Palamon Capital Partners has agreed to sell its majority stake in Cambridge Education Group, a U.K.-based education company, to Bridgepoint. The sale will generate a 14.6x return on investment for Palamon, with a capital gain of £141 million ($230.9 million) and an IRR of 58%. CEG provides pre-university education to students from over 95 countries via its global recruiting network.
Palamon refinanced the company in April 2012 and recouped 1.5x of the equity of its original investment. Its agreement with Bridgepoint will mark the sixth exit from Palamon's €670 million ($910.5 million) 2006 fund, which has generated a 3.6x return and 28% IRR on fully realized investments to date.