March 19, 2012 / 8:26 AM / 7 years ago

UPDATE 1-Investcorp acquires U.K. education group

DUBAI, March 19 (Reuters) - Investcorp Corp, a Bahraini alternative investment manager, on Monday said it acquired U.K.-based education firm GL Education Group for an undisclosed amount.

Investcorp, which once floated luxury brands Gucci and Tiffany & Co, said it bought the company from Veronis Suhler Stevenson, a private equity and debt capital firm focused mainly on education, media and information sectors.

GL Education, earlier called Granada Learning Group, is a provider of tools and services to enhance educational capabilities among children. It runs two units, GL Assessment and GL Performance.

Investcorp is looking to spend more than $400 million on stakes in companies in Turkey and in the Gulf Arab states in the next two years through its $1 billion Gulf Opportunities Fund I which is 50 per cent invested so far in four deals, a senior executive told Reuters in November.

The company reported a 90 percent drop in half-year profits hit by declining hedge fund revenues.

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