Huveaux has announced it has purchased Letts Education and Leckie & Leckie Limited from Veronis Suhler Stevenson (VSS) for £12.4m.
The deal has been financed through a £5.5m placement to institutional investors and an £8m six-year loan from the Bank of Scotland. This is the first instalment of VSS's break up of Granada Learning (GL), which they purchased from ITV for £53m in April.
While Letts and Leckie & Leckie will be a good fit with Lonsdale, Huveaux's existing education revision guide business, the question remains what are VSS going to do with the remaining GL assets such as nferNelson?
Originally we had expected that VSS might have merged some GL's software assets with educational publisher Sherston, however it now looks like these and the testing businesses will be sold separately. While in theory these could be sold to the management or another VC, we think it's more likely they will end up with either Pearson or Reed Elsevier.
Huveaux has announced it has purchased Letts Education and Leckie & Leckie Limited from Veronis Suhler Stevenson (VSS) for £12.4m.
