Sentio Partners has advised the management team of Realise Training Group on its sale by Enact, the SME investor managed by Endless LLP, to AQA, a not-for-profit independent education charity and the UK’s leading exam board for GCSEs and A-levels.
The deal marks the next step in Realise’s impressive growth journey, following a five-year period of expansion that has seen the business become one of the UK’s largest training providers.
Since its management buyout from Interserve Group in October 2020, Realise — led by CEO Gregg Scott — has grown to support more than 18,000 learners across England each year, delivering 22% CAGR and moving from a loss-making position to £4m EBITDA in FY24, with further improvement forecast. Under Enact’s ownership, Realise also completed three strategic acquisitions: FW Solutions, Training Plus Merseyside, and Smart Gas Training and Assessment Centre (now Smart Energy).
AQA’s acquisition will see Realise operate as an independent subsidiary, providing long-term stability and a platform to raise standards in vocational and technical qualifications alongside GCSEs and A-levels – supporting learners, employers and social value nationwide.
Sentio represented the management team’s interests in the transaction, leading negotiations on a multi-year management incentivisation plan that mirrored the risk and reward dynamics of equity ownership within a structured earn-out arrangement. The process involved detailed discussions around the valuation impact and cost implications of potential future M&A activity, which could be transformative for the business. Sentio’s collaborative approach ensured a balanced outcome that aligned the long-term interests of management and AQA following completion of the deal.
John O’Gara, Director at Sentio Partners, said: “It’s been a pleasure supporting Gregg and the Realise leadership team on this transaction. Their growth journey under Enact’s ownership has been exceptional, and the sale to AQA represents a strong strategic fit that ensures long-term continuity and opportunity for both learners and employees. It’s a great example of management and investors working together to build a purpose-driven, sustainable business.”
The transaction marks another milestone in Sentio’s track record of supporting management teams through complex, high-growth transactions – combining strategic insight with hands-on deal execution.
Advisers on the deal included Deloitte (Corporate Finance), Womble Bond Dickinson (legal), KPMG and Tax Advisory Partnership (tax), Grant Thornton (Due Diligence), and Sentio Partners (Management advice).
