Mumbai-based Cox & Kings to sell education business to Midlothian Capital for $600 mn
Cox & Kings Ltd, Mumbai-based tours and travel company, will sell its education business to UK-based private investor Midlothian Capital Partners for an all-cash enterprise value of about $600 million.
The company’s education business comprises HB Education Ltd, a fully-owned subsidiary of European holiday specialist Holidaybreak Ltd. Cox & Kings had acquired Holidaybreak for $510 million in 2011.
The sale is in line with Cox & Kings' goal of unlocking value and maximising shareholder returns.
Peter Kerkar, Group CEO of Cox & Kings said, "Since Cox & Kings' successful acquisition of Holidaybreak in 2011, the business has scaled larger heights. Over the years we have made efforts to maximize shareholder value by divesting some parts of the business, reduce debt and focus on high growth asset-light businesses. This is in-line with our stated policy of consistently unlocking value in the company and we shall aggressively continue to follow our stated policy."
Neil Currie, Andrew Bracey and Aidan Clegg, Founding Partners, Midlothian Capital Partners, said "HB Education is an industry-leading operator within both the residential outdoor activity and educational travel sectors. We are proud to be part of the next phase of the company's growth, both in the UK and internationally. We would like to thank Cox & Kings and its advisory team for a smooth and professional process. They have been excellent owners of the company and we look forward to continuing our relationship as we complete the transaction."