Investcorp announces sale of GL Education

30/05/2016 07:55 AST

Bahrain-based Investcorp, an alternative investment manager, has agreed the sale of GL Education to private equity firm Levine Leichtman Capital Partners.

The sale and acquisition prices were not disclosed, however a statement said Investcorp was advised on the transaction by Robert W Baird and Gibson Dunn & Crutcher.

GL Education, founded in 1981, is a leading provider of educational assessments globally. Its tests are used by more than three million pupils every year in British, bilingual and international schools, as well as by education ministries.

GL Education says its integrated suite of assessments is used to measure children’s ability, track their progress in key subjects, and diagnose underlying factors affecting learning.

Investcorp 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.

Investcorp executive chairman Mohammed Al Ardhi described the transaction as “a fantastic success story” in terms of value growth and geographic expansion.

“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. We wish the team the best of luck in the future,” he added.

GL Education chief executive Greg Watson said having established a strong foothold across several overseas markets, the company was looking forward to opportunities that lay ahead.

Investcorp’s sale of GL Education is its seventh exit in Europe in the last twelve months, following the flotation of Asiakastieto on Nasdaq Helsinki; the sale of Denmark’s Icopal to GAF; the sale of N&W to Lone Star Funds; the ultimate full sale of Skrill Group to Optimal Payments (now renamed Paysafe Group plc); the flotation of Sophos Group on the London Stock Exchange and the complete exit of a minority stake in spare part distributer Autodistribution.

Oman Daily Observer