February 2016 - Growing Irish firm buys out partners in Australia, New Zealand, South Africa and Malaysia IRISH company Prim-Ed Publishing, which has over 20 years’ experience in providing tailored resources to the Irish and UK education sector, is going global with a €15 million investment which will see it buy out its global partner RIC Publications Pty Ltd. This significant investment by the company is being supported by MML Growth Capital Partners Ireland and AIB Corporate Banking.
The RIC Publications Group operates in Australia, New Zealand, South Africa and Malaysia. The investment will see Prim-Ed Publishing double the workforce at its Irish headquarters in Wexford over the next 5 years. The company currently employs 46 people from its New Ross hub, with staff based in Ireland, the UK and Spain.
Further jobs will also be created in the UK where Prim-Ed Publishing has doubled its sales over the past two years, with its curriculum-focused resources, workbooks, eBooks and teacher aids, CEO Seamus McGuinness confirmed.
Recruitment has already begun for staff in the company’s marketing, sales and finance departments. Synchronising its activities at a global level will be key to the success of this venture. Senior management staff from the Irish operation are already in the Australian company’s office in Western Australia, working with teams there.
All global marketing and financial activity will be centralised in New Ross, Co. Wexford, which will remain the company’s global headquarters and centre of best practice, Mr McGuinness explained. Prim-Ed Publishing has been working closely with RIC Publications since the mid 2000s. The global take-over will now see Prim-Ed Publishing extend its operation across five continents, with sales and licensing agreements in 22 countries.
“This is a landmark move for what, is now, a truly international publishing company, which started out in the front room of my own home 22 years ago. We have built up an incredible team at Prim-Ed Publishing and we’ve been very proud and fortunate to work with amazing teachers in Ireland, the UK and elsewhere to tailor our resources to the specific needs of very diverse classrooms, environments and curricula right across the globe.
The negotiations with RIC Publications have been ongoing since March 2015 and we are extremely thankful to our financing partners MML and AIB, our advisors at PWC Corporate Finance and our legal team at Eugene F. Collins for their support during these discussions. Negotiating a deal across 5 continents involving different time zones, currencies and legal systems, was a complex task.The skills available to us at these significant Irish companies enabled us to get it over the line,” Mr McGuinness said.
Prim-Ed Publishing is just at the start of its global journey. Its investment partner, MML Growth Capital Partners Ireland, a €125 million fund supported by Enterprise Ireland, AIB, and international investors, is fully supportive of the drive and expansion ideals of the business.
Neil McGowan who led the deal for MML and will join the board said "Prim-Ed/RIC has a very strong track record of helping educators around the world with its existing and growing library of tailored resources, workbooks and teacher aids. We are delighted to be backing Seamus McGuinness and his team in this deal and look forward to helping in the next phase of the group's growth".