COLUMBIA, Md., March 2, 2016 /PRNewswire/ -- Global performance improvement solutions provider GP Strategies Corporation (NYSE: GPX) announced that its wholly-owned subsidiary, GP Strategies Training Limited, has acquired the entire share capital of Jencal Training Limited (Jencal), and its subsidiary B2B Engage Limited (B2B), an independent provider of vocational skills training in the United Kingdom. The acquired business generated consolidated revenues of over $5 million for its last fiscal year ended July 31, 2015 and GP Strategies anticipates that the acquisition will be accretive to earnings per share in 2016.
B2B is a national independent learning provider with a particular focus on London and the South East of England, with offices in Greenwich and Berkshire. Established in 2006, B2B is a Grade 2 'Good' provider of training as determined by the Office for Standards in Education (Ofsted), the UK regulator of government funded training providers. B2B provides apprenticeships, traineeships and short learning programs for unemployed adult learners. B2B currently delivers apprenticeships to learners aged 16-23 in the following occupational areas: teaching assistant, physical education and sports coaching, business administration, IT support, childcare and customer service. B2B is contracted to provide training through the Skills Funding Agency (SFA), a government agency of the Department for Business, Innovation and Skills which funds and regulates adult further education and skills training in England.
Jencal operates as an SFA approved Apprenticeship Training Agency (ATA) that provides a mechanism for employing apprentices, a program developed to make it easier for businesses to take on an apprentice without employing them directly.
Scott Greenberg, Chief Executive Officer of GP Strategies, stated, "This acquisition further expands our capabilities in England, helping people and businesses to access the skills training they need to succeed. The acquisition increases GP Strategies' 2015-2016 maximum UK government funded contract values to $28 million per year and further strengthens GP Strategies' position as a major provider of Skills Training in the UK."
About GP Strategies
GP Strategies Corporation (NYSE: GPX) is a global performance improvement solutions provider of training, eLearning solutions, management consulting and engineering services. GP Strategies' solutions improve the effectiveness of organizations by delivering innovative and superior training, consulting and business improvement services, customized to meet the specific needs of its clients. Clients include Fortune 500 companies, manufacturing, process and energy industries, and other commercial and government customers.
We make statements in this press release that are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements reflect our current expectations concerning future events and results. We use words such as "expect," "intend," "believe," "may," "should," "could," "anticipates," and similar expressions to identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties, and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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SOURCE GP Strategies