In a significant move for the UK's education marketing sector, private equity investor LDC has completed the sale of its stake in Bristol-headquartered agency Hybrid to the US education company EAB.
A Partnership Driving Major Expansion
The exit concludes a highly successful four-year partnership that began with LDC's investment in June 2021. During this period, Hybrid embarked on an ambitious growth strategy, resulting in its revenue more than quadrupling and its workforce expanding dramatically. Headcount tripled from 63 to nearly 200 employees, now spread across six different countries.
Under LDC's stewardship, Hybrid aggressively expanded its international footprint. The firm opened its first US office in Philadelphia in 2022 and established key presences in Sydney, Shanghai, and Kuala Lumpur. This global push was further bolstered by two strategic acquisitions: Prompt Marketing in 2023 and Crisp Digital in 2024, the latter of which added an operational base in Kathmandu.
Strategic Growth and Leadership Insight
The transaction was led by Dewi Hughes, partner and head of South West and Wales at LDC, and Oliver Schofield, investment director. Reflecting on the journey, Hughes praised Hybrid's trajectory.
"The business has delivered exceptional organic growth, evolved strategically through acquisitions and technology, and achieved huge success through its expansion into the US and APAC markets," Hughes stated. "Hybrid’s success demonstrates the strength of its market-leading proposition and the quality of its management team."
Chris Cammann, chief executive of Hybrid, credited LDC's support as instrumental. "LDC has been an outstanding partner, providing not just capital but strategic support and expertise that has been instrumental in our growth journey," Cammann said. "Together, we’ve expanded our geographical footprint, enhanced our service offering through two strategic acquisitions, and invested significantly in our technology and people."
Positioning for the Future
Hybrid specialises in driving student enrolment for higher education institutions worldwide, with clients including the University of Bristol, the University of Glasgow, and Adelaide University. Its services span the UK, APAC, and US regions from its Bristol HQ.
LDC expressed confidence that the new partnership with EAB provides a robust platform for Hybrid's next phase of development. The deal involved a team of advisors, with JEGI CLARITY acting as lead advisor to LDC and Hybrid, supported by Womble Bond Dickinson, OC&C, BDO, and Hazlewoods. Management was advised by Momentum Corporate Finance and Osborne Clarke.
