Clearwater advised Barclays Private Equity (“BPE”) on the £24m sale of Teaching Personnel (“TP”) to RJD in July 2007.
Partner, Paul Newell, led the deal team for Clearwater, assisted by director Karen Edwards, and analyst, Perri Blakey.
The transaction values Teaching Personnel at £45 million, giving a return to RJD of approximately 3x its original investment. Teaching Personnel is the first realisation from RJD’s second fund.
The business was founded in 1996 and is a leading provider of supply teachers, teaching assistants and nursery nurses, both short and long term, to schools throughout England and Wales. It operates through a national network of 32 branches, where recruitment consultants provide a proactive and quality service to the schools in their local area.
Under Mark Weavis, Managing Director at the time of the buyout in 2007, Teaching Personnel has achieved significant success and consistent growth. Mark transformed the business from an exclusively call centre based service by developing the branch network and a market leading in-house IT system, Evolve. Mark became non-executive Chairman in March 2009 when John Bowman joined the business as Managing Director and John has begun the implementation of his strategic plan to drive the business forward to the next phase of its development.
Paul Newell, partner at Clearwater, said: “Having initially advised BPE on the sale of TP, we recently began working closely with RJD in developing the business, and were well positioned to advise on the sale. RJD has realised an excellent return on its investment in TP, which it successfully developed into one of the leading providers of supply teachers to schools in England and Wales by focussing on growing the number of branches, increasing headcount and strengthening its management team.
“This latest investment will allow TP to capitalise on existing opportunities in the education recruitment sector to increase market share via both organic and acquisitive growth. In addition, growing demand has led TP to develop a unique one-on-one tuition proposition that strongly positions the business for the coming years.”