GP Investments Sells Remaining Stake in Estácio (Latin America)
Source: GP Investments
Latin America-focused alternative investment company GP Investments has sold its remaining stake, which was held by GP Capital Partners (GPCP) IV, in Brazil-based education company Estácio Participações. GPCP IV sold all of its 22,064,215 shares at BRL17.61 each through a block trade, generating proceeds of BRL388.6 million (approximately US$172.8 million). The fund originally acquired a 20 percent stake in Estácio in March 2008 and will reportedly generate a cash-on-cash multiple of 2.3x on its investment. Estácio’s network consists of one university, four university centers, 34 colleges and 52 distance learning units.