Quayle Munro is pleased to announce that it has advised Hotcourses Limited (“Hotcourses”), the leading digital marketing and online student recruitment company, on its sale to IDP Education Limited (ASX: IEL) for a total enterprise value of £30.1m with an additional £4.9m representing net cash in the business.
Hotcourses owns and operates a portfolio of education search websites that help future students make the right study choices and connect with universities and colleges around the world. The company provides students with unique online tools to search for appropriate courses and plan their studies. The company’s websites receive more than 66 million annual visits, and two million registered users access its database of 500,000 courses from 5,000-plus institutions in 48 countries – one of the largest global databases of educational courses in the world.
For IDP Education, the acquisition provides an immediate digital pathway and scale to broaden its global portfolio and meet future demand. Hotcourses will continue to operate as an independent entity, but will work in collaboration with IDP Education to identify and harness natural synergies which will accelerate the successful strategies of both businesses.
Simon Emmett, CEO of Hotcourses, said: “This agreement brings together two longstanding members of the international education community to provide unparalleled support and guidance at every step of the student journey, from enquiry to enrolment.”
Mike Elms, Chairman and co-founder of Hotcourses, said: “We are delighted to announce this transaction and very much look forward to becoming part of IDP Education. Quayle Munro’s strategic guidance and execution capability, underpinned by their intimate knowledge of our sector, were central in delivering a fantastic outcome for Hotcourses’s shareholders. We are very appreciative of the advice and support received from Quayle Munro in bringing this transaction to a successful conclusion.”
This transaction adds to Quayle Munro’s strong track record of advising education and training businesses. Recent transactions include acting for Kaplan International on its acquisition of Mander Portman Woodward, Silverfleet Capital on its acquisition of Lifetime Training and for Global University Systems on its acquisitions of The University of Law and Arden University, as well as advising the shareholders of Eukleia Training on its sale to Learning Technologies Group PLC.