Cleary Gottlieb represented TPG in its acquisition of TSL Education Group Limited from Charterhouse Capital Partners. TPG will invest in TSL alongside certain members of the existing management team, who will hold a minority stake in the group following completion. The purchase price will be funded through a mixture of equity (from TPG, a co-investor and management reinvestment) and debt (provided by Goldman Sachs and Jefferies). A share purchase agreement was signed on July 5 and the transaction closed on August 5.
TSL operates mainly in the United Kingdom, where it provides a network through which educators can share lesson and planning resources, as well as access information in relation to, and apply for, jobs in the education sector. TSL’s print and internet publications provide a wide range of editorial and research content on educational issues, and include the Times Educational Supplement and the Times Higher Education World University Rankings. TSL’s complementary businesses include TES Events, which organizes conferences and exhibitions for the education sector, TES Prime, a provider of executive search and recruitment solutions for schools, and Brightspark, which provides affordable online maths tuition for students aged 7 to 16.
