PeopleCert: New €300 Million Bond Issue more than 4x oversubscribed at final price talks.
PeopleCert’s new €300 million bond issuance drew exceptionally strong investor demand, achieving more than four times oversubscription at final price talks and attracting around 80 global investors.
Demand reached €1.28 billion, more than four times the transaction size, underscoring the company’s strengthening position in global capital markets and investors’ continued confidence in its business model and growth strategy. According to market sources, the scale of oversubscription represents not just a successful funding transaction, but a clear vote of confidence in the company’s leadership – reflecting both the stability and the forward-looking trajectory of the Group in an international environment.
Under the leadership of its Founder & CEO, Byron Nicolaides, PeopleCert issued a new senior secured bond due 2031, priced at 5.50% and listed on Euronext Dublin.
Morgan Stanley acted as Sole Physical Bookrunner and, together with Deutsche Bank, as Joint Global Coordinators. Bank of America, Citi, Eurobank, Goldman Sachs, and Santander participated as Joint Bookrunners. Alpha Bank, CrediaBank, National Bank of Greece, Optima bank, Ambrosia Capital, and Euroxx Securities served as Co-managers. Milbank and Latham & Watkins acted as legal advisors on the transaction.
A Signal of Stability and Confidence
The successful issuance sends a “message of stability and confidence” in a rapidly expanding international market driven by increasing demand for validated professional skills and lifelong learning. PeopleCert is the global leader in professional, language, and vocational qualifications in more than 200 countries, and today stands as a Global House of five iconic brands with over 150 years of heritage: ITIL, PRINCE2, DOI, LANGUAGECERT, and City & Guilds.
Another Landmark Acquisition: City & Guilds, following ITIL and PRINCE2 (through AXELOS)
The bond issuance follows PeopleCert’s recent announcement of its acquisition of the commercial awarding organisation and skills training activities of City & Guilds London Institute (CGLI).
This landmark acquisition increases PeopleCert by 2.3x, adding approximately £160 million (c. €185 million / c. $215 million) in annual revenue, positioning the combined entity within the £300 million (c. €350 million / c. $400 million) range, and bringing the total number of employees to more than 2,300.
The City & Guilds of London Institute (CGLI) was founded in 1878 by the City of London Corporation and 16 Livery Companies, the trade guilds. It was granted a Royal Charter by Queen Victoria in 1900 and has since enjoyed Royal patronage, with its current President being Her Royal Highness The Princess Royal (Princess Anne), after whom the Princess Royal Training Awards are named. With 148 years of history, 1,300 employees, and 1,800 external associates, City & Guilds stands as a global skills leader with a proud heritage in vocational education and training.
City & Guilds has a product portfolio of over 2,000 qualifications in 25 industries – from beauty and hairdressing to engineering, construction, travel, and hospitality – City & Guilds helps 1.1 million learners worldwide each year gain the skills they need to succeed (including Level 7 qualifications equivalent to a master’s degree). Notable graduates include Jamie Oliver (chef and entrepreneur), Karen Millen OBE (fashion designer), Sir Harold John Boyer Harding (civil engineer and former President of the Institution of Civil Engineers), and Denise McAdam RVM (royal hairdresser and industry pioneer).
The acquisition of City & Guilds marks PeopleCert’s second major strategic move in the UK market, following its 2021 acquisition of the Global Best Practice frameworks ITIL and PRINCE2 (through the acquisition of AXELOS), the transaction that established PeopleCert as the first “unicorn” of Greek origin.