By Leanna Reeves | Updated on Oct 09, 2026 at 05:00 PM
French private school operator Omnes Education is looking to refinance around €700 million ($785 million) of debt, according to a person familiar with the matter, an effort that will play out against the backdrop of the most serious student unrest in the country in years.
Most of the bank debt is set to mature in April 2028, according to the latest consolidated accounts of Educin Topco, the holding company for the Cinven-owned higher-education firm. The group also reported €216 million in convertible bonds, which mature in April 2029. The company generates annual earnings before interest, taxes, depreciation and amortization of €95 million, the person said.
Existing lenders include Goldman Sachs, PSP Investments , M&G , and Clearlake Credit , the person said.
The planned refinancing comes during a challenging time for France’s school system, with protests breaking out in the public sector over funding and classroom conditions. France has already been juggling with inflation pressures and a ballooning budget deficit , and the upcoming presidential race could add to political instability in the next months. High interest rates are also leaving private credit borrowers with heavier debt bills.
Decreasing government subsidies in France have been a slow burner for education-focused businesses, but the ongoing protests mark a tipping point that has dented sentiment around the sector.
Market participants previously showed strong appetite for the education sector, such as Ardian’s buyout of a majority stake in AD Education in 2020, in which the private equity firm sealed a deal before bids took place.
Lately, though, AD Education’s TLB price in the market has drastically decreased, hurt not only by the change in French subsidies to the sector but also by the growing usage of artificial intelligence that is shifting educational methods.
Omnes benefits from a state-backed apprenticeship program, according to its accounts, potentially leaving it exposed to further government spending cuts. Borrowers could, however, be left with little choice but to sale or refinance as the sector continues to face challenges.
Read More: French Students Extend Protests After Premier Delays Response
Representatives for Goldman Sachs, PSP Investments, M&G, Clearlake Credit, and Cinven declined to comment. A spokesperson for Omnes did not respond to a request for comment.
Cinven invested in Omnes in 2019. Founded in 1975 in France, Omnes has campuses in France and education centers globally with around 40,000 students enrolled each year, according to its website .