Planet Education Works, a London-based educational services provider, has acquired City Education and Learning Group (City Colleges) in a multimillion-euro transaction. Duke Capital announced that its partner, Step Investments (Step), has finalised the sale of City Colleges, marking a significant milestone in Step’s investment journey.
Step Investments, a diversified group with interests spanning education, cinema and outdoor digital advertising, and radio stations in the UK and Ireland, initially invested in City Colleges in 2018. Over the years, Duke Capital has infused £11.5 million into Step, supporting its growth and expansion. Step’s portfolio includes notable brands like Pearl and Dean Cinemas, Wide Eye Media, and Bay Broadcasting, in addition to City Colleges.
The sale of City Colleges to Planet Education Works brought immediate cash proceeds of €5.2 million to Step. Additionally, an agreement has been made for Step to sell its remaining 25 per cent stake in City Colleges for a further €3 million after two years, valuing the company at €12 million.
Duke Capital’s chief executive, Neil Johnson, praised Step’s ability to identify and develop scalable businesses, emphasising that City Colleges’ strong performance and business diversification attracted a compelling offer from Planet Education Works. Step’s CEO, Mike Ormonde, highlighted that this sale represents an excellent return on investment, allowing Step to focus on expanding its media interests across the UK and Ireland.
The successful sale of City Colleges showcases the strategic acumen of Step Investments and their commitment to capitalising on growth opportunities within their diversified portfolio.
Duke Capital Limited (LON:DUKE), formerly Duke Royalty Limited, is a Guernsey-based provider of hybrid capital solutions for small and medium-sized enterprises (SME) business owners in the United Kingdom, Europe and North America, combining the features of both equity and debt.
