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January 2019
UK & Ireland, > $500m

Liberty advise the management of PGL on their acquisition by Midlothian Capital Partners for £467 million

We would like to thank the team at Liberty Corporate Finance team for their great support and guidance.  Their input has been invaluable, and the level of expertise and speed of response has made our jobs immeasurably easier. And we have truly enjoyed working with them Mick McDonagh and his team.

John Firth

Midlothian Capital Partners ("MCP") and a consortium of investors have agreed to acquire HB Education Limited (“HB Education”) – the holding company for PGL - for a value of £467 million.  The vendor was Cox & Kings, the longest established travel company in the world.

HB Education is the UK’s leading outdoor education and study travel group. The market leading company provides residential adventure and study trips for schools, youth organisations and young people through the PGL brand, along with educational travel tours for schools and further/higher education students through NST, EST and Studylink. In addition, Travelplus (Germany) offers language travel and gap year experiences.  PGL currently owns 26 Regional Activity Centres in the UK, France, Spain and Australia.

MCP received financing support through funds managed by Ares Management Ltd. The existing HB Education management team will stay in post and plan to expand the business both in the UK and internationally.

Liberty Corporate Finance advised the management team, led by John Firth and Peter Churchus, on all aspects of their exit proceeds, re-investment and future equity incentive plan.