Cox & Kings sells its edu biz to UK-based MCP for Rs 4,387 cr

Travel company Cox & Kings has entered into an agreement to sell its education business to UK-based investor Midlothian Capital Partners (MCP) for Rs 4,387 crore (GBP 467 million).

The all-cash transaction is subject to regulatory approvals, consents and customary closing adjustments, a release issued here said.

The education business is comprised of HB Education (formerly known as Holidaybreak Education), which is a wholly-owned subsidiary of Holidaybreak.

The sale is in line with Cox & Kings's stated goal of unlocking value and maximising shareholder returns.

"Since our successful acquisition of Holidaybreak in 2011, the business with the strategic direction has scaled larger heights. Over the years we have made efforts to maximise 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," Cox & Kings Group CEO Peter Kerkar said.

HB Education provides experiential learning programmes for students, through Residential Activity Centres and Educational Travel Tours.

The company's portfolio of brands including PGL, NST, EST, Travelworks and Studylink provide learning experiences for school students aged 7 through 18, and up to university.

"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," Neil Currie, Andrew Bracey and Aidan Clegg, Founding Partners at Midlothian Capital Partners, said.