Interserve Group, the international Support Services, Construction and Equipment Group, has sold Sheffield-based Interserve Learning & Employment (ILE).
The deal creates “an agile standalone training provider focused solely on supporting employers and learners through the delivery of leading apprenticeship and adult education programmes”.
The Enact Fund, which invests transformational capital of up to £5 million into UK based SMEs, is invested in ILE.
The investment into the business will 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.
“The acquisition of ILE enables the continued delivery of high-quality learning to apprentices across the UK and will have a significant role to support people and businesses in a post-COVID economy,” he 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.
“We are proud of the market-leading training we deliver, in supporting learners to reach their potential across multiple sectors of the economy and working with businesses to help them develop their talent.
“Enact share our passion and pride in delivering quality learning. We will retain that quality ethos throughout our plans to grow the business.”
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.”