Transaction overview
THI Investments, a family-owned private equity investor based in London and Stuttgart, has invested into Corndel, a leading UK-based education and training provider. The investment closed on June 30, 2021, with regulatory approval already secured at the time of announcement. Corndel specializes in digital and management training programs for blue-chip clients such as Asda, Bupa, Capita, and Kier.
Deal structure and financing
The exact financial details of THI Investments' stake in Corndel remain undisclosed. The deal did not involve a specified equity or debt split, nor was there any information provided on the lead banks involved in the transaction or leverage metrics. No lock-up terms were mentioned, and it is unclear if an IPO optionality exists for this investment. Additionally, whether THI Investments has retained any stake from the seller is unknown.
Strategic context
THI Investments' decision to invest in Corndel aligns with its focus on education and training as a core area of interest. The firm aims to support companies that offer high-quality learning opportunities while addressing the UK's skills gap, particularly post-COVID-19 unemployment. For Corndel, this investment will allow it to expand its training program offerings in response to workforce needs in the digital age, including data essentials and software development courses.
Corndel’s current success is evident with over 8,000 learners supported since its founding in 2016. The company has achieved industry-leading satisfaction rates among both learners and employers, highlighting its value proposition in the market. With THI's backing, Corndel intends to further leverage its technology-enabled training model to reach a broader audience.
Regulatory path
The deal between THI Investments and Corndel did not face any significant regulatory hurdles as it received approval prior to the transaction’s completion on June 30, 2021. Given the UK-based nature of both entities involved, the primary regulator likely was the Competition and Markets Authority (CMA) in the United Kingdom. No specific remedies were mentioned in the press release regarding this investment.