One of the country’s largest apprenticeship training providers “partnered” with a French education empire in a private equity deal announced today.
Galileo Global Education has bought private equity firm THI Investments’ share in Corndel, a provider that trains 4-5,000 higher level business and IT apprentices each year.
The company’s co-founder and chief executive officer James Kelly said the purchase follows months of negotiations with Galileo.
He added: “It’s about higher education and workplace education coming increasingly together as things go forward.
“That’s partly why the fit works for us. It’s about organisations that equip people for the world of work and careers.”
‘Network of excellence’
The London-based training provider will join Galileo’s roster of more than 60 institutions in 18 countries, including Regent’s University London, Italian fashion school Instituto Marangoni and Paris School of Business.
Kelly said Corndel will “focus on growth” within Galileo’s network of education providers.
He has told staff Corndel will remain “organisationally independent” while benefitting from being in a “network of educational excellence”.
Higher ambitions
According to the training provider’s accounts for the year up to December 2023, its turnover increased 25 per cent to £37.4 million while its profits increased 66 per cent to £5.6 million.
In 2021-22, Corndel received £25 million in apprenticeship levy funding, the seventh highest sum in the country.
The company, set up in 2016, specialises in training apprentices in management, senior leadership, data analysis and project management at advanced or higher levels.
Kelly has said he hopes Corndel College London, a division of the main company, will become a new higher education organisation that is “free from the constraints and burdens of traditional structures”.
Equity deals
Galileo was bought in 2020 by its current owners – a consortium including the Canadian Pension Plan Investment Board, Montagu Private Equity and Tethys Invest, the main shareholder of L’Oreal. The French group was reportedly on the market for £2.1 billion.
Corndel’s Stuttgart-based seller THI Investments, owned by the Hagenmeyer family, reportedly manages assets worth £1.7 billion.
Marc-Francois Mignot Mahon, chief executive officer of Galileo said: “We are very pleased to welcome Corndel to the Galileo group and are looking forward to supporting Corndel to build on its exceptional reputation for delivering the highest quality professional training programmes to the UK’s leading business.”
Mihir Kotecha, chief executive officer of THI Investments, said: “THI has greatly valued the opportunity to have been part of Corndel’s tremendous growth story over the last four years during which time learner numbers have tripled. We wish both Corndel and Galileo every success for the future.”
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