Private equity house acquires £6m stake in management training firm

Leeds-based private equity house Key Capital Partners has completed a £6m investment in Fuel Learning, a specialist in the provision of leadership and management training. 

The deal sees Key acquire a significant minority stake in the business.

Based in Swadlincote, in the Midlands, Fuel’s 80-strong team delivers leadership and management development programmes to clients within multiple sectors, including transport, retail, logistics and construction. 

Since 2009 Fuel has provided commercial leadership development and in 2017 it became a member of the UK’s Register of Apprenticeship Training Providers (RoATP) to deliver apprenticeships through the UK Apprenticeship Levy scheme. 

The investment was led for Key by Philip Duquenoy and Sandeep Banga. 

Key was advised by Ward Hadaway (Legal), Evelyn Partners (Financial and Tax), PMSI (Market analysis), RPL (Commercial), GB3 (Technology), AON (Insurance), RSM (Regulatory) and Stratton HR (Management).

Fuel’s shareholders were advised by KBS (Corporate Finance) and DWF (Legal).  

Duquenoy said: “We are happy to partner with Fuel. The team’s focus on quality of training and client satisfaction permeates throughout and is core to the business’s success.”

The experienced management team, led by Ian Prentice (CEO), Pete Hames (FD), Sarah Appleton (Client services director), Karen Priestley (leadership development director) and Kate Baker (director of Levy Programmes), will remain in the business and will be supported by incoming non-executive chair, Paul Venables, who was formerly the CFO of Hays plc.

Prentice said: “With their in-depth knowledge of the training sector, Key very quickly gained an understanding of our business model.

“They provide support at a very senior level, with highly experienced partners working closely with the business to help deliver our growth ambition.”