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The number of exits in Spain is surging this year, once again demonstrating the success of the SF. In 2020, Namencis Capital, led by Santiago Navarro-Rubio, acquired ENEB, one of Spain’s leading groups of online business schools, with the backing of investors such as Cerralvo Capital, Enrique Locutura, José María Clotet, among others.
Five years later, the educational group has changed hands and is now under the control of a consortium of investors led by José Elías (Audax Renovables and La Sirena), Yaiza Canosa (Goi), and Belén de Jaime (Flipeat). The transaction, valued at €23M, allowed the previous investors to secure significant returns (7x MOIC, ~47% IRR), while Santiago Navarro-Rubio has reinvested in the company and will continue as its CEO.
Namencis Education is an online education group comprising four business schools: ENEB, ISEB, ESIE, and IEAD. With more than 200,000 alumni across over 125 countries, the group is today a global reference in business education. With a clear philosophy based on agility and flexibility, Namencis offers a training model that combines high-quality theoretical content with practical application through cutting-edge methodologies. At the time of its acquisition in 2020, the group reported revenues of €4.5M and EBITDA of €1.3M. By 2023, revenues had grown to €4.8M, with EBITDA rising to €2.8M (~250% increase).
The group expects to close 2025 with EBITDA approaching €5M, with the new investor group aiming to quadruple this figure over the next five years, reaching €20M.
“Our purpose is to become the leader in a new way of learning, reinventing online education around three core pillars: a strongly practical approach, a highly technological experience, and a model that adapts to each user’s preferences,” explains Yaiza Canosa, who underlines the importance of strengthening the company financially to drive exponential growth. The investors emphasize innovation, employability, and networking as the key pillars supporting the group’s educational offering.
The new owners have set their sights on accelerating Namencis’s international expansion. While its main markets are currently Europe and Latin America, Spain represents only 25% of total revenues. The group holds particularly strong positions in countries such as Colombia, Mexico, Germany, and the United Kingdom.
At the same time, the investors’ roadmap includes scaling Namencis’s corporate business, while continuing to offer its programs directly to individual students. “We see a major opportunity in the B2B segment to address the training needs we’re identifying within companies, with a constantly evolving educational offering,” notes Yaiza Canosa, who will assume the role of Chairwoman.
Legal (vendor): Bufete Barrilero y Asociados / Legal (buyer): Amoroso y Asociados y Latham & Watkins
