We are pleased to have advised the shareholders of Aquila Learning on a minority investment from Northcote Equity.

Overview of the deal

The transaction provides Aquila with a long-term investment partner to support its next phase of growth, including international expansion and the broadening of its commercial reach. It also enables the existing shareholders and management team to retain a significant interest in the business.

Who are the firms involved?

Aquila Learning is a leading provider of innovative training management software for the aerospace, defence and safety-critical sectors. Founded in 2018 by former RAF commissioned officer Mark Radbourne, the business delivers mission-critical solutions to customers operating in highly regulated environments.

Northcote Equity is a founder-led private equity investor focused on partnering with ambitious management teams in B2B software and technology-enabled services businesses.

What we liked about this deal

Aquila is a high-quality, founder-led software business with a differentiated flagship platform. It serves some of the largest organisations in its market, including the Ministry of Defence.

The strength of Aquila’s market position and growth prospects attracted significant private equity interest, resulting in ten formal offers.

A particularly rewarding aspect of the transaction was helping Mark and the Aquila team assess not only the financial merits of each proposal, but also the strategic and cultural fit of the prospective investors. Throughout a highly competitive process, we supported management in negotiating value and deal structure, while providing detailed insight into the long-term implications of each offer.

We are pleased to have supported the shareholders throughout the process and helped them secure a partner that shares management’s long-term vision for the business.

“Our customers operate in some of the most demanding, safety-critical environments in the world, and everything we do is built around helping them manage and assure training with total confidence.