How Bahema Educação, with R$350 Million in Revenue, Prepared to Grow Post‑Pandemic
- Mint Capital
- 17 de jun.
- 4 min de leitura
The group—one of Brazil’s largest K–12 education providers with 14,000 students—consolidates control over all its invested schools.
To outside observers, 2022 may seem like a quieter year for Bahema Educação. Of its 11 school brands, only one was acquired this year. “But that’s far from all,” as the famous Brazilian singer Jorge Ben Jor once sang. Led by cousins Guilherme Affonso Ferreira Filho (“Guiga”) and Frederico Marques Affonso Ferreira (“Fred”), the pivot to education has enabled a series of highly relevant internal moves. What was done last year and earlier this year has primed the company for further expansion. In education, new growth begins in the second semester with enrollment and re-enrollment periods.
From zero to nearly 14,000 students in five years, the company has consolidated control over all acquired brands and their governance—both the visibly external corporate structure and board and the internal processes. CEO Gabriel Ribeiro told EXAME IN: “If you go back, you'll remember that many of Bahema’s acquisitions were made through future purchase options.” Acquisition payables were nearly R$150 million as of March 2021; now they stand at about R$30 million.
Everything—and more—is ready for the next phase. In 2021, pro‑forma revenue hit R$295 million (fully reflecting acquisitions). In just the first half of 2022, revenue reached R$170 million, pointing to a potential R$350 million annual revenue this year. Pro‑forma revenue grew over 23% year‑on‑year; in accounting terms, it rose 37%.
Despite pandemic challenges, student enrollment increased nearly 20% compared to February 2020, now totaling 13,500 across preschool, elementary, and high school in five Brazilian states (SP, RJ, MG, SC, PE)—a 17% year-over-year rise. These figures place Bahema among the country’s largest K–12 school groups.
Scaling Up Operations
“We’ve completed two-thirds of the work,” says Ribeiro, referring to the internal organizational foundation for higher efficiency and profitability. “The numbers may not yet reflect this in the financials, but the base is fully built.” The remaining third will come over time. In its premium segment, EBITDA reached nearly R$16 million; consolidated EBITDA is negative R$4.3 million.
The primary drag is Escola Mais—the group’s fastest-growing unit. Created in-house to port premium-school pedagogical and management expertise into a low-cost model, monthly fees are around R$800—roughly equal to per-student public school spending in São Paulo. “We doubled in size this year and aim to double again in 2023,” says Ribeiro. At the end of 2019, Escola Mais had 250 students; today, it reaches 4,000.
That growth alone subtracted R$15.3 million from consolidated EBITDA (or R$10 million excluding lease costs) in Jan–Jun. Acquired this year and still restructuring, Intergraus also contributed a R$2.3 million drag. Combined, if only Escola Mais and Intergraus were considered, adjusted EBITDA would have been nearly R$27.5 million.
Escola Mais has the highest scaling potential: “Maybe 100,000 students,” Ribeiro says—not a precise forecast, but indicative. Brazil has 40 million K–12 students; only 20% attend private schools—an inverse ratio to higher education. This is the basis for the Escola Mais model.
Premium Brand Expansion
The group is also launching new units under its existing premium branches (contemporary and bilingual), including flagship campuses and expansions. Notable schools include Escola Parque, Balão Vermelho, Escola da Vila, and Escola Viva. Additional growth levers include preschool (dual-language) offerings and extracurriculars. “Demand is growing for bilingual schools and extended activities,” says Ribeiro.
Bahema is positioned to replicate university-sector consolidation in K–12, a highly fragmented market dominated by small, family-run schools. Even major players like Eleva (115,000 students pre-2021 divestment) occupy only a sliver of total market share.
Pandemic Legacy
A significant advantage emerging from the pandemic has been increased appreciation among schools for being part of a larger group. Board Chairman Maurício Escobar observes: “It’s now much more evident that schools gain from scale advantages.” This cultural shift is vital to consolidation, eroding prior resistance to group strategy among smaller schools.
Governance and Collaboration
Ribeiro adds that scale helps economically and pedagogically: “Being part of a group fosters professional management and enriches pedagogical exchange.” The pandemic catalyzed this. Monthly pedagogical committee meetings between school leaders became “incubators of ideas and projects,” he remarks. Even smaller schools may never have survived the crisis alone—yet “they came out stronger,” says Guiga.
Strategic Acquisition Principles
“We’re not obsessed with size,” Ribeiro notes on future acquisitions—they will be pursued only when they bring value: “They must enhance impact and relevance—for students, families, teachers, and partners.”
Guiga, who has evaluated over 400 schools nationwide, emphasizes that alignment with established pedagogical umbrellas—premium bilingual, contemporary, or Escola Mais—is essential. For Escola Mais, growth in clusters is strategic. The group currently has seven units in São Paulo and one in Joinville, SC.
Shareholder Cohesion
Strategic alignment among shareholders underpins the company’s evolution. “We gave up some control to have partners who contribute,” says Guiga. Initially funded by Mint (now Mint Educação), the project now includes educational-sector investors via a joint‑venture fund, all investing personally.
In recent years, Bahema has consolidated management, investors, and governance. Ribeiro (hired 2020 as CEO) and Escobar (chairman) came from Ânima University. They helped found Bahema alongside Daniel Castanho and family, later stepping back from executive roles to “continue to innovate in education” under the Bahema banner. Castanhos also invest via Mint but do not lead day‑to‑day operations.
“Education is more resilient than university—families sacrifice for their children,” says Escobar.
Ownership Breakdown
Mint Educação (original fund + joint‑venture) now owns 45%. The Affonso Ferreira family holds ~15%, and Fairfax’s stake has been diluted to 21%. Escobar highlights the board’s role in ensuring quality is a premise, not just a goal. The board includes independent and strategy committees, following Novo Mercado governance, but Bahema remains on the Bovespa Mais segment.
While Bahema is small compared to B3 giants like Vale, Petrobras, or Magazine Luiza, it has grown into one of Brazil’s foremost elementary-education companies in just four years.
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