One of the largest sponsors of international students at British universities has landed tens of millions of pounds of new funding from two major investment firms.
Sky News has learnt that Study Group, which was acquired by the French private equity group Ardian in 2019, has sealed a deal which will see it become majority-owned by Intermediate Capital Group (ICG) and Bain Capital.
City sources said the two firms were injecting a substantial sum into the company, with Ardian remaining involved as a minority shareholder.
The recapitalisation of Study Group comes after a challenging period for the company, amid growing scrutiny over the number of foreign students who go on to claim asylum.
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It emerged last year that more than 800 students for which it had secured visas in the UK had later claimed asylum.
Sources close to Study Group’s financial restructuring insisted, however, that its new majority-owners were “highly optimistic” about its prospects.
The company is said to have won a number of significant new contracts recently, although details of these were unclear.
Responding to an enquiry from Sky News, a spokesperson for ICG said: “Bain Capital and ICG will increase their existing stake in leading international education provider, Study Group, partnering with existing shareholder, Ardian, who will retain a stake in the business.
“This new investment underpins Bain Capital and ICG’s conviction in Study Group’s ambitious growth programme and outstanding management team.”
Ardian is said to have injected additional funding into the business on two separate occasions.
At the time of its acquisition of Study Group, it said it supported 30,000 students from more than 140 countries every year.
The company prepares international students for undergraduate courses at leading English-speaking universities by teaching them academic and language skills.
In 2023, it sold its Australian operations to Navitas, a multinational education group.
A spokesperson for Ardian has been contacted for comment.
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