ISIS exits Assa

ISIS Equity Partners has exited Assa Training & Learning Limited (Assa) yielding a multiple of 2.5 times its original investment and an IRR of 61%. The company has been acquired by Carter & Carter.

ISIS backed the management buyout of Assa in September 2003. The original and follow-on investments, totalling £4 million, were led by Mark Advani and Simon Ward, based in ISIS’ Midlands office. Advani and Steven Dunne of ISIS managed the investment throughout its lifetime and handled the exit.

Assa is a leading provider of adult vocational training and learning services, the majority of which are government funded Learndirect courses, NVQs and Modern Apprenticeships. Since the MBO, Assa has doubled its revenue; diversified into new industry sectors and revenue streams; and improved its geographic coverage through an office opening in Lichfield and new representation in the North West.

Steven Dunne, said: “Assa has overcome some significant hurdles in getting to this position where it is an excellent strategic purchase for Carter and Carter and ISIS has demonstrated its commitment through providing additional funding when required. It is very pleasing that having backed management through difficult times they have delivered outstanding performance and we are able to report an excellent return for ISIS’ clients.