Houlihan Lokey Advises Outcomes First Group

Houlihan Lokey is pleased to announce that Outcomes First Group (OFG), a portfolio company of both The Rise Fund, TPG’s global impact investing platform, and Investcorp, has acquired a portfolio of 12 U.K. schools from Cognita, a portfolio company of Jacobs Holding AG. The transaction closed on 31 December 2025.

OFG is a leading provider of education services with more than 20 years of experience in delivering high-quality, tailored education to children and young people. With a strong commitment to ensuring that every pupil has access to the right education environment, regardless of ability, the group operates a diverse portfolio of settings, including inclusive independent schools both in the U.K. and internationally, specialist settings to support pupils with special educational needs and disabilities (SEND), and online education and support services designed to help more children re-engage with their education. Across its divisions, the group now supports over 11,500 children and young people aged 4–25 in more than 90 schools.

All 12 schools will form part of Blenheim Schools, a division of inclusive independent schools that are academically ambitious, holistic in approach, and committed to recognising the wide-ranging talents of every pupil. The acquisition will see Blenheim Schools welcome 3,500 pupils and 850 dedicated colleagues, each bringing a wealth of expertise and experience. This expansion deepens the group’s impact, supporting even more young people across the U.K. to achieve their full potential.

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

This is the third acquisition in the past 12 months by OFG on which Houlihan Lokey has advised, and it builds on the firm’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 The Key Group to Permira, 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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