Consumer brands specialist Piper Private Equity has sold its 70% stake in exam revision company Justin Craig to MPW, an independent sixth-form college business.
The exit comes four years after Piper acquired a 65% stake in Justin Craig for £3m in early 2008 through its Piper Private Equity IV vehicle.
After the initial acquisition, Piper increased its holding in the company by 5%, taking its stake to 70% at the time of the exit.
Earlier this month, the GP completed a £6m deal for barbecue restaurant chain Hickory's Smokehouse – the fifth investment made through its £107m fifth fund.
October also saw the departure of 10-year veteran at Piper, George Adams. The now-former partner will continue to make investments with Piper after leaving.
Piper first invested in Justin Craig in a management buyout in March 2008, when it took a 65% stake in the company for £3m. Founders and management held the remaining 35% of the shares.
Founded in 1981, Justin Craig provides GCSE and A-level exam revision services for students.
Based in Colney Heath, Hertfordshire, the company's courses run during a number of school holidays and weekends, held in small groups of students focusing on their specific areas of concern.
Chris Curry is the managing partner at Piper, while Simon Williamson is the chairman of Justin Craig.
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