Slaughter and May is advising Midlothian Capital Partners on the acquisition of HB Education, the holding company of educational and activity brands including PGL, from Cox & Kings. The transaction values HB Education at £467m on a cash- and debt-free basis. The firm is also advising on the related acquisition financing and management equity arrangements.
HB Education is the UK’s leading education and activity travel group. The group provides residential outdoor education and adventure trips for school children through the market-leading PGL brand and educational travel tours for secondary schools and higher education students through NST and EST. The group employs over 2,000 people at sites across the UK, mainland Europe and Australia.
The firm also advised Midlothian Capital Partners on the £217 million acquisition of Dobbies Garden Centres from Tesco in 2016, and on the £103 million acquisition of Park Leisure from its founders in 2017.