Private schools operator Cognita has been sold by KKR and Bregal Investments to Jacobs Holding, a Swiss investment firm.

According to reports, the schools group (including debt) will be sold for £2bn (€2.2bn). Operating throughout eight countries and with more than 70 schools, Cognita has over 40,000 students enrolled.

Founded in 2004 by Bregal, the group was backed by KKR in 2013 and has grown through international expansion with a portfolio that now spans Europe, Asia and Latin America.

The investment from Jacobs Holding will be used to further international expansion.

EMK Capital managing partner Edmund Lazarus, who was formerly managing partner at Bregal Capital and has been representing Bregal Investments in relation to Cognita said: “We are very proud of the extraordinary global success story that Cognita has become and we are delighted that Cognita is led by people who are committed to our vision of educational excellence. With Jacobs, a long-term investor committed to education, the future for Cognita will be even more exceptional.”

KKR managing director Christian Ollig added: “We are proud to have been a partner for Cognita in bringing this model of education and care to parents and children throughout the world, and feel confident that Jacobs are the right partner for Cognita going forward.”

The deal is expected to be completed by the end of the year.