CVC Capital Partners, Europe’s biggest private equity group, has agreed to buy a large controlling stake in QA, the IT training company for £700m, a person familiar with the sale said.
The buyout giant managed to preempt an auction ahead a competitive bidding process expected for the second half of this year.
“QA is a leader in its field, it has grown tremendously over the last years and it has an excellent management team,” the person familiar with the sale said.
QA is the market leader in the growing IT education and training sector. Its revenues and earnings before interest, tax, depreciation and amortisation have grown by over 20 per cent per year.
QA is helping UK businesses address the acute skills shortage and accelerating pace of technological change, including in key areas such as cyber, cloud and big data.
William Macpherson is expected to continue as chief executive, retaining a significant investment in the company alongside the senior management team.
CVC declined to comment.