Bridgepoint buys and builds with Protocol

Protocol is paying £76m to acquire the two divisions of Spring PLC that provide supply teachers and vocational training services in the UK.

Following its April 2000 acquisition of education services provider Protocol, Bridgepoint Capital is now backing the company’s acquisition of two units within Spring PLC: Spring Education and Spring Skills.

The former is the leading supplier of relief teachers in the greater London area and the latter is the largest provider of National Vocational Qualification [NVQ] training services.

David Holme, an investment director with Bridgepoint said: “Spring Education and Spring Skills complement Protocol’s existing teaching and training divisions which when they are combined will secure even further growth within their respective sectors.”

“This acquisition is part of our buy and build strategy for Protocol and will result in Protocol becoming one of the largest providers of education and training services in the UK” added Holme.

Spring said in a statement the transaction will be for £71.9m in cash payable on completion, together with the assumption of circa. £2.4m debt.