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All quantities in U.S. {dollars} until in any other case acknowledged
TORONTO and LONDON, Dec. 07, 2021 (GLOBE NEWSWIRE) — Onex Company (“Onex”) (TSX: ONEX) as we speak introduced that Onex Companions V, Onex’ $7.2 billion fund, has agreed to amass Tes World (“Tes” or the “Firm”), a number one training expertise providers supplier, from Windfall Fairness Companions L.L.C. (“Windfall”), a premier personal fairness agency that focuses on growth-oriented investments in media, communications, training and expertise. Tes’ administration group may even make investments alongside Onex. Monetary phrases weren’t disclosed.
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Based mostly in London, England, Tes is a world supplier of complete software program options for the training sector. Its core imaginative and prescient is to energy colleges and allow nice instructing worldwide by creating clever on-line services and products to make the best distinction in training. Tes’ providing falls into three pillars – Workers Administration, Safeguarding & Compliance, and Pupil & Studying Administration – internet hosting over 13 million lecturers on its on-line platform and serving over 17,000 colleges in 117 international locations. Tes additionally offers lecturers with steady skilled improvement coaching along with software program instruments to ship excellence within the classroom. The Firm’s services and products have confirmed vital all through the COVID-19 pandemic as instructing and evaluation have largely taken place remotely.
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“Tes has a well-established model and deep-rooted relationships with lecturers, creating an unparalleled and extremely differentiated place available in the market. We have been interested in its focus of serving to each lecturers and college directors ship higher instructional outcomes for college students within the UK and around the globe,” mentioned Nigel Wright, a Senior Managing Director at Onex. “The Firm is well-positioned to develop and to broaden its providing of EdTech point-solutions. Onex’ expertise in each the Enterprise Companies business and supporting corporations of their acquisition plans makes us the best accomplice for Tes. We’re thrilled to be becoming a member of Rod and your entire Tes group as we glance to speed up the Firm’s subsequent section of development.”
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“Onex has a wealth of expertise and a formidable observe report of serving to the businesses it companions with to develop and thrive. We’re delighted to have discovered one other group whose values are aligned with our imaginative and prescient for the Firm and are dedicated to our future,” acknowledged Rod Williams, Chief Govt Officer of Tes. “On behalf of everybody at Tes, we’d prefer to thank Windfall for his or her steering and help as we remodeled our enterprise beneath their stewardship.”
Andrew Tisdale, Senior Managing Director at Windfall, mentioned: “We’re honored to have partnered with Tes and assist the Firm speed up its mission of offering world-class instruments to drive prime quality training. Since partnering with Tes in 2019, we now have supported a number of strategic acquisitions, together with Edval, EduCare and SchoolCloud. Along with the launch of recent services and products, these efforts have seen Tes firmly transition right into a technology-first accomplice for lecturers and colleges, which has been invaluable throughout a interval of sustained distant studying owing to the worldwide pandemic. We’re assured Rod and his group have a robust accomplice in Onex to construct on its current momentum and proceed to develop the enterprise.”
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The transaction is anticipated to shut within the first quarter of 2022. With this transaction, Onex Companions V will likely be roughly 78% invested.
Onex was suggested by Rothschild & Co. as monetary advisors and Latham & Watkins LLP as authorized counsel. Tes was suggested by Arma Companions and Morgan Stanley & Co. Worldwide plc (“Morgan Stanley”) as monetary advisors and by Weil, Gotshal & Manges as authorized counsel.
About Onex
Based in 1984, Onex manages and invests capital on behalf of its shareholders, institutional traders and excessive internet price purchasers from around the globe. Onex’ platforms embrace: Onex Companions, personal fairness funds targeted on mid- to large-cap alternatives in North America and Western Europe; ONCAP, personal fairness funds targeted on center market and smaller alternatives in North America; Onex Credit score, which manages primarily non-investment grade debt via tradeable, personal and opportunistic credit score methods in addition to actively managed public fairness and public credit score funds; and Gluskin Sheff’s wealth administration providers. In complete, as of September 30, 2021, Onex has roughly $47 billion of property beneath administration, of which roughly $7.9 billion is its personal investing capital. With places of work in Toronto, New York, New Jersey, Boston and London, Onex and its skilled administration groups are collectively the biggest traders throughout Onex’ platforms.
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Onex shares commerce on the Toronto Inventory Alternate beneath the inventory image ONEX. For extra data on Onex, go to its web site at www.onex.com . Onex’ safety filings may also be accessed at www.sedar.com .
About Tes World
Tes World is a world supplier of software program providers to make life simpler for colleges and lecturers. All services and products are constructed with lecturers and colleges wants on the core, guaranteeing they’re progressive, trusted training options. Tes World merchandise play a vital position serving to lecturers and college leaders cope with the challenges of instructing, together with safeguarding and compliance, good pupil administration, and employees administration. This dedication and focus helps educators throughout the globe in offering prime quality training to thousands and thousands of youngsters utilizing good, versatile, and cost-effective options. A worldwide Firm, Tes World employs over 500 individuals working throughout 10 places of work, together with in London, Sheffield, Hong Kong, Melbourne, Sydney, and Dubai. For extra data, please go to www.tes.com .
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About Windfall Fairness Companions
Windfall Fairness Companions is a premier international personal fairness agency with roughly $45 billion in combination capital commitments. Windfall pioneered a sector-focused strategy to personal fairness investing with the imaginative and prescient {that a} devoted group of business specialists might construct distinctive corporations of tolerating worth. For the reason that agency’s inception in 1989, Windfall has invested in over 170 corporations and is a number one fairness funding agency targeted on growth-oriented investments in media, communications, training and expertise. Windfall is headquartered in Windfall, RI, and likewise has places of work in New York and London. For extra data, please go to www.provequity.com .
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Disclaimers
This press launch might comprise, with out limitation, statements regarding attainable or assumed future operations, efficiency or outcomes preceded by, adopted by or that embrace phrases resembling “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and phrases of comparable connotation, which might represent forward-looking statements. Ahead-looking statements usually are not ensures. The reader shouldn’t place undue reliance on forward-looking statements and data as a result of they contain vital and various dangers and uncertainties that will trigger precise operations, efficiency or outcomes to be materially completely different from these indicated in these forward-looking statements. Besides as could also be required by Canadian securities legislation, Onex is beneath no obligation to replace any forward-looking statements contained herein ought to materials details change attributable to new data, future occasions or different elements. These cautionary statements expressly qualify all forward-looking statements on this press launch.
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Morgan Stanley, which is authorised by the Prudential Regulation Authority and controlled by the Monetary Conduct Authority and the Prudential Regulation Authority in the UK, is appearing solely as monetary adviser to Tes and nobody else in reference to the transaction. In reference to such issues, Morgan Stanley, its associates and their respective administrators, officers, workers and brokers won’t regard some other individual as their shopper, nor will they be accountable to anybody aside from Tes for offering the protections afforded to purchasers of Morgan Stanley nor for offering recommendation in reference to the Transaction, the contents of this announcement or any matter referred to herein.
For Additional Data:
Onex Jill Homenuk Managing Director – Shareholder Relations and Communications JHomenuk@onex.com +1 416.362.7711 |
Tes World Tom Endean Chief Advertising and marketing Officer Tom.Endean@tes.com +44 (0) 203 194 3000 |
Windfall Fairness Companions Charlie Chichester / Rory King Sard Verbinnen & Co. Prov-SVC@sardverb.com |
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