Abenex announces the sale of its stake in Groupe ESCG to FROJAL, through its subsidiary FROJAL Éducation. FROJAL, majority shareholder of Lefebvre Dalloz, completed the transaction following a phase of growth and transformation at ESCG, initiated in December 2021 with the investment of Abenex Small Cap I.
Founded in 1987, Groupe ESCG specializes in work-study training in accounting (BTS CG, DCG, DSCG). The Group relies on an experienced faculty of recognized experts and benefits from a strong reputation among chartered accountants. Initially established in Paris and Nice, ESCG has significantly accelerated its development over the past four years with Abenex’s support.
Rapid expansion of its campus network
Since Abenex’s investment in December 2021, ESCG has delivered strong growth momentum, with student numbers increasing from approximately 500 to nearly 1,500, notably driven by the successful opening of six new campuses (versus two at entry). The network now includes eight campuses across France: Paris, Nice, Lyon, Marseille, Lille, Montpellier, Rennes and Strasbourg.
Entering a new phase of development and strategic expansion
Groupe ESCG is entering a new phase aimed at further expanding its geographic footprint, enhancing its training offering, and strengthening investments in pedagogical and digital tools. FROJAL, an active investor in the education sector, is integrating ESCG as the cornerstone platform of its education division.
Patrice Verrier, Managing Partner at Abenex, and Foucault Crombez, Principal, commented: “We are proud to have supported the Group throughout this sustained expansion phase. ESCG has now established itself as a leading school in accounting professions in France, with eight campuses. We wish the management team and its new shareholders every success in this next stage. This transaction illustrates Abenex’s ability to support ambitious growth trajectories.”
“Alongside Abenex, Groupe ESCG has experienced a strong development dynamic. We are now entering a new stage of growth with ambition, building on recent campus openings and strong brand recognition at national level,” said Gilles Samama, Founder of Groupe ESCG.
Jacques Ehrmann, Chairman of FROJAL’s Management Board, added:
“Following the creation of Cybersup in 2024 and the Institut d’Économie Durable in 2025, the integration of ESCG in 2026 marks a major milestone for FROJAL Éducation, fully delivering on FROJAL’s diversification strategy.”
Advisors to the transaction:
- M&A advisor: Edmond de Rothschild (Thomas Hamelin, Victor Auguin-Rougier, Etienne Ceccaldi, Flora Potier)
- Legal M&A: Orsan Avocats (David Sebban, Thomas Méric)
- Financial VDD: BDO (Guillaume Philippot, Robin Ansart)
- ESG review: PwC (Jorik Geiger, Victoire de Carné)
- Abenex deal team: Patrice Verrier, Foucault Crombez
