TPG Capital sells Times Higher Education to Inflexion

Christopher Papadopoullos
01 March 2019

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TPG Capital has sold Times Higher Education (THE) to Inflexion Private Equity, fully exiting its investment in TES Global after selling the main body of the business last year.

TPG acquired TSL Education in July 2013 in a deal reportedly worth £400m. It renamed the company TES Global and split the group in two last year as part of the sale process, selling the main body of the company, still known as TES Global, to Providence Equity Partners in December.

In January, it was reported by City AM that Inflexion had agreed an £80m deal for THE, an amount that one person familiar with the deal confirmed with Unquote was broadly accurate.

THE's business model is now more focused on digital than print, the global market rather than UK, and selling data rather than advertising space, according to another source.

Inflexion said it will aim to drive THE's growth by focusing on cross-selling to existing clients, acquiring new clients and launching add-on products. The mid-market GP also plans to continue the firm's global expansion, a third source said, with a focus on the Asia and the US, where it recently opened a new office in Boston. The Boston office is led by Whitney Bower, formerly of BC Partners, Hg and 3i.

Previous funding
TES (then known as TSL Education) first received private equity backing in 2005, when Exponent Private Equity backed its £235m management buyout from former parent News International.

Charterhouse Capital Partners then bought the company in a secondary buyout two years later.

TPG acquired TSL from Charterhouse for a reported £400m in 2013. The business rebranded as TES Global the following year.

Company
THE is a provider of university data, rankings and content used by academics, students, the industry and governments. It has 700 clients globally across its data, consultancy and hiring services, including Oxford and Cambridge Universities, and Harvard and MIT. It employs 100 people in its five offices in the UK, the US, Australia, China and Singapore.

People
TPG Capital – Antonio Capo (partner).
Times Higher Education – Trevor Barratt (CEO)
Inflexion Private Equity – Josh Kaufman (partner); Fabrizia Rizzi (assistant director); Nick Rosenberg (investment executive).

Advisers
Equity – Houlihan Lokey (corporate finance); DLA Piper (legal).