Suma Capital has made an investment in Implika Education, a Spain-based provider of professional and vocational training. No financial terms were disclosed.
December 10, 2019 – Barcelona-based private equity firm Suma Capital has invested in Implika Education, a pioneer in professional and vocational training that was founded in the Basque region of Spain. The capital will notably allow the further opening of training centers and help develop the offering in training courses and qualifications. Founded in 2009 and offering a mix of physical training centers and an even more extensive online education network, Implika has grown rapidly to become the third largest professional and vocational training group in Spain with over €20 million in sales. The company aims to double revenues within the next few years.
The majority investment is the first out of Suma’s latest fund, SC Growth Fund II, which executed its first closing alongside the deal. The fund is aiming to raise €125 million to invest in 10 to 12 Spanish SMEs looking to accelerate their business expansion and organizational development. SC Growth Fund II held a first close on slightly more than €60 million, with commitments coming from historical Spanish investors as well as new international investors from the UK and Luxembourg.
Predecessor fund, SC Growth Fund I, was raised in 2015 and fully deployed in 7 portfolio companies including the likes of TradeInn, a fast-growing online specialist retailer, Turris, a chain of premium bakeries founded in Barcelona, and Alucan a manufacturer of aluminum packaging that has actively benefitted from the current trend away from plastic. The 2015-vintage fund is currently performing at over 2.4x cost.
"In a short period of time, Implika has become a leader in the field of professional training and education,” says David Arroyo, founding partner of Suma Capital. “Its excellent team is prepared to lead the digitalization and consolidation process in what remains a highly fragmented sector that is largely recession proof."
Suma Capital was founded in 2011, as a spin-out of the captive private equity team of Degroof Spain. Under founders Enrique Tombas, David Arroyo and Pablo de Muller, the investment team has grown to 15 professionals focused on investing within the Spanish lower mid-market through two distinct strategies: growth capital and sustainable infrastructure.
The investment strategies are focused on providing capital to lower mid-market companies and projects in Spain, a sector where funding has typically proven relatively difficult to source. Suma Capital has also built a strong ESG-focused practice. Suma was one of the first private equity firms to be a signatory member of the United Nations’ Responsible Investment Principles (since 2013, with a current UN rating of A+) and the firm was awarded the Spanish Private Equity Association’s Environmental, Social and Governance prize this year. Suma strongly believes that focusing on ESG matters. Helping firms improve their environmental, social and governance policies creates better organizations and more valuable companies.
About Suma Capital
Suma Capital invests in small, rapidly growing businesses and joins forces with their management teams to accelerate expansion. With a focus on low-to-mid market companies in Spain, Suma has an exceptionally large 17-member team that offers more resources to portfolio companies than is typical for this sector. Suma’s sweet spot for investment are companies with annual sales of between €10 million and €50 million. The firm invests through two dedicated investment programs: Growth Capital and Sustainable Infrastructure. Suma Capital is a responsible investor and strongly believes that implementing best practice on ESG issues positively impacts value creation for all stakeholders. For more information on our team, investment principles, and engagements, please visit: www.sumacapital.com