CapMan Russia invests in Maximum Education - a leading Russian test preparation company

CapMan Press Release - 11 February 2015 at 11:40 a.m. EET

CapMan Russia invests in Maximum Education - a leading Russian test preparation company

CapMan Russia II, a fund managed by CapMan, has acquired a stake in Maximum Education - a leading provider of test preparation services in Russia. Maximum Education is CapMan Russia II fund's third investment. The aim of the transaction is to expand the company's operations in the growing test preparation services market in Russia.

Maximum Education currently focuses on preparing students for mandatory standardised exams to enter high school and university in Russia. The company provides online and offline test preparation services and operates two learning centres in Moscow and St. Petersburg. Maximum Education was founded in 2013 by an experienced team of entrepreneurs with prior experience e.g. in the leading global test preparation company Kaplan. Last year, Maximum Education provided its services to more than 4,000 students. The test preparation services market has significant growth potential as each year around two million Russian students take exams to enter high school and university.

"The implementation of standardised school exams throughout the last decade has transformed the Russian educational services landscape, which now offers opportunities for test preparation services with an institutionalised approach. We believe that together with the company's first-class team with prior international experience in the industry, we are able to build a strong market player in a growing and inherently countercyclical educational industry," comments Mikhail Zotov, Investment Manager at CapMan Russia and responsible for the investment.

"We are happy to start cooperating with CapMan, which enables us to further expand our regional presence and to enhance the company's e-learning platform and product offering," comments Michael Magkov, CEO of Maximum Education.

The CapMan Russia team is currently investing from the CapMan Russia II fund, which focuses on small to mid-cap Russian growth companies. The investment is made jointly with the Russia Partners Technology Fund, which is managed by a New York-based private equity firm Siguler Guff.

Further information:


Mikhail Zotov, Investment Manager, CapMan Russia, Tel: +7 495 620 4885

Hans Christian Dall Nygård, Senior Partner, Head of CapMan Russia, Tel: +7 495 620 4885

Michael Magkov, CEO of Maximum Education, Tel: +7 909 621 92 27

CapMan Russia www.capman.com


CapMan Russia is a leading Russian private equity manager focused on small to mid-cap Russian growth companies. The team has made 43 investments and 32 exits since 1996. The latest fund was closed at €99.1 million in 2014. The team includes 11 people in Moscow. CapMan Russia is part of CapMan Group, a leading private equity firm in the Nordic countries and Russia, with assets under management of €3.0 billion. CapMan has five key investment partnerships - CapMan Buyout, CapMan Real Estate, CapMan Russia, CapMan Credit and CapMan Public Market and - each of which has its own dedicated investment team and funds. Altogether, CapMan employs approx. 100 people in Helsinki, Stockholm, Moscow, Luxembourg and London. CapMan was established in 1989 and has been listed on the Helsinki Stock Exchange since 2001.

Maximum Education www.maximumtest.ru

Founded in 2013, Maximum Education is an offline and online educational provider of test preparation services founded by an experienced team of entrepreneurs with prior experience in the leading global test preparation company Kaplan, management consulting and technology start-ups. Currently, the company is focused on the preparation to Russian standardized school exams - OGE (9th grade exam) and EGE (11th grade exam) and operates two branded learning centers in Moscow and St Petersburg.

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