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‘General Assembly could be lining up buyers as it explores a sale’
Posted on Tuesday, 17 April 2018 06:36
Chief executive of General Assembly Jake Schwartz has told Reuters he is exploring options for the US-based education and training firm, including a potential sale. In an interview with the news provider, the head of the firm said: “We are fortunate to have many types of investment options, including venture capital, private equity, and/or potential M&A [mergers and acquisitions], with some of the world’s best investors.” Schwartz is said to be discussing the future of General Assembly with bankers and is aiming for a value higher than CB Insights’ previously estimated worth of USD 425.00 million, Reuters observed. The company has some 20 campuses worldwide, with 35,000-plus graduates and over 250 expert instructors, according to its website. General Assembly is focused on providing education and skills by training students in coding and other web developing roles in just a matter of weeks. The group raised USD 53.50 million in funding in 2015, which came just after Advance Publications and Wellington Management Company injected USD 70.00 million a month earlier. People close to the matter told Reuters General Assembly had over USD 100.00 million in annual revenue last year. While the company did not want to tell the news provider exactly how much it generated in turnover, it said it had a record number of students in 2017, without stating how many there were. Reuters observed the deal comes as other businesses in the industry have been focused on M&A or closing down due to the increased number of firms now operating in the education and training sector. According to Zephyr, the M&A database published by Bureau van Dijk, there have been 632 deals targeting the educational services sector announced globally since the start of 2017. The largest of these involved Canada Pension Plan Investment Board and Baring Private Equity Asia acquiring a 33.0 per cent stake in Cayman Islands-incorporated private study service provider Nord Anglia Education for USD 1.42 billion. US-based technology-enabled testing and assessment group Prometric, online higher education company Capella Education, also of the US, and UK-headquartered computer and professional training firm QA, were among others also targeted. © Zephus Ltd