Teacher recruitment agency changes hands in £25m deal
Clearwater International got top marks from Teaching Personnel, in the sale of the business which supplies teachers, teaching assistants and nursery nurses to schools in England and Wales and is the fastest growing operator in the market.
Based in Welwyn Garden City, the company employs 133 people and had a turnover in 2006 of £32.5 million. Established in 1996, they supply both teachers and support staff to over 50% of the schools in the UK. The company has developed market leading operational and management systems in addition to developing a team culture unique within the very competitive recruitment market. Following a management buy-out in 2001 backed by Barclays Private Equity (BPE), the business had grown rapidly in recent years under the leadership of Mark Weavis, who joined Teaching Personnel in 2002 and was appointed as Managing Director in 2004. In 2007 Weavis was looking to realise some of the value he and his team had accrued in the business whilst ensuring an attractive exit route for BPE.
As a result of their transactional experience in the recruitment sector, Clearwater International was appointed to work closely with Teaching Personnel assessing their strategic options for the secondary MBO. Through their knowledge base and dedicated team experience, Clearwater International was able to draw together an attractive funding package from RJD Partners, achieving an attractive solution for Teaching Personnel and an exit strategy for BPE.