An education company which provides vocational learning and development programmes has undergone a management buyout.
Hagley-based Lean Education and Development (LEAD) was established in 2008 and specialises in delivering accredited adult apprenticeships and lean practice qualifications across a broad range of sectors.
LEAD has developed a government-funded programme which supports clients with their continuous improvement programmes by training employees in 'live' activity and has trained more than 7,000 learners since inception.
The business was set up by chairman Gary Redmonds in 2008 as part of the Leaping Man Group of training companies and has grown significantly over the last eight years.
Mr Redmonds has decided to hand over responsibility to the management team in order to focus on his other business interests.
The management buyout has been led by finance director Luke Cartwright, managing director Maxine Jones and operations director Phil Walters who will continue to run the business.
Funding for the buyout was provided by Finance Birmingham's £56 million Mezzanine Fund and Royal Bank of Scotland's corporate transactions team in Birmingham.
Non-Executive support will be provided to the new management team by Finance Birmingham's investment director Graham Mold.
Other parties working on the deal were corporate finance advisory firm Orbis, law firms Higgs & Sons, George Green, Pinsent Masons and Freeths while financial due diligence was provided by Dains.
