Interserve announces sale of Interserve Learning & Employment (ILE) to create an agile standalone training provider.
Interserve Group Limited, the international Support Services, Construction and Equipment Group, today announces the sale of Interserve Learning & Employment (ILE). The completed transaction will create an agile standalone training provider focused solely on supporting employers and learners through the delivery of leading apprenticeship and adult education programmes.
ILE is one of the top providers of apprenticeships and adult education in England, supporting more than 7,000 learners across a range of sectors which includes childcare, health and social care, hairdressing, passenger transport and business skills.
Enact has chosen to invest 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
The Enact Fund invests transformational capital of up to £5 million into UK based SMEs. A key area of investment is non-core corporate carve outs where Enact invests both capital, expertise to support businesses realise their full potential and unlock their true value.
Chris Cormack, Partner leading the Enact fund, joins the ILE board and will support the existing management team.
Chris Cormack, Partner of the Enact fund, said: “We are delighted to have completed this transaction, backing the management team by investing in ILE. 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.
“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.”