By Staff writer
Investment bank says it will sell GL Education to private equity firm Levine Leichtman Capital Partners
Bahrain-based Investcorp has announced it has agreed the sale of GL Education to private equity firm Levine Leichtman Capital Partners (LLCP).
The deal was described by Mohammed Al Ardhi, executive chairman of Investcorp, as a "a fantastic success story" in terms of value growth and geographic expansion.
Investcorp's sale of GL Education is its seventh exit in Europe in the last 12 months, which have included the flotation of Asiakastieto on Nasdaq Helsinki, the sale of Denmark's Icopal to GAF and the flotation of Sophos Group plc on the London Stock Exchange.
GL Education, founded in 1981, is a provider of educational assessments globally, with its tests are used by more than three million pupils every year in British, bilingual and international schools.
Investcorp said it acquired GL Education in 2012 and has overseen an extensive transformation in the company, redefining GL Education's market by moving from a mainly paper-based product business to a digital, bundled solutions business model and driving international growth across the Middle East and Asia Pacific.
It added that significant organic growth has been complemented by a successful acquisition strategy.
Al Ardhi said: "GL Education's growth during Investcorp's four years of ownership is a fantastic success story, and is testament to Investcorp's active and multi-faceted approach to creating value in its portfolio companies.
"Over the course of our partnership with GL Education, we strengthened its leadership team, executed four add-on acquisitions, enhanced its digital service offerings and accelerated its international growth. We believe that GL Education is very well positioned to grow further and continue to achieve its strategic goals."
Greg Watson, chief executive of GL Education, added: "Throughout our partnership with Investcorp, we have accomplished so much in a relatively short period of time, none of which would have been possible without their commitment and support... we look forward to the many opportunities that lie ahead of us."For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.