Synova backs Chatsworth Schools platform

The initial deal comprises five schools in south-east England, which will serve as a platform for future international bolt-on acquisitions.

It is understood that Synova has taken a majority stake in the business and that it worked with the management team for around a year prior to the initial acquisition of sites. Three assets were secured in December 2018 and a further two in January 2019.

Synova drew capital for the transaction from its third fund, which typically invests £10-30m in UK companies. However, Unquote understands that the GP invested in excess of £30m.

It is also understood that the deal is currently structured as an all-equity transaction, though the group may be refinanced at a later date.

Chatsworth CEO Anita Gleave has previously held senior commercial roles at private-equity-backed schools Alpha Plus Group, World Class Learning and International Schools Partnership.

Company
Founded in 2017, London-headquartered Chatsworth is a group of independent nursery and primary schools. The group currently includes Hall School Wimbledon and Marylebone Village Nursery School in London; Benedict House Preparatory School in Kent; and Crown House Preparatory School and Griffin House Preparatory School in Buckinghamshire.

People
Synova Capital – Tim Ashlin (partner); Scott Fairlie (investment director); Charles Dale (investment manager).
Chatsworth Schools – Anita Gleave (CEO, founder).

Advisers
Equity – Pinsent Masons (legal); KPMG (financial due diligence); Bidwells (property due diligence); MTM (commercial due diligence).
Company – Clyde & Co (legal).

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