Agilitas acquires Learning Curve from MML

The enterprise value of the company is £125-150m, according to a source familiar with the situation.

Unquote understands the management team will retain a significant stake.

Agilitas is currently investing from its Agilitas 2015 Private Equity Fund, which closed in 2017. 

Learning Curve reported adjusted EBITDA of £8.5m from revenues of £31m for the year ending on 31 January 2019; however, prior to the deal, reports suggested it was to be marketed based on an EBITDA of £13m.

The sale process began in Q4 of 2019 and mainly saw priavte equity houses in the final round.

Pemberton provided financing to support the acquisition.

Agilitas declined to comment on financial details of the transaction and MML declined to comment. 

Previous funding
MML Capital Partners VI, which closed on €438m in 2016, acquired the asset in March 2015 for an estimated deal value of £25-50m, according to Unquote Data.

For the initial acquisition, HSBC provided funding, however, in a refinancing in Q1 of 2019, Pemberton provided the company's financing.

 

Company
Founded in 2004, Learning Curve is based in Durham and offers training and apprenticeships for its clients' new and existing staff. The company offers more than 150 courses through businesses, individuals and further education colleges in a variety of sectors, including health and social care, education, business and IT, hair and beauty, and fitness. It employs around 350 people.

People
Agilitas – Liam Goddard, Martin Calderbank (managing partner).
MML Capital Partners – Richard Mayers (partner).
Learning Curve Group – Brenda McLeish (CEO).

Advisers
Equity – Ashurst (legal); PwC (corporate finance); CIL Management Consultants (commercial due diligence); Marsh (insurance due diligence); EY (financial due diligence).
Vendor – Clearwater International (corporate finance); Shoosmiths (legal); EY (financial due diligence); CIL (commercial due diligence); Liberum (corporate finance).
Management - Burness Paul (legal). 

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• Secondary buyout