Sovereign Capital acquires leading group of Yorkshire schools

Sovereign Capital Partners LLP ("Sovereign Capital"), the independent UK lower mid-market private equity investor, is pleased to announce that it has acquired the Cliff and Silverwood Schools, ("Cliff"), a leading independent group of pre-preparatory schools, for an undisclosed sum.

Founded in 1939, Cliff has over 400 pupils and operates three facilities in Wakefield and Barnsley. A highly successful education group, the Cliff School was nominated the North of England's top preparatory school in this year's Sunday Times Parent Power Survey.

The schools will be managed by the Alpha Plus Group ("Alpha Plus"), previously known as Davies Laing & Dick, which Sovereign Capital acquired in June 2002 in a £25 million institutional buy-out. Alpha Plus has grown organically by 33% since the IBO and now owns or manages 19 schools.

Cliff has been built over the past 17 years by acquiring and investing in premium schools. The vendor, Mrs Kathy Wallace, was looking for a buyer that would build upon the educational standards and reputation the group has achieved to date.

The Alpha Plus management team is led by Paul Brett, Chief Executive, previously Strategic Director of Serco plc's educational business, who joined the Group at the time of the IBO. He commented:

"Alpha Plus has seen tremendous growth since the IBO which reflects both the demand for the highest standards in education and the financial investment that we have been able to make to develop the schools. Cliff is a first class schools group and we are committed to building upon the schools' excellent reputations in a way that recognises their different characters and the strengths of their local management."

Ryan Robson, Partner, Sovereign Capital added: "Cliff is an excellent group of schools and the Alpha Plus management team has the experience and commitment to develop it going forward. Alpha Plus provides premium quality schools and offers parents choice, stability and the highest standards, which we are all dedicated to maintaining."