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3 October 2005

Exponent secures £235m acquisition of TSL Education

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Exponent Private Equity today announces the 235 million-pound acquisition of the TSL Education business from News International. TSL is the first acquisition by Exponent’s maiden 2004 Fund.

TSL which publishes the Times Educational Supplement, the Times Higher Educational Supplement and smaller titles such as Nursery World, is the leading publisher of business-to-business newspapers, magazines and websites for the UK education market.

The London-based business, which was launched in 1910, is also the leading market provider of classified advertising for job vacancies in UK schools, colleges and universities, and stages a range of educational exhibitions. The combined weekly circulation of TSL Education’s titles is 143,000 and its websites generate more than one million visits every month.

Exponent has appointed Stuart Wallis to be TSL Education's chairman. Stuart, a highly experienced and successful executive, has held senior positions in a number of private-equity-owned businesses in the last 10 years, including Euramax International, Tetley Group and the LLP Group, the owner of the Lloyd's List. Previous roles include chairman of SSL International, chief executive of Fisons and a main board director of Bowater.

Bernard Gray has been appointed Chief Executive of TSL Education. Bernard was previously Chief Executive of CMP Information, the UK publishing division of United Business Media. Previous appointments included being Director of Strategy at UBM and almost 10 years with the Financial Times Group.

Bernard said “TSL Education has a tremendous position at the heart of the UK education sector. Its titles have a great heritage and have served the education market well for many decades.

“I look forward to working with the team to ensure that TSL Education serves the needs of the next generation of education professionals. Publications, the internet and face-to-face media all offer exciting opportunities to develop TSL Education as the pre-eminent source of information for everyone involved in education.”