Improve International / RJD Partners and Management
Cavendish advises Benchmark Holdings plc on its strategic exit of global continuing veterinary education provider Improve International to RJD Partners and Improve Management. The deal showcases Cavendish’s expertise in both corporate disposals and the global education and training sector.
Cavendish Corporate Finance, the UK’s leading sell-side mid-market M&A firm, has advised aquaculture genetics, health and specialist nutrition business Benchmark Holdings plc on its sale of Improve International, a global provider of continuing education to the veterinary sector, to RJD Partners and the Improve management team.
Under the terms of the disposal, Benchmark will receive a total cash consideration of up to £12.75m. RJD has taken a majority stake in the business investing alongside Improve’s management team led by Chief Executive, Heber Alves and original founder David Babington. Improve provides both specialist postgraduate courses and qualifications as well as continuing professional development training to veterinary professionals. Its key programmes are structured on a modular basis comprising both face-to-face practical and classroom learning as well as online delivery. Training is delivered directly in eight countries and through license partners in a further six. Its fully online distance learning propositions reach a global audience.
Cavendish has extensive experience in both the global education and training sector and in advising listed corporates on disposals of non-core activities. Corporate disposals completed by the firm in 2019 included fine wine merchant Lay & Wheeler for Naked Wines, award-winning broadcast post production business The Farm by WPP and four business as part of Centaur Media’s strategic divestment programme.
The Cavendish team for Benchmark was led by Andrew Jeffs, Partner, Business Services, Joe Stelzer, Consultant and Rebecca McCredie, Associate Director.
James Banfield, Head of Knowledge Services, Benchmark, commented: “I would thoroughly recommend Andrew and Rebecca and the Cavendish team to anyone looking to maximise the proceeds from a disposal or asset sale. The Cavendish team are both consummate professionals, focused on delivery and pragmatic and flexible in their approach to helping their clients achieve their objectives. I would not hesitate to recommend them and would hope to work with them on future projects. They provide great value.”
Andrew Jeffs, Partner, Business Services at Cavendish Corporate Finance, commented: “We are delighted to have advised on this disposal, which is an important step in Benchmark’s strategy to exit non-core areas to focus on its key disciplines, and further strengthens their financial position and liquidity. RJD Partners with their track record in education and training are the ideal partner for Heber and the Improve team. We expect to see many more deals in the sector as investment for digital delivery is accelerated by the imperative to respond to the impact of COVID-19.”
I would thoroughly recommend Andrew and Rebecca and the Cavendish team to anyone looking to maximise the proceeds from a disposal or asset sale. The Cavendish team are both consummate professionals, focused on delivery and pragmatic and flexible in their approach to helping their clients achieve their objectives. I would not hesitate to recommend them and would hope to work with them on future projects. They provide great value.
I was delighted with the service that Cavendish offered and their real attention to detail. The deal was not without its complexities and it was reassuring to have Paul and his team assisting me throughout the negotiations.
Cavendish handled the transaction with elegance and efficiency. They were proactive, everything kept to time and we completed as planned, less than six weeks after agreeing the heads of terms.
We have thoroughly enjoyed working with the Cavendish team. Caroline, Andrew and Eimear offered us unstinting support and valuable advice throughout the transaction. They were instrumental in helping us achieve this result.
The team at Cavendish demonstrated their international reach and their tenacity to stick with the deal until it closed. They found the ideal owner… We are very excited at the new opportunities that we can now develop.
Cavendish Corporate Finance has been integral to the establishment of the New College of the Humanities, providing both valuable advice and managing a successful fundraising process that has enabled us to have a stellar founding shareholding group that provides not just capital but also experienced investors who will help NCH succeed and flourish.
Cavendish brought to the table extensive contacts in the venture capital industry and an understanding of how to present our investment case in the best light. All our business had been lacking was funding to achieve scale and with the capital secured from Balderton we are now empowered to bring about lasting change in the insurance industry and create significant value for all our shareholders along the way. We are delighted with the deal and with the invaluable help that Cavendish provided in obtaining it.
Thank you so much for the hard work you put into our sale. “We are delighted with the result both personally and for the company. We now have some work to do in maximising the benefits of the deal to both parties. Your support during the deal was excellent and helped us go through a process that was completely new to us. It seemed to go very smoothly and I know that much of that was due to your background work with Egis’s advisors. We also felt well supported on the detail of the final stages. “Many thanks once again to you both. It was a great time and a perfect outcome.
Cavendish played a crucial role both in achieving a good result for shareholders and in enabling Hawk-Eye to go to the buyer offering the most compelling strategic fit
Cavendish took the time to really understand our business enabling them to have a professional and well thought out approach to the deal. They assisted immensely with the due diligence process this being reflected in the depth of information needed at times along with the need to carefully manage the numerous requests for information. They provided the kind of support which in the process of selling your business gives you confidence that there is balance between providing information and negotiating elements of the deal.
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