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Our history dates back to the founding of Faculdades Integradas Anhanguera in 1994 in the city of Leme, São Paulo, by a group of professors led by Antônio Carbonari Neto and José Luis Poli.
In 2003, the group Anhanguera Educacional was constituted by four institutions, which together totaled an average of 8,848 students enrolled in its seven campuses located in six cities in the State of São Paulo.
In the same year, a corporate restructuring occurred, whereby the four institutions comprised the group Anhanguera Educacional or AESA. Also in 2003, Instituto Superior de Comunicação Publicitária, or ISCP, the holding company for Universidade Anhembi Morumbi (Anhembi Morumbi University), together with the founders, subscribed to our newly issued shares and became our shareholder. In addition to providing funds, ISCP also contributed its subsidiaries’ expertise and knowledge of the Brazilian education Market.
With the financial resources made available to us by ISCP, we launched new campuses in the state of São Paulo, and we had a total of 10 campuses by the end of 2005.
In 2005, ISCP contributed its equity interest in AESA in exchange for quotas of Fundo de Educação para o Brasil - Fundo de Investimento em Participações, or FEBR, an investment fund created and managed by Pátria Investimentos e Participações Ltda., which obtained new funds and invested them in AESA. In addition, FEBR obtained a US$12 million credit facility from the International Finance Corporation, or IFC, and these funds were contributed to AESA against newly issued shares and used to finance our organic growth and our acquisition strategies. As a result, FEBR became AESA’s controlling shareholder.
In 2006, three new campuses were added to our network, two of which were acquired through the acquisition of its holders in the state of Goiás and São Paulo and the other through the organic growth of the State of São Paulo.
On December 19, 2006, AESA’s shareholders, through a special purpose company named Viana do Castelo Administração de Bens S.A., acquired 100% of the capital stock of Anhanguera Educacional Participações S.A., or Aesa Participações, (formely Mehir Holdings S.A.), a publicly held company incorporated in 2001 and registered with CVM, under registration nº 18,961, in preparation for our initial public offering of units in 2007. On December 29, 2006, FEBR contributed its AESA shares to a capital increase for Aesa Participações. Subsequently, FEBR exchanged its AESA Participações shares for all AESA shares held by the following individual shareholders: Antônio Carbonari, José Luis Poli, Erik Carbonari and Claúdia Maria Fontanesi Poli. FEBR then contributed its recently acquired AESA shares to another capital increase for AESA Participações, so the latter then held all AESA shares.
In March 2007, we concluded a primary and secondary initial public offering of units, pursuant to which we issued 20 million units at a price of R$18.00 reais per unit. The offering was completed on March 14, 2007, pursuant to which we raised gross proceeds of R$360.0 million.
In 2007, 13 new campuses were added to our network through acquisitions, which extended our presence in three regions of Brazil: the mid-west, south, and southeast. In addition, we grew organically by adding five new campuses to our education network.
In 2008, we continued to expand our operations, adding 21 campuses to our network of educational sites, six of which were organic developments and 15 of which were acquired from other educational institutions. In April 2008, we concluded a new public follow-on offering of units, pursuant to which we raised gross proceeds of R$508.3 million.
Besides the acquisition of new campuses, we acquired two companies in 2008 that allowed us to expand our distribution channels as well as the courses we offer. On July 10, 2008, through our indirect subsidiary Anhanguera Educação Profissional Ltda., 30% interest in Editora Microlins Brasil S.A., which subsequently changed its name to Escola de Profissões S.A., which has since incorporated the over 500,000 vocational training students enrolled in the invested institution. On October 6, 2008, we acquired all of the capital stock of LFG, the holding entity of Rede LFG, which includes the brands LFG, Prima, Rede Pró and Premier. The company totaled 70,000 students enrolled in 62 courses offered through its network of 322 learning centers.
In 2009, we continued our expansion through the addition of four new campuses to our education network and the merger of four campuses into two.
On December 2009, FEBR, together with our shareholders José Luis Poli, Claudia Maria Fontesi Poli, Alex Carbonari, Erik Carbonari and Guilianna Meneghello conducted a public follow-on offering of 33.35 million units. After the offering period, FEBR remained the largest shareholder and controller of the company, holding 63.02%, of the voting capital and 24.16% of total capital of the company.
On June 10, 2010, we sold our holdings in Microlins to Multi Brasil S.A. for R$33.7 million. The sale was made through our subsidiary Anhanguera Educação Profissional Ltda. and its partner José Carlos Semenzato.
In the company’s extraordinary general meeting, held in September 30, 2010, we approved the incorporation of our subsidiary LFG. This corporation did not alter our capital stock, as LFG’s financial statements were already consolidated in our financial statements.
On October 29, 2010, our shareholders approved (i) a conversion of our preferred shares into common shares at a ratio of one preferred share to one common share and the consequential dissolution of the units; and (ii) a reverse split of our common shares at a ratio of 7:1.
On December 2010, we concluded a third primary offering, pursuant to which we issued 23,000,000 common shares, and we raised gross proceeds of R$844.1 million.
In 2010, through a new acquisition, the company continued to expand by adding 4 new campuses to its network of educational sites, merging these 4 campuses into 2. This acquisition represented the company’s entry in the state of Rio de Janeiro and strengthened its presence in the Southeast. The company ended the year of 2010 with 56 campuses and over 500 learning centers.
In 2011, the company continued its expansion through the acquisition of 18 new campuses and the addition of a pre-operational campus in Brasília, besides the discontinuity of a campus in the city of Ponta Porã, resulting in a total of 73 campuses up to December, 2011.
In 2012, the Company strengthened its presence in the South of Brazil through the opening of one new campus in the city of Caxias do Sul, state of Rio Grande do Sul. The Company also merged 6 campuses into 3. Consequently, the Company ended the year of 2012 with 71 campuses and over 500 learning centers.