Training business Back2Work, a portfolio company of Palatine Private Equity, has acquired Just IT Training, a London-based provider of digital apprenticeships.
Palatine invested in Manchester-based Back2Work in October 2020, by deploying capital from its Impact fund. The vehicle typically invests £5-20 million tickets in UK-based mid-market businesses with a mission to positively impact society or the environment.
Founded in 2001 by Simon Perriton, Just IT offers apprenticeships, training and recruitment services. The company works with British and international firms such as Sainsbury’s, National Rail and Google as well as public sector organisations, including the NHS and the Bank of England. Employing 100 staff, the company generates turnover of around £8m.
Just IT represents the first add-on inked by Back2Work. Following the merger, the company expects to reach annual revenue of more than £20m for the first time.
Back2Work specialises in delivering intensive training courses to help the long-term unemployed return to work, retrain or reskill.
The business delivers employment support and skills training contracts on behalf of nine mayoral combined authorities, the Department for Education, the Education and Skills Funding Agency and the Department of Work and Pensions, supporting more than 10,000 people with training every year.
Palatine was advised by Grant Thornton Corporate Finance, Cortus Transaction Services and Pinsent Masons.
Date Published: 16 June 2022