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Aug 06

Advised Granada Learning on the £12.4m sale of Letts and Leckie & Leckie to Huveaux Plc

Quayle Munro announced today that it represented Veronis Suhler Stevenson in its disposal of Letts Educational and Leckie & Leckie for £12.4 million to Huveaux plc, the publisher of business and professional information.

Letts and Leckie & Leckie, leading providers of study aids and revision guides in England and Scotland, are currently part of Granada Learning. The combined businesses will now have over 800 titles in both print and online format in the study aids and revision guides publishing sector.

The disposal follows the acquisition of Granada Learning in July by Veronis Suhler Stevenson. Quayle Munro represented Veronis in the transaction. Previously Quayle Munro had represented the interests of ITV plc in its disposal of Granada Learning in April of this year.

Kit van Tulleken, Quayle Munro, said, "Letts and Leckie are highly complementary to Huveaux's existing Lonsdale revision guides business. This excellent transaction will strengthen Huveaux's revision and study aids business, giving the business a market-leading position with an unrivalled portfolio."

The consolidated revenues of Letts and Leckie for the financial year ended 31 December 2005 were £10.0 million and the underlying consolidated operating profit was £1.5 million. The net assets of the combined businesses were £5.2 million as at 31 December 2005. The total consideration of £12.4 million comprises of a £12.2 million cash payment and the satisfaction of £0.2 million debt on completion.

About Veronis Suhler Stevenson: Veronis Suhler Stevenson (www.vss.com) is a private equity and mezzanine capital fund management company dedicated to investing in the media, communications, information and education industries in North America and Europe. To date, Veronis has invested in 42 companies, which have in turn completed over 200 add-on acquisitions resulting in a portfolio worth approximately $9.1 billion.

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