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Advent International Leads R$1 billion Investment in Inspira Rede de Educadores

New capital will aim to strengthen education platform to accelerate expansion

Private equity funds managed by Advent International and private equity funds managed by BTG Pactual become co-controllers of Inspira, which continues to be led by founder and CEO André Aguiar

São Paulo, March 18, 2024 – Advent International, one of the largest and most experienced global private equity investors, today announced that it led a R$1 billion investment round in Inspira Rede de Educadores, one of the largest Brazilian networks for basic education. The capitalization aims to strengthen the company and accelerate its organic and inorganic expansion, particularly through acquisitions across Brazil. Joining Advent as a co-investor is the Canadia Pension Plan Investment Board (CPP Investments).

Established in 2018 in Rio de Janeiro, Inspira currently operates more than 100 schools, serving 57,000 students and driving net revenue of more than R$1 billion. André Aguiar, who founded Inspira after a 20-year career dedicated to managing schools and teaching as a mathematics teacher, will continue to lead the network as its CEO.

“We are thrilled to join forces with André, BTG Pactual and the Inspira team, who rapidly transformed the company into a nationally recognized institution delivering high-quality education,” said Brenno Raiko, a Managing Director at Advent responsible for education investments in Latin America. “With its academic focus and tailored teaching approach at each school, Inspira is uniquely positioned to thrive in a highly fragmented basic education market, and we are excited to enhance Inspira’s impact on the lives of Brazilian students.”

Under the terms of the agreement, funds managed by Advent now assume a co-controller position within Inspira, alongside private equity funds managed by BTG Pactual, which has been a shareholder since 2020.

The annual revenue of the Brazilian private basic education market is estimated at R$77 billion and is the third largest in the world. Inspira prides itself on a relentless focus on teaching quality, preserving the academic independence of the acquired schools and providing management systems that facilitate both the relationship with parents and each student’s journey.

Quality in teaching translates into numbers under all metrics.

If the Inspira Network were a country, its students would be ranked 8th in the PISA ranking, which measures the quality of basic education in 81 countries.
In 2022, 267 Inspira students were accepted into medical schools, in some of the most competitive entrance exams in the country (with more than 100 candidates per place).
Inspira also stands out in terms of the quality of international education. By the end of 2024, it is expected that 10% of Brazilian schools with International Baccalaureate (IB) certification, an international diploma of excellence recognized in more than 50 countries, will be from Inspira.

FIP Economia Real, managed by BTG Pactual, became Inspira’s controller in 2020 after a primary investment of R$350 million that enabled the company to grow 14 times in size in three and a half years. Since the beginning of BTG Pactual’s investment, the company has grown at an average rate of 93% per year.

“We are extremely proud of what we have built alongside André over the last few years, and we believe Advent is the ideal partner to help us propel Inspira into its next growth cycle,” said Felipe Gottlieb, partner at BTG Pactual and chairman of Inspira’s board of directors.

“Inspira’s journey is just beginning, and the partnership with Advent and BTG Pactual fuels our team’s excitement for what lies ahead in the coming years,” said André Aguiar. “Advent’s sector expertise and their collaborative approach with entrepreneurs will be invaluable as we embark on this next phase together.”

Advent has a long history investing in the Brazilian higher education market, including in companies such as Kroton (currently Cogna Educação), FSG and YDUQS, driving growth acceleration and operational efficiency. The investment in Inspira is Advent’s first in the basic education segment.

Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 415 private equity investments across 43 countries, and as of September 30, 2023, had $91 billion in assets under management. With 14 offices in 12 countries, Advent has established a globally integrated team of over 295 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For 40 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit

Website: www.adventinternational.com

LinkedIn: www.linkedin.com/company/advent-international

BTG Pactual

BTG Pactual (BPAC11) is the largest investment bank in Latin America, operating in the Private Capital, Investment Banking, Corporate Lending, Sales & Trading, Wealth Management and Asset Management markets. The Private Capital Division has a successful track record in the alternatives market, managing over 11 funds and 60 companies across various sectors, focusing on essential services such as healthcare, education, telecommunications, industrial, and energy, through active and close engagement with every company. BTG Pactual has 48 offices in 11 countries and $177 billion in AuM (as of December 2023).

Inspira

Inspira Rede de Educadores is one of the leading basic education networks in Brazil, with over one hundred schools distributed in more than 17 states and the Federal District. Led by a team of renowned educators with decades of experience, the network seeks excellence and strong reputation, preserving the legacy and independence of each of its schools.

CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2023, the Fund totalled C$590.8 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Media contacts

Advent International
Leslie Shribman
lshribman@adventinternational.com

Nova PR
Tiago Lethbridge
tiago.lethbridge@novapr.com.br

Inspira

FSB Comunicação
Priscila Nishimori – priscila.nishimori@fsb.com.br
Cintia Taketomi – cintia.taketomi@fsb.com.br

BTG Pactual
Elisa Soares – btg@fsb.com.br

CPP Investments
Asher Levine — alevine@cppib.com

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Advent International appoints Consumer and Retail Executive Maggie Chan as Operating Partner

Shanghai, March 11, 2024 – Advent International (“Advent”), one of the world’s largest and most experienced private equity investors, today announced the appointment of Maggie Chan as Operating Partner. Based in Shanghai, Chan will support the buildout of Advent’s retail, consumer and leisure practice and work with the firm’s investment teams and the management teams of its portfolio companies in Greater China and globally.

Maggie Chan has extensive experience in managing transformational change and building customer development strategies in the consumer and retail industries both in China and internationally, having previously been Managing Director at Sephora Greater China, which is part of the LVMH group, and General Manager at Blueair China, a Unilever company that provides electronic air purifiers and filters.

During her five-year leadership at Sephora, Chan established an extensive, strategic retail network that helped the company become China’s largest prestigious multi-brand beauty retail chain. She also introduced and incubated new premium Chinese brands, including Herborist, Inoherb, XOVE and Maogeping, to incorporate a strong local element into Sephora’s diversified product offerings. Many of these names launched high-end product lines sold exclusively through Sephora.

David Chen, Managing Director at Advent, commented, “Maggie has an impressive track record in managing transformational change in the consumer and retail sectors. She has a deep understanding of how to develop and grow a company and key insights into consumer behavior trends, which will help us build on our existing partnerships with innovative businesses in the retail and consumer industries. We are excited to work with her, especially across the lifestyle sector in beauty and F&B.”

Chan has also joined the board of Wagas, a leading lifestyle F&B group, which has over 350 stores across China and is one of Advent’s portfolio investments. She will leverage her consumer insights to help advise on marketing and branding strategies for the restaurant group and to bring Wagas’ “Eat Well, Live Well” concept to new cities across China.

Andrew Li, Managing Director, Head of Greater China at Advent, said, “We’re pleased to welcome Maggie as an advisor to Advent as we continue to strengthen the depth and breadth of our Operating Partner program. We look forward to her future contributions to the firm and believe she will bring significant value add to our growing portfolio of leading consumer names and their management teams.”

Maggie Chan said, “I am excited to work with Advent due to its strategic investment approach, global reach and focus on the consumer and retail space, particularly fast-growing brands in the beauty and cosmetics sector. I believe there is a new generation of local Chinese brands that resonate not only with the country’s sophisticated and digitally savvy consumers but which also speak to global audiences and have the potential to become true industry leaders. With Advent’s support, I look forward to working with these companies and helping to build a platform of local and highly competitive brands.”

Prior to serving as Managing Director at Sephora Greater China, Chan held a number of roles at Unilever where she was instrumental in developing the company’s customer development strategy and retail solution partnerships and deploying its Requirements Traceability Matrix as well as growing global customer accounts for Walmart International. Chan earned a Bachelor of Science from The Chinese University of Hong Kong.

Advent has long been an investor in the retail, consumer and leisure sector. Several of its invested companies are international brands that have recently entered the China market or have established a strong presence in the region, including Wagas Group, one of the largest independent western fast casual restaurant groups in China; Zimmerman, an internationally recognized luxury fashion brand; Parfum de Marly and INITIO, luxury fragrance brands; and lululemon, the premier specialty retailer of athletic and yoga apparel.

Advent’s other notable investments in this sector include Skala, GHL Hoteles, Eureka Forbes, Orveon, Merama, Dufry, Grupo CRM, DFM Foods and Olaplex.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 415 private equity investments across more than 40 countries and regions, and as of September 30, 2023, had $91 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 295 private equity investment professionals across North America, Europe, Latin America, and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer, and leisure; and technology. For 40 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

Media contacts

FTI Consulting
Izzie Shen (Shanghai) / Jena Qian (Hong Kong)
Tel: +86 21 2315 1068 / +852 9839 0019
izzie.shen@fticonsulting.com / jena.qian@fticonsulting.com

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Advent International and Multiples to invest $230M in Ananya Birla’s Svatantra Microfin, which marks the largest private equity investment in India in the sector

Mumbai, 4^th March, 2024 – Founded and chaired by Ms. Ananya Birla, Svatantra Microfin Pvt. Ltd. (“Svatantra”) has entered into a definitive agreement with Advent International (“Advent”), one of the world’s largest and most experienced private equity investors, and Multiples Private Equity (“Multiples”), India’s leading private equity investor, for an investment of $230M. This deal marks the largest investment by private equity investors in the microfinance sector in India.

The investment follows Svatantra’s recent acquisition of Chaitanya India Fin Credit Limited (“Chaitanya”). Upon completion of the proposed transaction and merger with Chaitanya, the combined entity will be amongst the largest non-banking microfinance companies in India. The current promoter group led by Ms. Ananya Birla will continue to have a significant majority stake.

