Investor Presentaiton
Private early
stage portfolio
Education business overview
Fragmented education market offers attractive opportunity for a scaled player
Diversified business model with strategy 1-2-3
Strong platform to facilitate growth and scale to become the leading integrated education player with
up to 27,000 learners by 2025
Annual tuition fee:
GEL 15,000+
Premium
3,500
learners
BGA³
Annual tuition fee:
7,000 learners
2
GEL 6,000 - 15,000
Mid-level
Two partners
Annual tuition fee:
Up to GEL 5,000
Affordable
16,500 learners
Three partners
➤ Partnership model, with 70-90% majority stakes
➤ Education business holding company won't exist
GCAP involvement will be limited to: strategy setting, hiring
financial director, oversight of CAPEX spending
GEL 70 million+ EBITDA by 2025
GEL 185 million gross capital allocation from GCAP through 2025
Expansion plans were put on hold in light of the COVID-19 outbreak
until there is more certainty regarding the effects of COVID-19 on
the business landscape and the Georgian economy.
BRITISH INTERNGALOW
GEORGIA
CAPITAL
Three high quality school partnerships across premium, mid-level and affordable education segments, providing a clear pathway to approximately
more than 50% of our targeted GEL 70 million EBITDA by 2025
Targeted
Total capital allocation
School
Segment
Deal close date
Debt/Equity
GCAP ownership
Valued at
from GCAP²
Current capacity
of learners
capacity of
learners
BGA³
Buckswood
Green School
Premium
Mid-level
Affordable
23 July 2019
29 July 2019
22 August 2019
GEL 60 million
GEL 24 million
Total
OGEL 21 million
OGEL 105 million
50%
50%
50%
70%
80%
6.4x EV/EBITDA 2020
800
3,200
Targeted cost per
learner (GEL)
35,000 40,000
6.4x EV/EBITDA 2020
760
2,980
14,000 19,000
80% - 90%1
5.6x EV/EBITDA
1,250
5,000
6,500 - 8,500
2,810
11,180
(1)
(2)
80% equity stake in the current campus and 90% equity stake in three new schools that will be developed under green school brand.
Includes actual and projected future capital allocations.
Page 55
(3)
Including BIST.View entire presentation