Comir has been an advisor in connection to three well-run school companies´ IPOs on Nasdaq Stockholm: Internationella Engelska Skolan, Atvexa and Cedergrenska. All have been built by fantastic entrepreneurs and Comir tells in this article the story about two one of them.
Over 20 years, Barbara Bergström, one of Sweden’s most successful entrepreneurs, and Hans Bergström created Sweden’s largest compulsory school, Internationella Engelska Skolan (IES). Barbara, who grew up in the US, came to Sweden for love, worked as a teacher and saw an opportunity in connection to the free school reform in 1993 to provide pupils, teachers and parents with what many lacked: order, respect for the school as a workplace and teaching in focus.
In 2012, the Bergströms sold the majority of IES to the US private equity company TA Associates, with close links to Harvard and other leading US universities and foundations and in 2016 the company prepared for a listing. As they were growing older and without children ready to take over, the Bergströms wanted to ensure that IES had a strong owner for the years ahead. Comir, which has experience from working for publicly financed businesses, was tasked with assisting the IPO process. Johan Hähnel joined company management.
The company was well run and over 100,000 pupils were on the waiting list to attend a school with good order and calm working environment and the opportunity to master the global language of English. At the same time, the discussion in Sweden about schools with private principals presented a challenge.
The communication strategy was built around a number of topics; on the need for new schools in Sweden, the International English School’s strong concept and the unique confidence from parents as well as the company’s rapid but controlled organic growth and well-run operations. Active communication was required, and we were not prepared to let others set the agenda.
It was an honour to work with Barbara and be led by her drive, leadership and distinct view of what is right and wrong. With great humility and lengthy discussions, we prepared the prospectus and described the operations together with Hans Bergström. Hans’s political expertise, intellectual prowess and uncompromising attitude to the Swedish language guided our work and discussions on the balance between the expectations of the financial market, children, teachers, parents, the school authorities and politicians.
The discussion on the best ways to offer children the best possible education, and safeguard the choice of parents, is still continuing to this very day, but the listing was completed with great success. The offering was oversubscribed 22 times and the share price rose dramatically. “Top of the class” was Dagens Industri’’s headline on day one. There was considerable interest from institutions, the general public and employees. IES was listed on Nasdaq Stockholm, Mid Cap, until 2020 when it was reprivatized.
“The partnership with Johan was excellent. He was exceptionally talented, with an enormous network in the business world and media. He coupled his professionalism with great sensitivity and respect for the entrepreneurship of the founders and for what IES represented in terms of its convictions and values. He was also a pleasure to work with and was never taken over by prestige. His own set of values fitted well with our own. He quickly and efficiency did what needed doing without a fuss.”
Barbara and Hans Bergström, IES