Interserve Group Limited, the international Support Services, Construction and Equipment Group, has sold its Interserve Learning & Employment (ILE) business for an undisclosed sum to The Enact Fund, which invests capital of up to £5 million into UK based SMEs.
“The completed transaction will create an agile standalone training provider focused solely on supporting employers and learners through the delivery of leading apprenticeship and adult education programmes,” Interserve said in a statement.
ILE is an example of an increase in non-core corporate carveout deals this year and comes after the wake of Interserve’s 2019 insolvency plans. ILE is one of the most active providers of apprenticeships and adult education in England, supporting more than 7,000 learners across a range of sectors which includes childcare, health and social care, hairdressing, passenger transport and business skills.
A key area of investment for the acquiring firm, Enact, is non-core corporate carve-outs where the investment fund invests both capital, expertise to support businesses realise their full potential and unlock their true value.
Enact has invested in the business to support the business’s ambitious growth plans. Under the terms of the agreement, ILE’s current management team will remain in place, continuing the company’s focus on delivering best-in-class services to learners and employers.
Chris Cormack, Partner leading the Enact fund, joins the ILE board and will support the existing management team.
Chris Cormack, Partner of the Enact fund, said: “We will look to build on that reputation of quality learning to support the management team further, inspiring both apprentices and adults to kick-start working life or further an established career with new skills. This transaction also demonstrates the commitment of Enact, in an environment of great uncertainty created by the coronavirus pandemic, to provide continued investment to SMEs that have relevant and sustainable business models but do not fit the investment criteria of traditional private equity or sources of funding.”
Gregg Scott, Managing Director of ILE, said: “The investment by Enact is a positive step which will strengthen and enhance our business. We are excited to enter this new period of growth.”
Alan Lovell, Chairman of Interserve Group Limited, added: “The sale of ILE marks further progress in realising Interserve’s business plan. It is an attractive deal for all stakeholders and an excellent opportunity for ILE’s colleagues as the business begins the next chapter in its growth.”
Some of Interserve’s latest job opportunities can be found here.