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A great match

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When Graphite Capital invested in Teaching Personnel, it considered the company an ideal platform from which to consolidate the industry.

At the time of the management buy-out in July 2010, Teaching Personnel ("TP") was the UK’s third largest provider of supply teaching staff. Through its national network, TP supplies teachers, teaching assistants and nursery staff to a large number of schools in England and Wales, including those providing for special educational needs.

In addition to the highly attractive organic growth opportunities available within its market, Graphite identified strategic acquisitions as a key driver of equity growth. Together with the management team, we profiled a small number of potential targets.  In the months following the buy-out, the business reviewed a number of opportunities, assessing their merits.

In August 2011, TP completed the acquisition of Protocol Education, a leading provider of teachers and teaching assistants with a particular focus on the London market, creating the UK's leading education recruitment specialist.

Protocol’s branch network complemented TP’s existing market coverage extremely well and the combined business was able to address an even larger number of placement needs in the broader educational space and expand its product and service offerings.

During Graphite's investment, 15 branches were opened.

In May 2014, Education Personnel was sold for £300 million to ICG plc, generating a money multiple of 5.8 times and an IRR of 68 per cent. 

We were impressed by Graphite’s operating style and their support of our ambitious growth plans has been invaluable.

John Bowman, CEO, Education Personnel