Graphite backs MBO of Explore Learning

Amy King
24 August 2012

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Graphite Capital has backed the management buyout of UK academic tuition provider Explore Learning in a deal reported to value the firm at ТЃ30m.

The GP acquired a majority stake from investors including Spectrum Venture Management and Wittington Investments Limited. The firm's senior management team will reinvest a significant share of sales proceedings.

Equistone Partners Europe also expressed an interest in the firm, alongside Inflexion, Bowmark and LDC, and appeared close to sealing the deal before pulling out earlier this month.

The acquisition expands Graphite's experience in the education sector, following the buyout of Teaching Personnel in 2010 and the bolt-on of Protocol Education the following year.

Company
Founded in 2001, Explore Learning offers maths and English tuition to children aged 5-14 across a network of 62 centres. Additional courses including creative writing and preparation for the 11+ exams are also available.

People
Markus Golser, Mark Hall, Omar Kayat, Mudassir Khan and Jack Langdon worked on the deal for Graphite. Bill Mills is chief executive of Explore Learning.

Advisers
Equity - Eversheds, Richard Moulton, Edward Waldron, Danny Blum, Philippa Byrne, Mark Saunders (Legal); Armstrong Transaction Services, Robin Illingworth (Commercial due diligence); GK Political, Luke Kennedy (Commercial due diligence); Intuitus, Calum Stewart (IT due diligence); Gallagher Heath, George Minoprio (Insurance due diligence); PricewaterhouseCoopers, Andy Smith, Wai Foong Ng (Tax).
Vendor - Argyll Partners, Chris Steed, Adrian Richmond (Corporate finance); Allen & Overy, George Knighton, William Samengo-Turner (Legal); SJ Berwin, Richard Lever, Ximena Negretti, Michael Miranda (Legal); Ernst & Young, Richard Hall, Max Westerman (Financial due diligence).