Transatlantic Search for a $1m+ EBITDA Business
Open on YouTube ↗Alex Glasner, a British HBS alumnus with a background in finance and investment banking, conducted a self-funded search from the United States (while waiting for a US green card) targeting UK workforce training businesses. He acquired WorkPace, an employability and skills training firm based in Chesterfield, UK, in September 2021 — approximately nine months after sending his first outreach email. WorkPace operates three divisions (skills, employability, and apprenticeships), derives nearly all revenue from UK government contracts, and employs 122+ people. The business is distinguished by exceptionally high performance metrics — 89%+ apprenticeship completion rates vs. a 64% national average — which has fueled organic growth and contract expansions. Alex's thesis included a buy-and-build roll-up strategy, but once inside the business he found integration more complex than anticipated due to culture, geography, and the demands of managing rapid organic growth. Co-founder Anne rolled over equity and continues as co-MD alongside Alex. Alex's search was notable for its transatlantic execution — working UK hours from Austin and LA, going to extraordinary lengths including congressional intervention to obtain travel authorization — and for the speed and decisiveness he credits as key to closing the deal.
Deal facts
- sde ebitda
- EBITDA $1m+ (implied by episode title and EBITDA threshold references of ~$750k-$1m+)
- financing structure
- self-funded search; some American and British investors (letters of support mentioned); structure not detailed
- notes
- Business is WorkPace (also referenced as 'workplace'), a workforce training/employability firm in Chesterfield, UK. Acquired September 2021. Prior owner Anne rolled over equity; Alex and Anne are co-MDs post-acquisition. Team grew from 80 to 122 people, targeting 150. Won restart contract worth ~£12m. Company has multiple government contracts including European Social Fund.
Why this business
Alex was drawn to the employability and skills training industry because of his strong belief in the power of education to propel people forward, shaped by his own privileged education and early teaching experience in council estates. He also saw a clear buy-and-build opportunity, as the fragmented UK workforce training sector was ripe for consolidation. WorkPace specifically stood out for its high performance metrics (89%+ course completion vs. 64% national average), its strong KPI-driven culture, and its founder Helen's reputation in the industry.
What's working
- High contract performance rates — WorkPace achieves 89%+ apprenticeship completion vs. 64% national average, enabling them to win additional government contract allocations
- Nimble, entrepreneurial management team able to step into contracts when other providers fail to deliver
- KPI-driven culture combined with a tight family-feel ethos keeps staff accountable and retained
- Long-duration government contracts (4 years with potential renewals up to 8-9 years) provide strong revenue visibility
- Organic growth from outperforming contracts — team grew from 80 to 122 people within two years of Helen's tenure
- Self-funded search gave Alex geographic and structural flexibility, letting him target UK companies while based in the US
- Quick, decisive process from first outreach to close in approximately 9 months, aided by 6 weeks of upfront search infrastructure preparation
What's hard
- Managing growth pains — rapid organic expansion from 80 to 122+ staff has already revealed integration and culture challenges
- Acquisition roll-up strategy is harder and slower than anticipated once inside the business; personality and culture fit across geographies is a real constraint
- Heavy government concentration in revenue, though Alex views the multiple contract lines (skills, employability, apprenticeships) and stable UK policy environment as mitigating factors
- Conducted the search from the US while looking only in the UK, working UK hours from US time zones, and navigating green card/visa constraints that prevented travel
- Had to involve a US congressman to obtain emergency advance parole just to fly to the UK to meet sellers in person
- Opportunity to commercialize IP and diversify away from government revenue is still nascent
Notable quotes
My father has three children — he's got me and my sister and he's also got his business, and there's definitely one of his children that he loved more than the other two.
Perfect is the enemy of the good. No company — and let me tell you I will wax lyrical about how WorkPace is the best company in the entire world, and I really do believe that — but of course it's not perfect.
Being slow is the worst thing that you can do for sellers. So the second I signed the IOI with WorkPace I sent them a calendar — this is what's going to happen over the next few weeks — and we kept to that.
I know the power of education to propel people forward, and that's what really excites me about this.
You get in the business and you suddenly think, hold on, this is going to be an issue — you realize that actually our business is made up of 122 people trying to do a job. They're not going to get on with someone at the other side of the country potentially.