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14 May 2007

Exponent announces the sale of TSL Education

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Exponent Private Equity today announces that it has sold TSL Education, the UK's leading educational publisher, to Charterhouse Capital Partners for an undisclosed sum. Under the arrangement, the existing management team will be staying with the business to drive through TSL's plans for growth. Richard Lenane of Exponent said, “we are delighted to have worked in partnership with the TSL Education management team over the past 18 months.”

In that time we have backed the company in modernising its publications and moving into new market areas. “We are very pleased that TSL has been successful in its efforts, and that Charterhouse is keen to support the company through the next phase of its growth.” Bernard Gray, Chief Executive of TSL Education, said “All of us are immensely grateful to Exponent for the investment and support they have given us since 2005. The company has been modernised and Exponent have invested almost £10m in the company's infrastructure over the past two years. We now have increasingly up to date publications and products, and the tools we need to give our customers what they want. Exponent's imagination and unwavering support have allowed us to make that progress. Looking to the future, I know that Charterhouse will work with the company in the same spirit. We have a common vision for the growth of the business, and everyone at TSL is excited about the potential of what can be done in the next few years. I am delighted that the company has found such a supportive new owner who is as excited as we are about the future. Charterhouse's excellent reputation as a builder of businesses is richly deserved, and we at TSL look forward to adding to that record of success.