UK-based GL Education Group (GLE), formerly Granada Learning Group, has been purchased by Bahraini alternative investment manager Investcorp.

The company, which provides school assessment services at both primary and secondary levels, has been bought from Veronis Suhler Stevenson, a private equity and debt capital firm with a focus on the information, media, marketing and business services markets. Financial details of the deal are undisclosed.

James Mahoney, managing director at Investcorp’s corporate investment team, comments, ‘GLE commands a leading competitive position in the UK ‘high-stakes’ education assessment market.

‘The company has a built a portfolio of market leading products and benefits from high revenue visibility in a very stable market underpinned by increasing demand for assessment products and services.’

Founded in London in 1981, the newly-acquired company’s services are used by teachers to measure students’ abilities to take decisions about learning techniques. The business has two separate units, GL Assessment and GL Performance.

Adrian Eaglestone, managing director of GLE, says, ‘Investcorp has a track record of assisting its portfolio companies in reaching their potential internationally and is a highly complementary partner for us.

‘We see significant opportunity for growth in our core markets, as well as in international markets, plus the potential to accelerate our growth through further acquisitions.’