Onex Partners To Acquire Tes Global From Providence Equity
All quantities in U.S. {dollars} until in any other case said
TORONTO and LONDON, Dec. 07, 2021 (GLOBE NEWSWIRE) — Onex Company (“Onex”) (TSX: ONEX) at this time introduced that Onex Partners V, Onex’ $7.2 billion fund, has agreed to purchase Tes Global (“Tes” or the “Firm”), a number one schooling know-how companies supplier, from Providence Equity Partners L.L.C. (“Providence”), a premier non-public fairness agency that makes a speciality of growth-oriented investments in media, communications, schooling and know-how. Tes’ administration workforce will even make investments alongside Onex. Monetary phrases weren’t disclosed.
Based mostly in London, England, Tes is a global supplier of complete software program options for the schooling sector. Its core imaginative and prescient is to energy colleges and allow nice instructing worldwide by creating clever on-line services to make the best distinction in schooling. Tes’ providing falls into three pillars – Employees Administration, Safeguarding & Compliance, and Pupil & Studying Administration – internet hosting over 13 million academics on its on-line platform and serving over 17,000 colleges in 117 international locations. Tes additionally gives academics with steady skilled growth coaching as well as to software program instruments to ship excellence within the classroom. The Firm’s services have confirmed essential all through the COVID-19 pandemic as instructing and evaluation have largely taken place remotely.
“Tes has a well-established model and deep-rooted relationships with academics, creating an unparalleled and extremely differentiated place out there. We had been attracted to its focus of serving to each academics and college directors ship higher academic outcomes for college students within the UK and world wide,” mentioned Nigel Wright, a Senior Managing Director at Onex. “The Firm is well-positioned to develop and to broaden its providing of EdTech point-solutions. Onex’ expertise in each the Enterprise Providers business and supporting corporations of their acquisition plans makes us the perfect accomplice for Tes. We’re thrilled to be becoming a member of Rod and all the Tes workforce as we glance to speed up the Firm’s subsequent part of progress.”
“Onex has a wealth of expertise and a powerful monitor report of serving to the businesses it companions with to develop and thrive. We’re delighted to have discovered one other workforce whose values are aligned with our imaginative and prescient for the Firm and are dedicated to our future,” said Rod Williams, Chief Government Officer of Tes. “On behalf of everybody at Tes, we’d like to thank Providence for his or her steering and assist as we reworked our enterprise underneath their stewardship.”
Andrew Tisdale, Senior Managing Director at Providence, mentioned: “We’re honored to have partnered with Tes and assist the Firm speed up its mission of offering world-class instruments to drive prime quality schooling. Since partnering with Tes in 2019, we have now supported a number of strategic acquisitions, together with Edval, EduCare and SchoolCloud. Along with the launch of recent services, these efforts have seen Tes firmly transition right into a technology-first accomplice for academics and colleges, which has been invaluable throughout a interval of sustained distant studying owing to the worldwide pandemic. We’re assured Rod and his workforce have a robust accomplice in Onex to construct on its present momentum and proceed to develop the enterprise.”
The transaction is anticipated to shut within the first quarter of 2022. With this transaction, Onex Partners V shall be roughly 78% invested.
Onex was suggested by Rothschild & Co. as monetary advisors and Latham & Watkins LLP as authorized counsel. Tes was suggested by Arma Partners and Morgan Stanley & Co. Worldwide plc (“Morgan Stanley”) as monetary advisors and by Weil, Gotshal & Manges as authorized counsel.
About Onex
Based in 1984, Onex manages and invests capital on behalf of its shareholders, institutional buyers and excessive web value shoppers from world wide. Onex’ platforms embody: Onex Partners, non-public fairness funds centered on mid- to large-cap alternatives in North America and Western Europe; ONCAP, non-public fairness funds centered on center market and smaller alternatives in North America; Onex Credit score, which manages primarily non-investment grade debt by tradeable, non-public and opportunistic credit score methods in addition to actively managed public fairness and public credit score funds; and Gluskin Sheff’s wealth administration companies. In complete, as of September 30, 2021, Onex has roughly $47 billion of property underneath administration, of which roughly $7.9 billion is its personal investing capital. With places of work in Toronto, New York, New Jersey, Boston and London, Onex and its skilled administration groups are collectively the most important buyers throughout Onex’ platforms.
Onex shares commerce on the Toronto Inventory Alternate underneath the inventory image ONEX. For extra info on Onex, go to its web site at www.onex.com. Onex’ safety filings may also be accessed at www.sedar.com.
About Tes Global
Tes Global is a global supplier of software program companies to make life simpler for colleges and academics. All services are constructed with academics and colleges wants on the core, guaranteeing they’re progressive, trusted schooling options. Tes Global merchandise play a essential function serving to academics and college leaders cope with the challenges of instructing, together with safeguarding and compliance, sensible pupil administration, and workers administration. This dedication and focus helps educators throughout the globe in offering prime quality schooling to tens of millions of kids utilizing sensible, versatile, and cost-effective options. A world Firm, Tes Global employs over 500 folks working throughout 10 places of work, together with in London, Sheffield, Hong Kong, Melbourne, Sydney, and Dubai. For extra info, please go to www.tes.com.
About Providence Equity Partners
Providence Equity Partners is a premier international non-public fairness agency with roughly $45 billion in combination capital commitments. Providence pioneered a sector-focused method to non-public fairness investing with the imaginative and prescient {that a} devoted workforce of business specialists might construct distinctive corporations of tolerating worth. Because the agency’s inception in 1989, Providence has invested in over 170 corporations and is a number one fairness funding agency centered on growth-oriented investments in media, communications, schooling and know-how. Providence is headquartered in Providence, RI, and in addition has places of work in New York and London. For extra info, please go to www.provequity.com.
Disclaimers
This press launch could include, with out limitation, statements regarding potential or assumed future operations, efficiency or outcomes preceded by, adopted by or that embody phrases corresponding to “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and phrases of comparable connotation, which might represent forward-looking statements. Ahead-looking statements are usually not ensures. The reader mustn’t place undue reliance on forward-looking statements and data as a result of they contain vital and various dangers and uncertainties that will trigger precise operations, efficiency or outcomes to be materially totally different from these indicated in these forward-looking statements. Besides as could also be required by Canadian securities legislation, Onex is underneath no obligation to replace any forward-looking statements contained herein ought to materials details change due to new info, future occasions or different components. These cautionary statements expressly qualify all forward-looking statements on this press launch.
Morgan Stanley, which is authorised by the Prudential Regulation Authority and controlled by the Monetary Conduct Authority and the Prudential Regulation Authority in the UK, is appearing completely as monetary adviser to Tes and nobody else in reference to the transaction. In reference to such issues, Morgan Stanley, its associates and their respective administrators, officers, staff and brokers is not going to regard some other individual as their consumer, nor will they be accountable to anybody aside from Tes for offering the protections afforded to shoppers of Morgan Stanley nor for offering recommendation in reference to the Transaction, the contents of this announcement or any matter referred to herein.
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