Sovereign exits Lifetime Training to Silverfleet

Alice Tchernookova
21 June 2016

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UK-based private equity firm Sovereign Capital has sold professional training and coaching company Lifetime Training to Silverfleet Capital.

The management team has also reinvested alongside Silverfleet, acquiring a significant minority stake. Sovereign and the company's founder, who had both invested in 2011, have fully exited.

With Sovereign's backing, the number of learners trained by the group has increased from 10,000 to 22,000 in the UK. The group's activity has also extended to various sectors, including hospitality, health and social care, retail and administration.

Silverfleet's investment will go towards accelerating the company's organic growth and fund selected bolt-on acquisitions to expand its service offering to prospective and existing clients.

The planned introduction of the apprenticeship levy by the government in April 2017, aiming to create 3 million apprenticeships by 2020, is also expected to provide growth opportunities for the group.

Simon Withey, the former CEO of Survitec, has been appointed as non-executive chair. He will work alongside the group's current CEO, Alex Khan.

Previous funding
In August 2011, Sovereign backed the management buyout of Lifetime, acquiring a majority stake for an undisclosed amount. The company's founder had also acquired a significant minority stake alongside management.

Company
Founded in 1995 and headquartered in Bristol, Lifetime Training offers apprenticeship programmes and commercial training, apprenticeship, recruitment services, self-funded training courses and various bespoke courses to employers of all sizes across a range of public and private sectors.

Lifetime Training's clients include groups such as Greene King, David Lloyd Leisure, Fitness First, Mitchells & Butlers, Pizza Express, Marstons, Bupa and a number of NHS trusts. The business currently employs 750 employees, 415 of whom are tutors or trainers. It also offers e-learning services.

People
Silverfleet Capital – Adrian Yurkwich (partner).
Sovereign Capital – Andrew Hayden (managing partner).