US trio lead on buyout of Times Educational Supplement publisher
Cleary Gottlieb Steen & Hamilton, Shearman & Sterling, Simpson Thacher & Bartlett and Travers Smith have all taken roles on private equity house TPG Capital's acquisition of Times Education Supplement (TES) publisher TSL Education, from Charterhouse Capital. The deal, which makes TPG the fourth owner of the business in eight years, is reported to be worth around £400m and is expected to close in the third quarter of 2013.
July 09, 2013 at 07:03 PM
2 minute read
Cleary Gottlieb Steen & Hamilton, Shearman & Sterling, Simpson Thacher & Bartlett and Travers Smith have all taken roles on private equity house TPG Capital's acquisition of Times Educational Supplement (TES) publisher TSL Education from Charterhouse Capital.
The deal, which makes TPG the fourth owner of the business in eight years, is reported to be worth around £400m and is expected to close in the third quarter of 2013.
Aside from publishing the TES, UK-based company TSL provides teachers with classroom resources through its TES Connect platform, which is used by more than 52 million teachers and students worldwide.
TPG said its investment in the company would help TSL grow its "considerable presence in the education sector and accelerate its online and off-line growth plans".
Cleary acted for longstanding client TPG on the deal, with corporate partner Michael McDonald (pictured) leading a team that included partners Simon Jay on incentive arrangements, Andrew Shutter on financing and Richard Sultman on tax.
Financing advice to lender Goldman Sachs was provided by Shearman & Sterling, with finance partner Iain Goalen leading a team that included former London office head Anthony Ward.
Charterhouse turned to Simpson Thacher for the deal, with former Allen & Overy private equity co-head Derek Baird leading the US firm's team.
Travers is also understood to have taken a role on the seller side, with private equity head Phil Sanderson advising TSL Education management on warranty and equity arrangements.
Sanderson has been a longstanding adviser to TSL, having also led for buyout house Exponent in its purchase of the company from News International in 2005. He was later part of a team that advised TSL shareholders and management on Exponent's sale to Charterhouse in 2007.
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