RJD Partners has acquired Improve International, a provider of continuing education to the veterinary sector. According to terms of the deal, Benchmark will receive a total cash consideration of up to 12.75 million pounds for the acquisition that was also done with the Improve management team. Cavendish Corporate Finance advised Benchmark Holdings plc on the sale.
London 23 June 2020 – 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 businesses as part of Centaur Media’s strategic divestment programme.
The Cavendish team for Benchmark was led by Andrew Jeffs, Partner, Business Services and Rebecca McCredie, Associate Director.
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.”
About Cavendish Corporate Finance
Cavendish is the UK’s leading independent firm advising exclusively on sell-side M&A to mid-market companies. Founded in 1988, the firm has advised on more than 500 company sales. Cavendish’s clients include private companies, financial institutions and fully listed public companies with typical transactions falling broadly within the £10 million to more than £300 million ‘mid-market’ value range. In November 2018 Cavendish merged with leading AIM broker finnCap to form finnCap Group plc, which listed on the AIM market in December 2018.