Elkridge, Md. — Aug. 15
GP Strategies Corp., the corporate parent of global performance improvement product provider General Physics Corporation (GP), announced that GP’s wholly-owned subsidiary, General Physics (UK) Ltd., has acquired the entire share capital of TK Holdings Ltd. and its subsidiary Beneast Training Ltd., an independent training provider in the United Kingdom. Beneast generated revenue of $8 million for the year ending July 2011 and GP Strategies anticipates that the acquired business will be accretive to earnings-per-share in 2011.
Established in 1983, with a staff of 120 full- and part-time employees, Beneast is a Grade 2 ‘Good’ provider of training as determined by the Office for Standards in Education (Ofsted), the U.K. regulator of government-funded training providers. Based in Blackpool, Lancashire, with other training centers in Fleetwood and Preston, Beneast provides apprenticeship and foundation learning programs to more than 2,000 learners at any one time in the following occupational areas: business administration and technology, customer service, retail and commercial enterprise, management and professional, health and social care and early years child care. Beneast is contracted to provide training through the Skills Funding Agency, a government agency of the Department for Business, Innovation and Skills which funds and regulates adult further education and skills training in England.
Scott Greenberg, chief executive officer of GP Strategies, stated, “This acquisition further expands our capabilities in the north of England, helping people and businesses to access the skills training they need to succeed. The acquisition of Beneast now provides an additional revenue stream for GP through Foundation Learning, increasing GP’s 2011/12 maximum contract value to $27 million per year and strengthening GP’s position as a major provider of skills training in the UK.”
Source: GP Strategies Corp.