A Cannock-based leading provider of health and safety training courses has been acquired in a deal worth an initial £30.25 million.
Phoenix Health & Safety says being bought by Wilmington plc means it can strengthen its position and continue its growth journey with the backing of a plc who is an industry leader in the compliance market.
Nick Higginson, who started Phoenix from his kitchen table with a £500 high-interest credit card, will retain full control of business operations as Managing Director.
He said: “This deal is the culmination of 25 years of hard work as Phoenix has grown to become a market leader in the industry.
“The deal now gives us a platform to extend our reputation for world class training into new markets and territories, and we are determined to continue our spectacular growth of the last five years.
“I am delighted to have proved that saving lives and reducing injury/ill health is not mutually exclusive from delivering profits and value to stakeholders.
“I am very proud of all that we have accomplished, and this deal builds on the recognition Phoenix and I have received, including being recognised as one of the top 50 most ambitious business leaders in the UK.”
Phoenix offers a range of accredited industry standard training courses to blue chip clients and health, safety and environmental (HSE ) professionals around the globe.
The sale sees an exit for current minority shareholder, Future Planet Capital.
It also includes contingent considerations based on Phoenix’s performance over the next three years, to be financed from the Wilmington plc’s existing cash resources. Wilmington plc expects the acquisition to be earnings accretive in the first full year of ownership.
Mark Milner, Chief Executive Officer at Wilmington plc, said: ”This acquisition strengthens our offering to customers in the health, safety and environmental markets and will be earnings enhancing from day one.
“Phoenix Health & Safety is an excellent addition to our group, with a strong fit with our core strategic focus on Governance, Risk and Compliance, a differentiated competitive position which is built on superior outcomes for customers, a strong management team, and an attractive financial profile.
“Phoenix Health & Safety has excellent capabilities in digital learning and we are excited by the opportunity to partner with Nick and his team to support the next phase of the company’s growth.”
