Mauricio is majority owned by Janguie Diniz (87.7%), a Brazilian lawyer and professor who founded the Company in 2003. The remaining shares are owned by Cartesian Capital Group (11.3%), a private equity group based in New York, and Janyo Diniz (1%), brother of the founder and the CEO of the Company.

The Company intends to raise BRL600Mn in primary and secondary (50:50) shares on its IPO. The proceeds of the capital raise (BRL300Mn) will be used to fund strategic acquisitions and “accelerated” greenfield. The proposed IFC Investment is a straight equity investment of up to US$20Mn (or ~BRL44Mn equivalent) for IFC participate as anchor investors in the IPO (ownership % subject to final pricing at IPO but limited to less than 5%).

20.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	20.0

* These investment figures are indicative

The new campuses are expected to be located in North and Northeast regions of Brazil.

i. Raise quality standards: Strengthening Mauricio''s position as a leading education company in Northeastern and Northern Brazil will potentially serve as a catalyst for other leading education institutions, especially in those regions, to continue to raise the quality of their services;
ii. Improve access to services in frontier regions: Mauricio''s plans to expand its network, particularly in frontier regions, will enhance Brazil''s education infrastructure and improve access to quality, affordable education services for low- and middle-income students. Larger national providers are also expected to follow Mauricio''s regional strategy of expansion in underdeveloped regions, thus further enhancing access to higher education and greater opportunities for employment;
iii. Expand reach of community service activities: Mauricio''s expansion in number of enrolled students and into new states of Brazil will allow the Company to provide services to a larger population and a greater range of communities through students'' voluntary professional activities. Services include legal advice, health care (e.g. dental, medical, and physiotherapy), among others;
iv. Create jobs: Mauricio''s expansion plan will benefit the labor market in Brazil''s frontier regions by creating both direct and indirect employment opportunities for local communities in construction and operation of the campuses; and
v. Rationalize the market: The expansion of the Company through growing market share and selective acquisitions may help to consolidate the still fragmented education sector, potentially leading to rationalization and quality improvement in the industry.

i. Provide a strong signal to the market in terms of the attractiveness of the post secondary Education market in the North and Northeast;
ii. Help improve environmental and social management systems at the Company;
iii. Mobilization of Funds: IFC''s participation will potentially mobilize resources through the AMC.
iv. IFC''s Stamp of Approval: Mauricio plans to go IPO soon and believes that a partnership with IFC will leverage the company''s position vis-a-vis future investors and increase the odds of a successful IPO and a successful exit for IFC through a liquidity event;
v. Sharing IFC''s Global Industry Knowledge: The Company believes that IFC''s international expertise in Education projects would be highly beneficial to the Company''s growth plan and could contribute to the enhancement of its operational efficiency as well as better use of resources;
v. Corporate Governance: use of IFC''s widely known corporate governance expertise to support a family-owned company to become fully professionalized with the best and most currently available corporate governance standards - the Team will request the participation of a Corporate Governance specialist during appraisal.

This is a category B project according to IFC’s Procedure for Environmental and Social Review of Projects because a limited number of specific environmental and social impacts may result that can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria as is described in the following sections.



Key environmental and social issues identified during the due diligence include: environmental and social management capacity; compliance with local permits and licenses, including construction and operation permits; initiatives for energy, water and natural resources conservation; management and planning of life and fire safety in the campuses; labor and working conditions including occupational health and safety; screening procedures during leasing and land acquisition for expansion activities; and protection of cultural heritage.

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.

Please refer to the Environmental and Social Action Plan (ESAP) tab in the related Environmental and Social Review Summary (ESRS) document for this project.