Main Capital Partners has agreed to acquire Tribal Group in an all-cash deal valued at approximately £189.3 million. The acquisition values the education software company at about 10.8x its 2025 adjusted EBITDA of £17.5 million. Tribal's board rejected a rival approach from Silver Tree Equity Partners at 95 pence per share, citing funding certainty and regulatory risk concerns.

Shareholders holding about 44.2% of Tribal's stock have given irrevocable commitments to back the deal. The transaction will move Tribal's operating businesses from public to private ownership through Thames Bidco. Upon completion, Tribal's board intends to seek shareholder approval to delist from AIM and place the company into voluntary liquidation.

Founded in 1999, Tribal employs about 915 professionals and serves more than 660 institutions globally, including over 200 universities across the UK, Australia, New Zealand, Canada and Asia-Pacific. Its software supports the full student lifecycle. Main, a software-focused private equity investor with about €12 billion in assets under management, plans to accelerate Tribal's cloud transition and expand its product offering following completion.