Training provider takes a jump out of Leaping Man Group
TRAINING company Lean Education and Development (LEAD) has been spun-out of the Leaping Man Group by a management buyout.
Finance director Luke Cartwright, managing director Maxine Jones and operations director Phil Walters led the MBO with backing from Finance Birmingham and RBS.
The business, based in Hagley West Midlands, delivers accredited adult apprenticeships and lean practice qualifications for a broad range of sectors. It has trained more than 7,000 learners since it was founded in 2008.
The business was originally set up by chairman Gary Redmonds as part of the Leaping Man Group of training companies and has “grown significantly” over the last eight years. He will now concentrate on his other business interests.
LEAD’s management said it will enable the company to continue to grow and to “further cement” its reputation.
Funding to support the MBO came from Finance Birmingham’s £56m Mezzanine Fund, supported by the Government’s Regional Growth Fund which provides loan funding of up to £2m to growing businesses.
Finance Birmingham’s Graham Mold said: “We are really pleased to back a great team and look forward to working with them over the coming years to grow the business, which is adding huge value to the UK manufacturing base.”
Orbis partner Gary Ecob and manager Steve Nock advised on the MBO while Ondrej Okeke and Stephen Gater transacted on behalf of RBS.
Legal advice to the management team was provided by John Heaton and Nathan Gray of Higgs & Sons, to Finance Birmingham by Clare Lang at George Green, to RBS by David Doogan and Jen Rawlins of Pinsent Masons, and to the vendor by Lee Clifford and Leanne Fryer of Freeths. Financial due diligence was provided by Rob Wilson and Roy Farmer of Dains.
