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Report: Brazilian Eleva Educação seeks $200M in financing

Brazilian K-12 school chain Eleva Educação is in discussions with investors as it seeks to collect about $200 million in a new funding round to finance acquisitions and organic growth, Reuters reported, citing two sources with knowledge of the matter.

Current shareholders may also raise a small part of the proceeds, although no decision has been made yet, according to the report.

Eleva doubled its number of students to 70,000 in the last two years and spread across eight states through acquisitions, the report said, within a general expansion of privately funded education groups in Brazil.

The company is founded by Brazilian private equity firm Gera Venture Capital. Its shareholders include Brazilian billionaire Jorge Paulo Lemann, who is one of the founders of buyout firm 3G Capital, and Warburg Pincus LLC.

As of Oct. 18, US$1 was equivalent to 4.13 Brazilian reais.