The owners of iHASCO, a UK-based health and safety e-training provider, have appointed advisors to sell the business, EducationInvestor Global can reveal.
This publication has learnt from several sources that iHASCO, which offers more than 1,000 compliance training courses and has over 10,000 clients, has picked Clearwater International to steer a sale of the company.
If successful, the sale of iHASCO, which is reportedly being marketed as making EBITDA of £3–4 million, would likely net at least £30 million – perhaps more than £40 million – for its shareholders.
One source indicated that iHASCO, which was founded in 2007, would likely trade for 10–12-times its annual earnings.
Clearwater International had not responded to a request for comment at the time of publication.
David Goddard and Bradley Worsfold are listed as directors on corporate filings, which show that iHASCO made profit of nearly £1.4 million in the year ended 31 March, 2019.
Sources suggested that the successful auctions of EduCare, a safeguarding training provider, to TES Global, and Safety Media, a health and safety e-training firm, to Access Group could have helped catalyse the sale of iHASCO.
“It’s a hot segment right now,” said one source, who anticipated an uptick in the number of transactions related to companies offering digital corporate training.
Another source suggested that private equity-backed software provider Access Group could be interested in acquiring iHASCO to complement its portfolio, which comprises more than 45 providers, many of which offer compliance, HR, and health and safety training.
However, one source said they were “not sure how excited the market is” about iHASCO coming into play, adding that some consider the company to be “a bit exposed” to small- and medium-sized clients.
Among client testimonies listed on its website are those by condiment producer The Bay Tree, mental health charity Mind, and Morson, an engineering recruitment firm.
iHASCO also partners with resellers and produces white papers.
According to its website, the firm’s 10-strong management team is spearheaded by Goddard and Worsfold, who are both managing directors.
Listed among iHASCO’s most popular courses are health and safety, HR compliance, business compliance, mandatory training, fire safety, mental health and wellbeing, and food safety.
Date published: 25 June 2020