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NVM exits Develop Training; Close Brothers invests in Protocol Skills; MBO of TSW Training

publication date: Feb 1, 2008
author/source: Ed Tranham

NVM Private Equity has sold its stake in Develop Training Limited (turnover circa £16m) to Barclays Ventures and HSBC through a £15m secondary buyout. The technical skills training provider to the utilities and infrastructure industries was created in early 2006 following a de-merger from the Longhirst Group. NVM continues to invest in the Northumberland-based Longhirst Group.

This exit follows on the heels of Close Brothers Private Equity’s £46.5m autumn investment in vocational skills training company Protocol Skills (turnover £35m). Protocol Skills provides apprenticeships and NVQ training to around 15,000 learners each year primarily in the retail and hospitality sectors. Protocol Skills is a subsidiary of the Protocol Group which also includes IT training and education recruitment businesses.

In a much smaller deal, Finance Wales has funded the management buy-out of one of Wales’ longest-established work-based learning organisations, TSW Training Limited. The employees secured more than 40 per cent of the funding required for the deal from Finance Wales, a provider of commercial funding to SMEs in Wales, with additional investment coming from the Co-op’s Community and Co-operative Finance fund and Barclays Bank, as well as from the employees.

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