M&A Advisory

Improve

Advisers to global veterinary training provider, Improve International, on its MBO from parent company, Benchmark plc.

The deal

Our Corporate Finance team supported the management team of Improve International Limited (Improve), a global provider of continuing professional education to the veterinary sector, on its MBO from parent company, Benchmark plc. The transaction was backed by RJD Partners (RJD).

Improve, based outside Swindon, has operations across the world and provides both specialist postgraduate courses and qualifications as well as continuing professional development training to veterinary professionals. The team has overseen impressive growth both domestically and overseas with training delivered directly in eight countries and through license partners in a further six.

Our Corporate Finance team, led by Partner Gary Partridge and Director Thomas Edwards worked with the Improve team to provide advice on all commercial aspects of their investment and the equity incentive arrangements for the team going forward. FRP Corporate Finance also advised the senior management team throughout the transaction process and supported RJD to complete their investment.

Improve has exciting growth plans for the coming years and will work closely with RJD to continue develop its customer propositions, including its digital delivery, and build an infrastructure to support further international growth both organically and via acquisition.

Benchmark plc will receive a total cash consideration of up to £12.75 million, comprising a £9.5 million initial payment on completion and deferred consideration of up to £3.25 million dependent on certain performance conditions being met.

RJD has taken a majority stake in Improve, investing alongside the management team led by CEO, Heber Alves, and original founder, David Babington. Frank Bulman, Emily Henderson and Richard Caston led the investment for RJD and Frank and Emily will be joining the board of Improve.

Gary Partridge, Partner at FRP Corporate Finance, said: “It was a pleasure to work with Heber and his team and to get this transaction across the line despite the headwinds created by COVID. Improve is a fantastic business, a true global leader in its field. We wish the team all the best and future success.”

Heber Alves, CEO of Improve, said: “I would like to express my heartfelt gratitude for all the support and advice that the Cardiff team provided us throughout the entire process. Their dedication, expertise and commitment are second to none and I’d have no hesitation in recommending or using their services again.”

Legal advice to management was provided by Clark Holt whilst Capital Law (legal) and Grant Thornton (financial due diligence) advised RJD.

Deal summary

Date:

August 2020

Sector:

Education

Deal type:

Management Advisory

Deal size:

Undisclosed

It was a pleasure to work with Heber and his team and to get this transaction across the line despite the headwinds created by COVID. Gary Partridge Corporate Finance

Related team

Gary Partridge

Gary Partridge

  • Partner
  • Corporate Finance
  • Cardiff

Thomas Edwards

Thomas Edwards

  • Director
  • Corporate Finance
  • Cardiff