Houlihan Lokey Advises Primary Capital Partners

Houlihan Lokey is pleased to announce that it has advised Primary Capital Partners LLP (Primary), one of the UK's leading independent mid-market private equity firms, on the management buyout of International Correspondence Schools Ltd (ICS Learn). The transaction was announced and closed on May 4, 2018.

ICS Learn is a leading online professional education platform operating in the human resources, accountancy, and health and wellness markets. The ICS Learn brand is long-established, and the business currently educates over 15,000 active students.

Primary is an independent private equity firm that invests in middle-market management buyouts and buy-ins in the UK. With offices in London and Manchester, Primary works closely with management to develop their business by providing long-term financial resources and strategic support over a three- to seven-year period.

Oliver Melliss, Partner at Primary, said, "ICS Learn provides high-quality online delivery of market-leading professional qualifications. We look forward to working with the management team to support further growth of ICS Learn over the coming years. Houlihan Lokey's knowledge of the sector and support throughout the transaction were invaluable, and we thank them for their input in delivering a great outcome."

This transaction builds on the strong track record that the team, previously operating as Quayle Munro, has built in education, training, and edtech. Other recent transactions include acting for Inflexion on its acquisition of Calco, for Investcorp Technology Partners on its acquisition of Impero, and for TA Associates on its investment in Inspired.


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