Africa and Middle East (MENA)-focused private equity investor SPE Capital announced on Thursday, March 31, the acquisition of a strategic minority stake in private education group Holding Générale d'Education (Holged) which operates in Morocco and Tunisia. The transaction was executed through SPE AIF I, SPE Capital’s US $258 million fund dedicated to financing African companies in general and North African companies in particular.

"We are happy to strengthen our partnership with Holged and to back the group and its management team in the new chapter of their development. The investment is an opportunity to support the growth of the company,” said Stéphane Heuzé, Partner at SPE Capital, commenting on the acquisition. 

SPE Capital has been a Holged partner for years. In 2017, SPE Capital, Holged, and Meninx Holding formed a consortium to acquire all of the shares of the private Tunisian institution International School of Carthage (ISC). ISC then became Holged. With the new transaction, SPE is increasing its commitment to the education sector in North Africa.

The acquired minority stake was purchased from Satya Capital and the platform TPG Growth for an undisclosed amount. SPE Capital will support Holged’s expansion, the improvement of its infrastructure, and the acceleration of organic and external growth.  

In late 2021, speaking in the column of Moroccan media leboursier.com, Tarik Haddi, president of the Moroccan Private Equity Association (AMIC), indicated that education would be among the most promising in Morocco post-Covid-19. 

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