Primary Capital backs SBO of ICS Learn from Par

The deal is the sixth investment made by the GP's Primary IV fund, which held a final close on £225m in July 2014 and writes equity cheques of £10-45m for companies with enterprise values of £20-100m.

The transaction was led by ICS CEO Colin Kennedy, who will remain in his current role following the deal.

Debt
Santander provided a debt package to support the transaction.

Previous funding
Par acquired a a majority stake in ICS in November 2012, according to the GP's website.

Company
Headquartered in Glasgow, and with roots dating back to 1889, ICS is an online provider of apprenticeships and educational courses for professional qualifications, A-levels and GCSEs. According to publicly available documents, the company generated a turnover of £7.7m in 2016 with profits before taxation of £950,000, up 35% and 572% year-on-year respectively.

People
Primary Capital Partners – Oliver Melliss, Alec Parkinson (partners); David Richard (assistant director).
ICS Learn – Colin Kennedy (CEO).

Advisers
Equity – Quayle Munro (corporate finance); Houlihan Lokey (legal).
Vendor – RW Baird (corporate finance).

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• Topics
• Exits
• Buyouts
• UK / Ireland
• Consumer
• United Kingdom
• Primary Capital
• Secondary buyout
• Robert W. Baird
• Houlihan Lokey