Thursday, July 19, 2018
Business

US private equity firm plans Times Educational Supplement sell-off

US private equity firm TPG Capital is reportedly planning to break up and sell the parent company of educational magazine and website Tes.

Tes, formerly the Times Educational Supplement, is part of the Tes Global business which was acquired by TPG in 2013 for a reported £400m.

Read more: Poundworld raises fears of worst year for retail since financial crisis

Sky News reports that TPG has appointed investment bank Macquarie to advise on selling Tes Global's higher education division.

The rest of Tes Globals business, which includes Tes, is expected to be sold separately.

According to Sky, investment bank Jefferies is likely to oversee that auction although it has not been formally appointed.

It is not clear what valuation TPG is hoping to get via the sales, although according to Sky, it is splitting the business as it thinks both units will be attractive to buyers as stand alone entities.

Read more: The full list of Prezzo's 94 restaurant closures

It has not all be plain sailing for TPG recently which stands to lose millions from investments in retailer Poundworld, which crashed into administration earlier this month, and struggling restaurant chain Prezzo, which announced in March that it was closing 94 restaurants.

TPG bought the Tes business in 2013 from private equity firm Charterhouse which had owned it since 2007.

Tes Global employs more than 600 people in seven countries.

TPG Capital declined to comment. Tes Global was contacted for comment.

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