The deal, announced by Tamwood’s CEO on LinkedIn, confirmed months of speculation that the company would be selling to ILAC, which is the country’s biggest private education group.
Tamsin Plaxton wrote in the post that it was about finding “the perfect buyer” for Tamwood, having founded it in 1992.
“[We needed a buyer] who not only shares my unwavering vision for Tamwood but is also committed to preserving its innovative approach, high-quality programs, and exceptional customer service.
“That buyer is none other than ILAC, under the dedicated and professional guidance of its main shareholder, ONCAP,” Plaxton wrote.
CEO of ILAC, John DeFranco, said the agreement “brings together two of the best brands in our industry”.
“We will continue to build upon the strong Tamwood brand as we look for opportunities to accelerate growth utilising our combined sales, marketing and operational resources,” he said.
Plaxton also shared that she would be becoming an investor in ILAC under the sale.
Tamwood has been running for 30 years under a signature work-and-study model, with schools in marketing, technology and business across campuses Toronto and Vancouver, alongside offerings in English programs and junior camps, which were also offered in Montreal and select cities across the US.
It also has a hospitality school based in Whistler, a high-end ski resort in northern British Columbia that regularly plays host to celebrities, which opened in 2018.
In 2017, it launched a “start-up school” aimed at international entrepreneurship education.
No official information on the sale has been released by ILAC as of September 4, including how much Tamwood was sold for and what will happen to the college in terms of staffing and facilities.
In his own post on LinkedIn, co-founder and president of Tamwood Matt Collingwood said a “new chapter in the history of Tamwood” is being written through the sale.
“I couldn’t be prouder of the process, the decisions and above all, the people who have accompanied me on this journey, and with whom we hope to create a new and magnificent story, transforming the lives of thousands of students through education,” Collingwood wrote.
“Letting go of Tamwood is the right thing for the company”
“It’s all about the people. We are more than ready!” he added.
Plaxton said in the post that she started Tamwood because she “experienced first hand” how international education can change people’s lives.
“I am very proud to have worked with so many incredible people to realise our dream of helping people develop their talents, achieve their goals and realise their potential.
“Letting go of Tamwood is the right thing for the company and for me but it’s also bitter sweet as in my soul I have been Tamwood for 30 years. It’s been a great ride! Time for the next chapter,” she added.
As of September 4, Tamwood still maintains all its offerings on its website.