Toronto-based Onex Corporation announced that Onex Partners V, Onex’s $7.2 billion fund, has agreed to acquire Tes Global, an ed tech services provider, from Providence Equity Partners, a private equity firm that specialises in investments in media, communications, education and technology.
Tes’s management team will also invest alongside Onex. Financial terms were not disclosed.
Based in London, Tes is an international provider of comprehensive software solutions for the education sector. Its offering falls into three categories: staff management, safeguarding and compliance, and pupil and learning management, and it hosts more than 13 million teachers on its online platform and caters to over 17,000 schools in 117 countries. Tes also provides teachers with continuous professional development training in addition to software tools.
Nigel Wright, a senior managing director at Onex, said: “Tes has a well-established brand and deep-rooted relationships with teachers, creating an unparalleled and highly differentiated place in the market. We were attracted to its focus of helping both teachers and school administrators deliver better educational outcomes for students in the UK and around the world. The company is well-positioned to grow and to expand its offering of ed tech point-solutions. Onex’s experience in both the business services industry and supporting companies in their acquisition plans makes us the ideal partner for Tes.”
Rod Williams, chief executive of Tes, added: “Onex has a wealth of experience and an impressive track record of helping the companies it partners with to grow and thrive. We’re delighted to have found another team whose values are aligned with our vision for the company and are committed to our future.”
Andrew Tisdale, senior managing director at Providence, said: “Since partnering with Tes in 2019, we have supported several strategic acquisitions, including Edval, EduCare and SchoolCloud. Together with the launch of new products and services, these efforts have seen Tes firmly transition into a technology-first partner for teachers and schools, which has been invaluable during a period of sustained remote learning owing to the global pandemic.”
The transaction is anticipated to close in the first quarter of next year. With this transaction, Onex Partners V will be approximately 78% invested.
Onex was advised by Rothschild & Co as financial advisors and Latham & Watkins as legal counsel. Tes was advised by Arma Partners and Morgan Stanley & Co International as financial advisors and by Weil, Gotshal & Manges as legal counsel.
Date published: 7 December 2021