Case study

Phoenix is a leading provider of professional qualifications and courses required for regulatory compliance in the fields of health, safety, and environmental training. Its portfolio includes NEBOSH, IOSH, and IEMA certifications across diverse sectors.

Challenges

• Challenge #1: Assess Phoenix’s core markets across HS&E training and delivery modes (classroom, e-learning, virtual).
  
• Resolution: In the absence of market data, PMSI developed detailed market models and revenue analyses across Phoenix’s core qualifications and delivery formats. This demonstrated strong organic growth, particularly in NEBOSH and IOSH courses, and highlighted sustainable demand across UK and international markets.

• Challenge #2: Evaluate and prioritise expansion opportunities to assess the business plan.
  
• Resolution: PMSI conducted a comprehensive review of Phoenix’s growth plan, and identified upside opportunities in new qualifications, geographic expansion, and service diversification (e.g., consultancy, short courses). PMSI assessed forecast revenue growth, marketing spend and sales conversion metrics to validate assumptions and provide strategic recommendations.

• Challenge #3: Explore qualification diversification and international expansion while managing workforce scalability.
  
• Resolution: PMSI assessed the potential for Phoenix to expand into adjacent sector-specific qualifications and international markets. PMSI also evaluated the operational implications of scaling delivery capacity, including trainer recruitment and utilisation, to meet increased demand without compromising quality.

Outcomes

Smooth process: Five strong 2^nd round bidders, supported by the VCDD strengthening Phoenix’s equity story and driving investor interest.

Successful exit: Very limited top-up work requested, as the VCDD supported a well-informed transaction process and short exclusivity window. Phoenix successfully sold to Wilmington plc, delivering exceptional returns for shareholders.

Ongoing collaboration: Impressed by PMSI’s work, the acquirer praised the PMSI market model in being highly accurate, detailed and informative for their existing asset in the space, establishing a post-transaction dialogue with PMSI on future strategy of the combined entity.