Prefequity backs management in Now Education MBO

Prefequity has invested £14 million to fund the management buyout of Now Education, one of the UK’s leading suppliers of staff for primary, secondary and SEND schools across England and Wales, led by its co-founder and Managing Director, Alex Westworth.

Founded in 2010, Now Education supplies around 1,600 supply staff to more than 800 schools per week across England and Wales. It recruits in more than 20 regions and has permanent offices in Birmingham, Cardiff, Leeds, Lincoln, Liverpool, London and Nottingham. Comprising a team of nearly 40 consultants and ten back-office support staff, 95% of its business is from contract revenue with more than 75% of placements six weeks in length or longer.

The deal sees Gary Redman (previous majority shareholder and CEO) move to the role of Chair, and Johnny Carew Pole, Partner at Prefequity LLP, join the company’s board of directors.

Johnny Carew Pole commented, “Prefequity is delighted to be supporting the MBO of Now Education. The combination of excellent management, strong cash generation, diverse customer base, publicly funded revenues and stable market demand all provide excellent downside protection for our investment.  In addition, Now’s business model, which allows it to attract and retain exceptional talent, means that it is well placed to maintain its track record of impressive growth.”  

Alex Westwood said, “Prefequity's approach to investment has allowed me the opportunity to take control of Now Education and Gary to realise his share value. The Prefequity team are pragmatic, forward-thinking people with a keen eye for detail and offer valuable experience and perspective that will help make Now Education stronger. I am excited to be working with Johnny and his colleagues.”