Sixth-form college sales help to ease Apollo's losses
Higher education group and former FTSE 250 constituent BPP Holdings is selling off a bundle of sixth-form colleges for up to £50m.
The money raised will help offset some of the losses that parent group Apollo has suffered from its 2009 purchase of London-based BPP, which included a $219.9m (£136.8m) writedown in the second quarter last year.
It is understood that bids for Mander Portman Woodward are in the second round, and Deutsche is running the sale process. Although it is a small deal for the investment bank, it is organising the auction due to its relationship with Arizona-based Apollo.
Nasdaq-listed education investor Apollo and private-equity giant Carlyle Group bought London-based BPP for more than £300m in 2009.
However, it is understood that BPP considers MPW, with colleges in Birmingham, Cambridge and London, to be surplus, given its focus on legal and professional training.
BPP has owned MPW since 1987 but a source involved in the bidding said it had been "surplus to requirements for a long, long time".
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