Beringea portfolio company Espresso Group Ltd. is sold to U.S. based Discovery Communications Inc.
November 11th 2013
Espresso Education is the UK market leader in high quality, video-rich, digital curriculum content provision in the UK
(London, UK) Beringea, the growth capital investor that manages the Proven Venture Capital Trusts, announces that it has sold portfolio company Espresso Group Limited to Discovery Communications Inc. (Discovery).
Beringea originally invested in Espresso Group Limited in September 2001 and has supported the company’s growth with several rounds of investment. The financial terms of the transaction were not disclosed.
Established in 1997, Espresso Education is the UK market leader in high quality, video-rich, digital curriculum content provision in the UK, supplying almost 50% of UK primary schools with its services. The service is delivered in almost 11,500 schools. The company specializes in taking educational concepts and applying a “real world” context to support understanding through a combination of video and multimedia resources.
Beringea’s Managing Partner, and non-executive Director of Espresso, Stuart Veale commented: “In the time we have been invested in Espresso we have seen the business grow into a clear market leader serving nearly 50% of UK primary schools”.
Lewis Bronze, co-founder of Espresso Education commented: “We have received excellent support and encouragement from Beringea over the period of their investment in Espresso. We are now looking forward to working with Discovery Education on the next stage of growth for the company.”
Advisors to Espresso’s shareholders were Quayle Munro (Corporate Finance) and Bird & Bird (Legal). Dee Sian of Keystone Law provided legal advice to Beringea.