Beringea and Barclays Ventures have sold their holding in Labinah Management Training, a UK based consultancy business, to Cello Group, for £4.1m. The two private equity firms acquired Labinah, which trades under the name TMI UK, in 2000 when they jointly backed an MBO. The sale represents an 8x multiple of EBIT for Beringea’s ProVen VCT and Barclays.
TMI has been in operation since 1978 and provides organisational development and consultancy solution to a number of blue chip companies such as Toyota and Marks & Spencer. In the year to June 2005, TMI generated profits of approximately £600,000.
Cello Group, a marketing consultancy company, was founded in 2004 and is listed on AIM.