Palatine invests in Back2Work

The deal is the GP's sixth investment from its £100m Impact Fund, which targets profitable businesses in the UK mid-market that make a positive impact on the environment or society.

The vehicle supports management buyouts, growth capital and buy-and-build platforms, typically investing between £5m and £10m.  

The GP said in a statement that Back2Work had experienced strong growth recently, securing a number of key long-term contracts to deliver pre-employment training, resulting in annual revenues rising to £11.5m. It currently supports more than 11,000 people with training every year.

The GP added that it sees strong potential for further organic growth across all parts of the business, and was also keen to consider potential acquisition opportunities.

Clydesdale Yorkshire Bank provided banking support on the deal.  

Company
Founded in 2010 and based in Manchester, Back2Work specialises in delivering intensive training courses to help the long-term unemployed return to work, or retrain. It also offers a digital marketing apprenticeship programme and runs online training courses for employed people to support career progression in sectors such as health and social care. 

The company generates revenues of £11.5m and employs more than 140 staff.

People
Back2Work – Luke Muscat (managing director); Tony Bailey (chairman).
Palatine Private Equity – James Gregson (senior investment director).

Advisers
Equity – Pinsent Masons (legal); Deloitte (financial due diligence); Cairneagle Associates (commercial due diligence); Quinn Partnership (management due diligence); Marsh (insurance due diligence).
Company – Clearwater International (M&A); Beyond Corporate (legal).

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• Topics
• Expansion
• UK / Ireland
• United Kingdom
• Palatine Private Equity
• Clearwater
• Deloitte
• Pinsent Masons