RJD completes first exit from its second fund with the sale of Teaching Personnel
25 November 2016RJD Partners ("RJD") has sold its investment in Teaching Personnel, the specialist teacher recruitment business, as part of the buyout of Teaching Personnel announced today by Graphite Capital, which has backed John Bowman as Managing Director.
The transaction values Teaching Personnel at £45 million, giving a return to RJD of approximately 3x its original investment. Teaching Personnel is the first realisation from RJD’s second fund, RJD Private Equity Fund II.
RJD backed the £24 million management buyout of Teaching Personnel in July 2007.
Richard Caston, RJD Partners
The sale of Teaching Personnel represents the first exit for RJD Partners from our second fund, RJD Private Equity Fund II. "Having originally invested in the business through a management buyout in 2007, we have enjoyed supporting an exceptionally strong management team in growing Teaching Personnel and we have been delighted with the performance of the business under our ownership.
The business was founded in 1996 and is a leading provider of supply teachers, teaching assistants and nursery nurses, both short and long term, to schools throughout England and Wales. It operates through a national network of 32 branches (an increase from 23 branches when RJD originally invested), where recruitment consultants provide a proactive and quality service to the schools in their local area.
Under Mark Weavis, Managing Director at the time of the buyout in 2007, Teaching Personnel has achieved significant success and consistent growth. Mark transformed the business from an exclusively call centre based service by developing the branch network and a market leading in-house IT system, Evolve. Mark became non-executive Chairman in March 2009 when John Bowman joined the business as Managing Director and John has begun the implementation of his strategic plan to drive the business forward to the next phase of its development.
Mark Weavis, Teaching Personnel
We are very much looking forward to working with RJD to realise the potential of Teaching Personnel’s branch based business model over the next few years. Teaching Personnel’s management sees the MBO as an ideal opportunity to consolidate the company’s position as the top quality provider of recruitment solutions to schools and teachers in England and Wales.
RJD Partners and the other shareholders of Teaching Personnel were advised by teams led by Paul Newell at Clearwater Corporate Finance LLP (corporate finance advice); Peter McLintock at Hammonds (legal advice) and Doug MacLeod at HMT (tax advice).
The contents of this news release are intended for information purposes only. RJD Partners Limited does not provide investment advice and we strongly recommend that before making any decision to invest or engage in any investment activity, you should obtain proper professional advice. See our full terms & conditions. RJD Partners Limited is authorised and regulated by the Financial Conduct Authority in the conduct of investment business in the UK. RJD Partners Limited is registered in England and Wales No. 04245768. Registered office: 8/9 Well Court, London EC4M 9DN.