Education Personnel


We identified the opportunity to consolidate the market and create the leading provider of education staffing solutions to schools.

In June 2010 Graphite Capital backed John Bowman to lead the £45 million management buy-out of Teaching Personnel, the number 3 player in the provision of supply teachers and teaching assistants to schools. A year later, Graphite supported the company to acquire Protocol Education, the fifth largest company in the sector, for £31 million, creating Education Personnel, the number 1 player. The businesses were successfully integrated and a coordinated organic growth strategy was formulated which included the continued roll-out of the group's national branch network under the two existing trading brands.

The transaction represented an opportunity to benefit from the strongly increasing demand for education supply staff by schools. At the macro level this was being driven by the government's intention to improve education standards combined with a rising level of pupil numbers. At the school level, increasingly stringent regulations and candidate vetting requirements, combined with reduced support from local education authorities, have resulted in more schools turning to external providers like Education Personnel. The company offers schools a range of staffing solutions, a high quality of service delivered at a localised level access to the best and widest range of candidates.

In May 2014, Education Personnel was sold for £300 million to ICG plc, generating a money multiple of 5.8 times and an IRR of 68 per cent. 

Past Specific Recommendations Disclaimer: The selected examples and case studies presented in or referred to herein may not be representative of all transactions of a given type or of investments generally, and are merely intended to be illustrative of some of the types of investment techniques or transaction types that may be made or used by ICG Enterprise Trust plc (the “Enterprise Trust”). In addition, the specific investments presented herein do not include all of the investments that were made by the Enterprise Trust and may not be representative examples of its investments or investment strategies or techniques generally. It should not be assumed that the specific investments identified and discussed herein were or will be profitable or that any investments made in the future will equal the performance of the investments identified herein. Any discussion herein of past investment opportunities should not be relied upon as any indication of future deal flow. Investors will not have an opportunity prior to investing to evaluate any of the investments to be made by the Enterprise Trust or the relevant economic, financial and other information regarding such investments and, accordingly, will be entirely dependent upon the judgment and ability of the Enterprise Trust in investing and managing the capital of a fund. Past performance is not necessarily indicative of future results, and there can be no assurance that any fund will achieve comparable results, that the returns generated by the Enterprise Trust will equal or exceed those of any other fund, vehicle or account or that the Enterprise Trust fund will be able to implement its investment strategy or achieve its investment objectives.

Key stats

  • Exit Value: £300m
  • Country: UK
  • Date invested: 2010
  • Date realised: May 2014


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