Bratislava-based private equity firm Sandberg Capital has completed the acquisition of a majority stake in Hungary's Green Fox Academy, which organises coding bootcamps, through the Sandberg Investment Fund II
The transaction was closed in late September. The parties did not disclose the size of the the size of the shareholding exchanging hands, but according to Dun&Bradstreet it reached 75%.
The Slovakian equity firm focuses on investments in SMEs with a focus on Slovakia and the CEE region in the IT, education and retail sectors. Green Fox is Sandberg’s first investment in Hungary and the third in the education sector.
Green Fox founders will continue to manage the company
The Budapest-headquartered company offers a series of online and on-campus classes for people who want to start a career in IT. It has a staff of 113 and has educated more than 4,000 IT specialists, so far. It has a presence in Slovakia and Czechia in addition to Hungary.
The sale of the majority stake will help its foreign expansion, it added.
The company has so far received HUF747mn (€1.8mn) in financing in three rounds
Green Fox’s revenue in Hungary rose from HUF518mn in 2020 to HUF901.5mn and sales could exceed HUF1.5bn in the three countries, half of which is generated by the Czech and Slovak operations.