FLORIANÓPOLIS, Brazil, Sept. 27, 2022 (GLOBE NEWSWIRE) — Vitru Limited (NASDAQ:VTRU) (“Vitru“) today announced that on September 27, 2022 it entered into an investment agreement with Crescera Growth Capital Master V Fundo de Investimento em Participações Multiestratégia and Crescera Growth Capital V Coinvestimento III Fundo de Investimento em Participações Multiestratégia (collectively, “Crescera“), pursuant to which Crescera has agreed to subscribe for 3,636,363 new common shares to be issued by Vitru (which, upon issuance, will amount to approximately 10.6% of Vitru’s outstanding common shares) for a total consideration of R$300 million, equivalent to approximately US$56 million based on current exchange rates as of September 27, 2022. The exact amount Crescera will pay in in U.S.$ will be determined in the following days once the currency conversion date is determined by Vitru.
“We are excited to welcome Crescera’s investment, which will assist us in our mission to democratize access to education in Brazil through a digital ecosystem,” said Pedro Jorge Graça and William de Matos Silva, Co-CEOs of Vitru. “Since the closing of the business combination with Unicesumar, Vitru has been working on the pre-defined plan: to raise additional equity (ideally from experienced, education savvy investors) aimed at accelerating the deleveraging process. Crescera is a natural partner for Vitru given its demonstrated expertise in the educational sector in Brazil through its investments in business such as Abril Educação, Afya, Alura and Ânima Educação.”
“Growing at an average rate of 25% per year since 2015, Brazil has experienced rapid adoption of digital courses in higher education,” said Felipe Argalji and Daniel Borghi, Partners at Crescera. “Vitru is a market leading platform and we are thrilled to partner with them through this high growth and transformative period.”
The investment by Crescera is expected to close in the fourth quarter of 2022, subject to customary closing conditions (including the receipt of Brazilian antitrust approval, approval of amended and restated memorandum and articles of association of Vitru and execution of amended and restated registration rights agreement). Vitru’s common shares acquired by Crescera will be subject to a lock-up until November 20, 2023, subject to customary exceptions. Contingent …