Education group starts buy-and-build strategy with major acquisition
AN ambitious education group has bought a North Yorkshire teacher recruitment firm to create a business with around £50m annual revenues.
Sheffield-based Synarbor Group has taken a controlling stake in Just Teachers as part of its expansion plans.
Synarbor was bought last year for £18.4m by Sovereign Capital Partners, a private equity firm which specialises in buy-and-build strategies.
Robyn Johnstone, chief executive of Synarbor Group, said: “Just Teachers is a highly complementary acquisition that will support Synarbor Group’s strategy to create a market leading education staffing business.
“Synarbor Education and Just Teachers will together be the cornerstone of the group, which will further enhance the company’s existing UK presence.”
Just Teachers, which has its head office in Skipton, along with four further branches in the North West, Midlands and London, places teaching and support staff into primary, secondary and special educational needs schools throughout the UK.
Its managing director David Jones and operations director Caroline Cafferty will stay with the business, along with the existing management team. Two non-executive shareholders have exited the Skipton-based company.
Mr Jones said: “We have established a trusted and reliable service for UK schools delivered by experts in the sector, which will benefit Synarbor Group’s ambitions to build a truly national business.
In their most recent accounts, Synarbor Group achieved annual revenues of £28m and Just Teachers generated £15m.
“This is an exciting development for Just Teachers as the enlarged business will help strengthen our position in the market, whilst accelerating future growth.”
Just Teachers was advised by Ryecroft Glenton Corporate Finance, led by partner Carl Swansbury along with Charlie Burton and Simon Hopwood, and legal advice was provided by Rob Thompson and Tom Pollard from Ward Hadaway.
Grant Thornton and CMS advised Synarbor Group and Sovereign Capital, while funding for the transaction was provided by Sovereign Capital and Lloyds.
