Addition Capital invests in Be-A Education, fast-growing online learning leader
- Partnership with founders will drive Be-A Education as a leading upskilling platform serving consumers and businesses globally.
LONDON, April 14, 2021 /PRNewswire/ -- Addition Capital, the London-based family investment office, announced today that it has completed a control investment into Be-A Education Ltd., operator of the highly successful and fast-growing New Skills Academy and Staff Skills Training businesses.
This strategic investment, in partnership with Be-A's founders, marks a new phase in Be-A's continuing mission to make learning accessible to consumers and businesses globally through its direct-to-consumer platform, New Skills Academy, and its SME-focused business platform, Staff Skills Training. To date, the award-winning company has sold nearly 1 million courses to customers in over 30 countries.
As part of the transaction, Be-A appointed Ian McClelland as CEO to lead the business through the next stage of growth. Ian has spent a 25+ year career working in start-up, SME, and multinational corporate environments helping digital businesses launch, scale or adapt to disruption. A BAFTA-award winning digital producer, Ian was the CEO of Guardian Australia and then returned to the UK to lead Guardian Media Group's Corporate Development, where he worked on key growth projects including Guardian Masterclasses, an international education programme spanning both in-person and online formats.
Ian McClelland, CEO of Be-A said: "I am very excited to join this dynamic and fast-growing business, which makes opportunity accessible to the people and companies that need it most. Technology is disrupting jobs around the world, and individuals need to access affordable, high-quality training programmes to increase their employability. Be-A plans to drive New Skills Academy to be the key hub for learning and upskilling in the UK and beyond."
About Addition Capital
Addition was established in 2018 as the direct investments arm of a London-based Family Office. Addition provides options for owners who aspire to preserve the legacy and integrity of their businesses, and its team of entrepreneurs and operators helps portfolio companies achieve transformational growth. Addition is a business owner rather than an asset manager.
This investment reflects Addition's belief in the impact, importance, and growth potential of accessible education and training to consumers and companies in the UK and beyond. Addition's mission is to invest in businesses that provide a positive impact to society as a whole.
About Be-A Education
The current business was launched in 2016 by Chris and Dan Morgan as a digital offering that develops and delivers proprietary online training courses aimed at users who wish to learn new career and lifestyle skills quickly and cost-effectively. Be-A's primary brands are New Skills Academy, New Skills Fitness Academy and Staff Skills Training.
Be-A creates cost effective, high quality, proprietary, CPD approved content and has created over 650 exclusive courses, with a Trustpilot rating of 4.9 from 2000+ reviews. Nearly 1 million courses have been taken by customers on the New Skills Academy website and over 100 corporate clients work with Staff Skills Training to provide education and training to their employees.
About the Transaction
Addition and Be-A were supported in the transaction by Shawbrook Bank, a specialist UK savings and lending bank focusing on the needs of SMEs. Addition was advised by Shoosmiths LLP, Wilson Partners LLP and Grant Thornton UK LLP. The sellers were advised by Sherbornes Solicitors Ltd.
Jay Verjee, Managing Partner of Addition said: "We are very excited to be investing in this dynamic and fast-growing business which provides real skills to individuals and companies to help people improve their lives and job prospects. With Ian's leadership and our partnership with Chris and Dan Morgan, we are set to make Be-A a global leader in online affordable upskilling in line with the long-term increase in demand for vocational training."
Chris Morgan, Co-Founder of Be-A said: "My brother Dan and I founded Be-A to help people to access training and improve their job prospects. We are so excited to be partnering with Addition to turbo-charge Be-A's growth and soon provide our one millionth course to our loyal and valued customers. Ian and the Addition team bring the tools to make Be-A a dynamic community of learners from around the world."
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