Serial entrepreneur Ryan Trainor has sold his registered training organisation Franklyn Scholar to global education provider Kaplan for an undisclosed price, but the 37-year-old is keeping mum on his next business role.
Trainor says the tie-up between Franklyn and Kaplan Australia was underpinned by similar company philosophies and will help Kaplan capitalise on business demand for workforce training to help cope with Australia’s skills shortage.
While Trainor wouldn’t be drawn on the purchase price, he said Franklyn Scholar had exceeded its client targets and would provide 23,000 people with nationally accredited training this year.
Revenue is believed to be in excess of $20 million and the business currently has about 300 employees.
Directors Kate Spargo and ex-Federal Treasurer Ralph Willis will both depart post-acquisition.
According to Trainor, the registered training organisation sector is still a cottage industry in Australia, with numerous competitors but very few with a national presence in an industry where scale is an asset.
“There are very few providers that can deliver same standard of training nationwide,” Trainor says.
“A lot of large national companies need consistent products.”
Trainor says the combined company, which will be the largest private national education provider, will have plenty of opportunity in Australia rather than focus on overseas expansion.
“We have less than 5% of the market in Australia,” Trainor says.
“So in the short- to medium-term, Kaplan will remain and grow in Australia.”
The business will now be run by co-founders Damian Moloney, who will become chief executive, and Peter Laing, who will serve as chief financial officer and chief operating officer.
Trainor, who set up businesses in training, security and fitness before Franklyn Scholar, says he’s yet to identify the new ‘underdeveloped’ business sector in which he will next invest.
He will assist in the transition to Kaplan’s ownership until the end of the month before spending time with his family. He has three girls under four years of age.
As for his next project, Trainor insists he’s been so consumed with Franklyn Scholar he’s yet to pinpoint a new challenge.
“I been so busy with this deal I haven’t had time to think about it.”
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