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Apr 06

Advised ITV on the divestment of the subsidiary Granada Learning to Veronis Suhler Stevenson

Quayle Munro is pleased to announce the acquisition of Granada Learning, the educational publishing division of ITV plc, by Veronis Suhler Stevenson, for £53 million. Quayle Munro represented ITV in the transaction.

The initial consideration consists of £35 million, satisfied through a mixture of cash and vendor loan notes, with a further £18 million payable subject to the performance of the business over the next two years. The Granada Learning Group includes the following leading imprints: nferNelson; Letts Educational; Leckie & Leckie; and David Fulton. Commenting on the transaction, Kit van Tulleken, Quayle Munro, said: "We are delighted to have completed this important transaction in U.K. education. Granada Learning is the leading non-statutory testing company in the U.K. and is at the forefront of educational software development."

Veronis Suhler Stevenson

Veronis Suhler Stevenson is a private equity investment firm dedicated to media investments in Europe and North America. David Smith, former Chairman of T&F Informa plc, has assumed the role of Executive Chairman of Granada Learning. Mr. Smith has over 25 years of experience in the European education sector. Commenting on the acquisition, he said "I am delighted to be part of this exciting opportunity. Granada Learning is well placed to capitalise on the changes taking place in the Education sector with its existing wide range of products and services and its new developments.'' Marco Sodi, Partner at Veronis Suhler Stevenson, added "Granada Learning products and brands are amongst the most recognised in U.K. education. Its nferNelson tests are leaders in assessment while the Letts Revision Guides, the Blackcat and Semerc software products are well known to teachers and pupils alike. We look forward to working with David Smith and the Granada Learning team to pursue the opportunities offered by the significant projected investment in the U.K. education sector".

Key Transactions