Education portfolio

 

Strategic report / Sector review: Education

Education portfolio

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OCI valuation
IU Group

£101.1m

IU Group logo

IU Group

The largest university group in Germany.

IU Group continued to perform well, with HY25 revenue slightly above prior year and adj. EBITDA up 18% versus prior year. IU continues to invest in maintaining its superior quality and student outcomes across all formats, supported by its proprietary AI technology. At the same time, it is significantly expanding its lecturer base to support an increased student demand for in-person teaching in its On-Campus (formerly B2B) business. The UK brand has recently rebranded from LIBF to Walbrook Institute London. Further, the Academy business has achieved sustained double-digit growth with strong profitability.

K12 logos: affinitas education and Thomas's

K12 Investments

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

For the six-month period to June 2025, Oakley’s two K12 investments delivered pro forma revenue and EBITDA growth of 5% and 9% respectively versus prior year. Between June and August, Affinitas signed agreements to acquire three new schools, further expanding its presence across Europe and the Americas. Enrolments at Thomas's for FY25/26 have been finalised, with robust student intake for September reflecting continued strong demand for the Thomas's brand from local families, despite the challenges facing the wider UK private school sector over the last year.

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OCI valuation
K12 Investments

£72.9m

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OCI valuation
Bright Stars

£68.0m

Bright Stars logo

Bright Stars

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

For the year to June 2025, Bright Stars delivered EBITDA growth of 44% versus prior year. Overall market demand has improved over the last six months due to easing of cost-of-living pressures and increased levels of government funding. Bright Stars has now acquired 93 nurseries since Oakley’s initial investment, with eight new sites in H1, which puts it well ahead of the original target.

ACE Education logo

ACE Education (‘ACE’)

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

In the six months to June 2025, trading was impacted by softer FY25 enrolments, especially in the design vertical, as the French market continues to be challenging, with the apprentissage part of the market (only 35% of ACE’s business) now contracting. This was partly offset by ongoing strong performance in the other French brands, EIDM and CMH. Spain also continues to perform strongly and presents a compelling growth opportunity.

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OCI valuation
ACE Education

£15.3m