C and OnCampus segments. IU Group also continues to make progress with its acquired international units in the UK and Canada, achieving a combined revenue growth of 35% in 2024 vs. prior year.

K12 Investments

K12 Investments consists of Oakley’s investments in Thomas’s and Affinitas, which both continue to operate as entirely independent platforms.

For the 12-month period to December 2024, collectively, the two K12 investments delivered proforma revenue and EBITDA growth of 9% and 19% respectively versus prior year. Affinitas made three new acquisitions in the US, Italy and Brazil, and continues to make progress on a number of expansion capex projects across the portfolio, including expansions at three top performing Spanish schools. Thomas’s continues to progress with the relocation of Thomas’s Kensington to a new state-of-the-art facility, and the development of a new senior school in Richmond.

Bright Stars

A leading independent group of premium nurseries, providing pre-school childcare.

In the 12 months to December 2024, Bright Stars delivered proforma EBITDA growth of 40% versus prior year. Overall market demand improved in the second half of the year due to increases in government funding and easing of cost of living pressures. Bright Stars has acquired 74 nurseries since Oakley’s initial investment, which puts it well ahead of the original target.

ACE Education

A leading higher education platform focused on sports management, design, fashion and hospitality.

In the 12 months to December 2024, ACE has experienced market challenges, including heightened competition and revisions to the accreditation criteria for French Professional Certifications, which has resulted in total student numbers being slightly behind the previous year. Improvements have been made to the student recruitment process and the more focused approach is already evident in the early stages of the 2025/26 recruitment campaign. The integration of Valencia-based ESAT, a specialised school focused on Computer Graphics and Interactive Design Media, which was acquired in 2024, continues to progress well. Enrolments are up 17% versus prior year, adding positive momentum to ACE’s expansion strategy in European markets outside France.