August invests in Minerva Education

Alice Murray
10 July 2013

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August Equity has invested in Minerva Education, the parent company of Eaton Square School Group (ESS) and Ravenstone School.

The off-market transaction marks the first investment from the firm's latest fund, August Equity Partners III, which recently held a first close on £100m and is targeting £180m. The size of the deal is unknown, though August typically invests between £10-30m per deal; press reports have suggested that the backer has committed £25m.

According to August partner Aatif Hassan, the team had been tracking the group for a number of years, since part of the firm's strategy is to invest in the education sector (as well as healthcare, pharmaceuticals and technology services).

Company
Both ESS and Ravenstone operate independent day schools offering private education.

Established in 1981, ESS is a London-based schools group with sites in Chelsea, Pimlico, Belgravia and Knightsbridge. The group has 650 pupils and recently completed building works to increase capacity for further students.

Ravenstone, set up in 2007, specialises in pre-prep and prep education from sites in South Kensington and Marble Arch. The schools have more than 100 pupils with extra capacity for more.

People
Minerva is led by CEO Tommy MacDonald-Milner, chairman Elaine Simpson and finance director Catherine Robertson.

Advisers
Equity – Shoosmiths, Emma Gibson (Legal); Hazlewoods, David Main (Financial due diligence); BDO, James Pratt (Tax); Parthenon, Matthew Robb (Commercial due diligence); MTM, Richard Davison (Operational due diligence); Health Lambert, Pete Casciani (Insurance due diligence).