CEG sells up to Palamon
The Cambridge Education Group (CEG) has been acquired by the private equity group Palamon Capital Partners.
Palamon bought a controlling stake from the company's founders and investors as well as injecting capital into the company to fund future growth.
The exact details of the deal are not known although it is clear that Palamon are investing a total of …15m into the deal.
CEG was co-founded in 1985 by Nick Golding and teaches a mix of overseas and UK students at Foundation, GCSE, A Level and International Baccalaureate levels.
It has two campuses, one in Cambridge and the other near the centre of Canterbury teaches 850 students and has a turnover of £16m.
The Cambridge facility is currently being substantially expanded by the addition of new contiguous premises through a 25 year lease from Trinity College, which will double the potential teaching capacity in that city.
Nick Golding, said: “In Palamon we have been fortunate enough to find an investor who not only has deep knowledge of our industry, but who is willing and able to support ambitious growth plans.
“I am very much looking forward to working with them and the new management team in bringing the opportunities to fruition.”
In order to implement the growth strategy a new management team is joining the group, led by CEO-designate Fergus Brownlee and non-executive chairman Stephen Warshaw.
In addition, Mark Stanton has been appointed chief financial officer having held a similar position previously at Dun & Bradstreet International and Thomson Financial Europe
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