Since starting its operations in 2013, Svatantra, which provides affordable financial and non-financial solutions to women entrepreneurs, has emerged as one of the most differentiated process and technology-driven microfinance entity in India. Svatantra, along with its wholly owned subsidiary, Chaitanya, today has a team of more than 17,000 employees and the business serves over 4.2 million customers across 20+ states.

Ananya Birla, Chairperson, Svatantra, said, “This investment by Advent and Multiples marks a momentous occasion for us. My team and I are grateful to have investors on board who share our vision. This transformative era for Svatantra, propels us towards our goal of becoming the foremost and most impactful microfinance institution, creating a conducive environment for entrepreneurs who fuel India’s growth story.”

Shweta Jalan, Managing Partner, Advent International, said, “We are thrilled to announce Advent’s investment in Svatantra. We believe the microfinance sector serves as a cornerstone for financial inclusion for women entrepreneurs in rural areas, and Svatantra is uniquely placed to create one of the largest and most resilient microfinance institutions. We look forward to supporting the team at Svatantra, led by Ms. Birla, as they embark on their next phase of sustainable growth and profitability.”

“We are delighted to back Ms. Ananya Birla in building Svatantra to be the best-in-class institution delivering inclusion at scale. Its recent acquisition of Chaitanya brings together two exceptional platforms and management teams. In line with Multiples’ ethos of powering new possibilities, we look forward to partnering the Svatantra team in its journey of expanding products, stepping-up technology and enhancing analytics to widen the reach of its transformational impact,” said Renuka Ramnath, Founder, MD and CEO, Multiples.

The transaction is subject to receipt of statutory and regulatory approvals, including the approval of the Reserve Bank of India and Competition Commission of India.

Advent has been investing in India since 2007. Since inception, Advent has committed ~$6 billion across 18 investments, of which $1.2 billion has been committed in the financial services across 6 transactions sector including the current transaction. Key investments in the sector include Yes Bank (sixth largest Private Sector Bank), Aditya Birla Capital (a holding company for the financial services businesses of Aditya Birla Group), KreditBee (leading digital lending company), ASK Investment Managers Private Limited (a leading portfolio management service provider, real estate investment manager and wealth manager in India), and CAMS (India’s largest registrar and transfer agent of mutual funds). Other notable investments by Advent in India include Cohance Lifesciences (formerly RA Chem Pharma Limited), Eureka Forbes, Bharat Serums and Vaccines, DFM Foods and Manjushree Technopack.

Multiples has a strong financial services investing track-record with on-ground experience of business building through economic cycles over the last decade. Its investments in the sector include Cholamandalam Finance (India’s most valuable CV financier), Vastu (a tech-led, high-quality housing finance business), Veritas Finance (a leading MSME financier), Kogta Financial (an emerging leader in used vehicle financing), APAC Financial Services (an MSME financier with deep rural footprint), Acko Tech (India’s first and only D2C insurer), Niyo (a leading consumer fintech), IEX (India’s largest power exchange), RBL Bank (a private bank) and Sanctum (a wealth management company).

About Svatantra Microfin Private Limited

Svatantra was incorporated in 2012 by Ms. Ananya Birla. It started its operations in March 2013. In a short span Svatantra has emerged as the most differentiated process and technology-driven microfinance entity, which offers microcredit at affordable rates in the country. Svatantra has been a first mover and shaper of the industry by being the first MFI with 100% cashless disbursements since inception, and also the first to roll out an extensive customer facing app that is conducive to client social behaviours. The AA- graded organization (highest rating in the sector) was awarded the best microfinance organization of the year and has been placed in the top 25 best places to work in its segment by globally recognized Great Places To Work (2020 and 2022). In one of the largest deals in the industry, Ananya Birla’s Svatantra acquired Chaitanya India Fin Credit, making Svatantra the second largest microfinance organization in the industry. With a team strength of over 17,000 and an AUM of over 13,000 Crores, Svatantra is financing the entrepreneurs who are powering India’s growth story.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 417 private equity investments across more than 40 countries and regions, and as of December 31, 2023, had $88 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 297 private equity investment professionals across North America, Europe, Latin America, and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer, and leisure; and technology. For 40 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

About Multiples Private Equity

Multiples is India’s leading private equity platform distinguished by its long and successful experience of partnering with Indian entrepreneurs. Multiples has backed 30 Indian businesses to build aspirational, distinctive, and responsible businesses. Multiples focuses on core sectors of financial services, pharma & healthcare, consumer and technology. Some of Multiples’ distinctive investment partnerships include Vastu Housing Finance, Encube, Zenex, PVR, Delhivery, Dream Sports, Quantiphi, Kogta Financial, ACKO, Niyo, Licious and MoEngage. Multiples identifies opportunities that benefit from big shifts in its chosen sectors, and partners with exceptional entrepreneurs and management teams in creating transformational growth.