Realise

THE OPPORTUNITY

Realise is a long‑standing UK provider of apprenticeships and adult education, delivering programmes across Early Years, Health & Social Care, Transport and Business Services. Headquartered in Sheffield, the business trained over 7,000 learners and employed around 400 people prior to Enact’s investment, when it operated as Interserve Learning & Employment within the Interserve Group.

THE IMPACT

Following the MBO, the business was relaunched under a new brand identity as Realise, designed to create a modern, people‑focused proposition centred on communication, transparency and learner engagement.

Enact then supported a programme of significant operational and strategic transformation:

• Strengthened Leadership – including the introduction of a Chief People Officer, supporting organisational culture development, talent strategy and scaling.
• Strategic Acquisitions – Realise executed three major bolt‑on acquisitions under Enact’s ownership of FW Solutions, Training Plus and Smart Gas Training and Assessment Centre, rebranded as Smart Energy. These acquisitions expanded Realise’s capabilities across apprenticeships and vocational skills, broadening sector coverage and delivery infrastructure.
• Operational and Financial Transformation – Under Enact’s ownership from 2020–2025, Realise delivered substantial performance improvement:
  • Learner volume increased from 7,000 to over 18,000 annually.
  • Staff numbers grew beyond 500 employees, supporting nationwide delivery capacity.
  • The business achieved 22% compound annual growth and moved from a loss‑making position in 2020 to £4 million EBITDA in FY24, with further growth forecast at exit.
  • The business achieved award recognition and a strong Ofsted performance.

These actions repositioned Realise as one of the UK’s leading training providers by 2025. Childcare sector with two acquisitions.

THE EXIT

In October 2025, Enact completed the successful sale of Realise to AQA, the UK’s leading exam board and an independent, not‑for‑profit education charity. AQA acquired Realise following its substantial growth trajectory and operational transformation during Enact’s ownership.

Realise now operates as an independent subsidiary of AQA, aligning the organisation’s vocational and technical training strengths with AQA’s academic assessment expertise. The acquisition reinforces both organisations’ capabilities in improving skills pathways for young people and adults, while providing long‑term strategic stability for Realise’s continued growth.

The exit marked one of the most successful realisations within the Enact portfolio, reflecting the scale of operational improvement achieved during the five‑year investment period.