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September 5th, 2019 Natixis Partners financial advisor to CCI Lyon Métropole Saint-Etienne Roanne and emlyon Group in the opening of the share capital of early makers group SA, the holding company of emlyon business school

Founded in 1872 by CCI Lyon Métropole, emlyon business school is one of the top ranked business schools in France, with over 7,000 students yearly on its six campuses (Lyon, Saint-Etienne, Casablanca, Shanghai, Paris, Bhubaneswar). Since 2014, the Group has undergone an in-depth transformation of its business model, which has allowed it to double its turnover and return to profitability, despite the cancellation of all state subsidies.

On June 13th, CCI Lyon Métropole Saint-Etienne Roanne announced that in order to further support the Group’s strong growth dynamics, it has entered into exclusive negotiations with Qualium Investissement and Bpifrance regarding their potential investment in the capital of early makers group SA. Employees and alumni would also have the opportunity to invest in the Group at a later stage.

In its current form, the transaction entails a commitment from the financial investors to provide around €100 million in equity over the next five years. This transaction, the first of its kind amongst the French “Grandes Ecoles”, would allow the Group to accelerate its exceptional growth while maintaining its academic excellence. Completion of the transaction remains subject to consultation of employee representative bodies and clearance from relevant competition authorities.

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M&A team:

jean-baptiste marchand
managing partner

thomas laroque
executive director

bertrand duquesne
director

romain etienne
associate