Graphite Capital has backed the management buyout of after-school tuition provider Explore Learning for a rumoured £30m (€38m).

Explore Learning provides maths and English tuition for children aged five to 14 and since opening its first centre in 2001 has expanded to 62 UK locations, with over 16,000 children currently enrolled.

The acquisition sees Graphite expand its presence in the education sector following the purchases of Teaching Personnel in 2010 and Protocol Education in 2011.

The tuition market is increasingly lucrative, with an estimated 23 per cent of UK children having received help at some stage and the global market expected to double to $100bn by 2017.

Explore Learning chief executive Bill Mills said he intends to expand the business into a global company.