28 April 2009:  Quayle Munro, the AIM-listed merchant bank, is pleased to announce that it has advised Cengage Learning, a leading provider of print and digital information services for the educational and library reference markets, on the sale of International Correspondence Schools (“ICS”), one of the leading private distance learning providers in the UK, and Nederlands Talen Instituut (“NTI”), a Dutch distance learning provider.  ICS and NTI were agreed to be acquired by Cornelsen Publishing Group (“Cornelsen”) for an undisclosed amount.  The acquisition is expected to be completed during the second quarter of 2009, upon the satisfaction of certain closing conditions. Quayle Munro was appointed as sole adviser to Cengage Learning and led the negotiations, structuring and execution of the transactions.

The acquisition of NTI and ICS will allow Cornelsen to expand its portfolio of vocational and higher education training products and services beyond German speaking countries, helping to build a truly international education group. The acquired businesses will be managed from Stuttgart alongside AKAD, Cornelsen’s own distance learning brand.

Dr. Hubertus Schenkel, Managing Director of Cornelsen Holdings commented:
“This step into international adult distance learning reinforces our core skills in the market vocational further and higher education, a position which we hold today with our private Universities of Applied Sciences and the premium brand, AKAD. At the same time, this step allows us to position ourselves strongly in the international market for educational services.”

Stephen King, Director, Quayle Munro commented:
“We were delighted to work with Cengage Learning on this transaction. The two distance learning businesses, ICS and NTI, are an excellent strategic fit with Cornelsen, taking it for the first time into the broader European market.”


For further information:

Stephen King, Quayle Munro
Tel: +44 20 7907 4213

Andrew Wilde/Gemma Froggatt, Smithfield
Tel: +44 20 7360 4900


Notes to Editors:

Quayle Munro (www.quaylemunro.com)
Quayle Munro was founded in 1983 and was listed on the London Stock Exchange in 1993. It moved to AIM in 2003. In 2007 Quayle Munro acquired the corporate finance adviser, New Boathouse Capital and, in 2008, The van Tulleken Company, a leading M&A specialist in media and technology software. Quayle Munro has completed over 65 corporate finance transactions in the past three years with a total value in excess of £4 billion. Quayle Munro has also advised on, and managed investments in, over 50 public  finance transactions across PFI, PPP and further and higher education in that period.  Quayle Munro values long-term strategic relationships with its broad client base and has over 30 professionals operating from offices in London, Edinburgh and New York.

ICS
Founded more than 100 years ago, ICS is one of the leading distance learning organisations in the UK.  Its portfolio includes accredited degrees, high school and vocational programmes, hobby and leisure courses, and modules for continuing professional development.  Accredited courses are offered in association with a number of educational institutions and awarding bodies, including University of East London, Napier University, City & Guilds and Edexcel.

NTI
Distance learning is a key component of the Dutch education system, and the Netherlands has one of the highest usage rates in Europe. NTI’s portfolio includes leisure, professional, vocational and higher education programmes. Since 2000, the Company has offered bachelor and masters degrees from its own University of Applied Sciences and in association with other universities in the Netherlands.