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M&A Deal Summary

Exponent Private Equity, ICG and European Capital Acquire Tes Global

On October 3, 2005, private equity firm Exponent Private Equity, mezzanine finance firm ICG and private equity firm European Capital acquired software company Tes Global for 235M GBP

Acquisition Highlights
  • This is Exponent Private Equity’s 1st, ICG’s 2nd and European Capital’s 1st transaction in the Software sector.
  • This is Exponent Private Equity’s 3rd, ICG’s 46th and European Capital’s 23rd largest (disclosed) transaction.
  • This is Exponent Private Equity’s 1st, ICG’s 53rd and European Capital’s 3rd transaction in the United Kingdom.
Investment Fate
  • Tes Global was divested to a strategic buyer in 2005 for 235M GBP.
  • Tes Global was sold to a consortium of financial buyers in 2007 for 235M GBP.
  • Tes Global was sold to a consortium of financial buyers in 2013 for 400M GBP.
  • Tes Global was sold to a consortium of financial buyers in 2018.
  • Tes Global was sold to a consortium of financial buyers in 2021.

M&A Deal Summary
Date 2005-10-03
Target Tes Global
Sector Software
Buyer(s) Exponent Private Equity
ICG
European Capital
Deal Type Divestiture
Deal Value 235M GBP

Target

Tes Global

Sheffield, United Kingdom
Tes Global is an international provider of software services to make life easier for schools and teachers. All products and services are built with teachers and schools needs at the core, ensuring they are innovative, trusted education solutions. Tes Global products play a critical role helping teachers and school leaders deal with the challenges of teaching, including safeguarding and compliance, smart pupil management, and staff management. This dedication and focus supports educators across the globe in providing high quality education to millions of children using smart, flexible, and cost-effective solutions. A global Company, Tes Global was formed in 1910 and is based in Sheffield, United Kingdom.

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Buyer(S) 3

Buyer

Exponent Private Equity

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2004
PE ASSETS 3.8B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Exponent is a private equity firm focused on acquiring middle-market businesses located in the UK and broader Europe. Exponent targets opportunities in the media, business and financial services, healthcare, consumer, and leisure sectors. The Firm seeks to invest in businesses valued from €150 to €500 million. Exponent has a particular interest in businesses that are prominent in their respective markets, but may benefit from or need operational improvement. Exponent Private Equity was formed in 2004 and is based in London.

DEAL STATS #
Overall 1 of 44
Sector: Software M&A 1 of 2
Type: Divestiture M&A Deals 1 of 12
Country: United Kingdom M&A 1 of 36
Year: 2005 M&A 1 of 1
Size (of disclosed) 3 of 17
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Magicalia digital Publishing

London, United Kingdom

Magicalia Ltd is an online publishing group, owns brand sites and publishes community websites for blue-chip media clients. It also operates an e-commerce platform for specialist mailorder retail clients.

Buy -
Buyer

ICG

London, United Kingdom

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 33.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.

DEAL STATS #
Overall 145 of 294
Sector: Software M&A 2 of 8
Type: Divestiture M&A Deals 19 of 27
Country: United Kingdom M&A 53 of 81
Year: 2005 M&A 24 of 28
Size (of disclosed) 46 of 82
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-01 Coral Group Holdings .

London, United Kingdom

Coral Eurobet is a provider of off-track betting services in the UK.

Sell £2.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-09 The Gala Group

Nottingham, United Kingdom

The Gala Group is a provider of bingo and casino operations in the UK.

Buy -
Buyer

European Capital

London, United Kingdom
Category Private Equity Firm
Founded 2005
PE ASSETS 1.2B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

European Capital is the European investment affiliate of American Capital. European Capital looks to provide a variety of investment and financing solutions including unitranche debt, mezzanine capital, senior debt, and equity co-investment. Funds are typically used to support buyouts, recapitalizations, finance growth, and make acquisitions. European Capital is sector agnostic, however the Firm has a preference for investments in the consumer, technology, manufacturing, services, and distribution sectors. European Capital was formed in 2005 and is based in London.

DEAL STATS #
Overall 9 of 74
Sector: Software M&A 1 of 3
Type: Divestiture M&A Deals 1 of 3
Country: United Kingdom M&A 3 of 16
Year: 2005 M&A 7 of 9
Size (of disclosed) 23 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-09-22 Fitness First Group

Dorset, United Kingdom

Fitness First Group Ltd. is a health club operator in the world with over one million members and over 400 clubs in 15 countries.

Buy $835M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-17 Marco Polo Foods Pty

Campsie, Australia

Marco Polo Foods Pty Ltd is an Australian owned distribution, sales and marketing company and is one of Australia’s successful food importers.

Buy -
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