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Bridges Ventures sells Babington for £22m

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plumber-228010_960_720London-based Bridges Ventures has agreed a £22m deal to sell sold online trading college Babington Group to RJD Partners.

The deal, which comes just over six years after it made its initial investment in the company, represents an IRR of 33 per cent for Bridges.

Specialist sustainable and impact investor Bridges originally backed Babington in December 2009 via its Bridges Sustainable Growth Fund II. The fund closed at £75m in 2007.

Under Bridges’ ownership, the company claims to have seen its revenues increase from under £2m to more than £15m.

Bridges partner Garret Turley said, “We have always believed that apprenticeships can play an important role in tackling the UK skills gap – and we identified Babington as a high-quality provider that could help to meet this growing need.

“We’re very proud that our investment has enabled the company to achieve a step change in its growth since 2009, allowing it to help thousands more students gain additional qualifications.”

Founded in 1974, Babington provides business training courses within accountancy, business administration, digital marketing, social media and property, among others.

It offers classroom-based business courses in the Midlands and North of England.

Last year, Bridges Ventures sealed its first US deal by backing Springboard Education.

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