Houlihan Lokey Advises Outcomes First Group

Houlihan Lokey is pleased to announce that Outcomes First Group (OFG), a portfolio company of both TPG’s global impact investing platform, The Rise Fund, and Investcorp, has acquired a portfolio of five schools from Chatsworth Schools (Chatsworth), a portfolio company of Synova Capital. The transaction closed on 31 December 2024.

OFG is a recognised leader in delivering exceptional, personalised education for young people and adults with autism, learning disabilities, and other complex special educational needs (SEN). OFG is one of the U.K.’s leading SEN providers, operating 75 high-quality schools through its Acorn Education and Options Autism divisions that serve more than 4,000 students between three and 25 years of age. In addition, OFG also supports more than 500 mainstream schools to help young people overcome barriers and engage with education via Momenta Connect.

The acquisition of these five schools from Chatsworth, comprising four in the U.K. and one in Riyadh, supports OFG’s expansion into non-selective independent schools and the launch of a new division, Blenheim Schools. This will enable OFG to broaden its impact and support more pupils in reaching their full potential by providing high-quality education that reflects their individual needs, learning styles, and aspirations.

Houlihan Lokey served as the exclusive financial advisor to OFG on its acquisition of the schools from Chatsworth.

This transaction builds on Houlihan Lokey's market-leading position in the global education and training sector, including the schools and related K-12 markets where selected transactions include the sales of Copperfield Education and Minerva to Dukes Education, CPOMS to Raptor Technologies, and itslearning to Sanoma, together with the investments in Thomas’s London Day Schools by Oakley Capital and in Twinkl by Vitruvian Partners, as well as the acquisitions of Forfar Education by Mubadala Capital, Eaton House Schools by Dukes Education, Kids&Us by Charterhouse Capital, MPW by Kaplan, and the investments in Inspired Education by TA Associates and in The Key by CBPE.*

*Selected transactions were executed by Houlihan Lokey professionals while at other firms acquired by Houlihan Lokey or by professionals from a Houlihan Lokey joint venture company.

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