• Founded in 2000 and headquartered in Alcalá la Real (Jaen, Spain), Formación Alcalá is an e-learning platform that focuses on education and training for healthcare professionals in Spain and Latin America
  • Formación Alcalá provides over 1,400 programs, including courses, master-level degrees accredited by Spanish universities and training. It targets healthcare professionals who are seeking to upgrade their skills, build credentials and apply for public employment in the healthcare system
  • Formación Alcalá’s courses and content are accredited by top-tier Spanish universities or the Spanish Ministry of Health, who oversees quality, issues the diplomas, and audits alumni performance


  • DC Advisory (DC), led by Joaquín Gonzalo, was engaged by Formación Alcalá to provide sell-side M&A advice to support the sale of a majority stake in the Company
  • In a complex process that included navigating a period of lockdown and distant negotiations, DC provided comprehensive financial and strategic advice across multiple work streams, including:
    • Process strategy and tactics;
    • Due diligence coordination;
    • Deal structuring;
    • Financial modelling and after valuation;
    • Support in negotiations and transaction documents;


  • Following this process, ACON Investment (ACON) acquired a majority stake in Formación Alcalá
  • ACON are primarily based in Latin America and will help to support and accelerate growth in this promising market
  • DC ensured all work streams were successfully completed in a timely manner
  • DC's extensive experience in Education and senior deal team involvement were key to the success of this transaction
  • DC were able to improve the terms of the agreement substantially throughout the process, despite the challenging environment and local lockdown
  • The transaction was completed in June 2021 for an undisclosed amount