TSL Education, which also publishes The Times Higher Education Supplement and Nursery World, has been bought by the private equity firm Exponent for some pound;235 million.

Exponent described The TES as a “fantastic franchise, the august publication of the education world” and said that it was committed to improving the products it offers to teachers, lecturers and other education staff.

Bernard Gray, who was previously chief executive of CMP Information and UAP, the UK Profess-ional Media Division of United Business Media plc, will replace James MacManus as chief executive of TSL Education.

CMPi publishes 50 magazines and newspapers and organises 40 exhibitions, 12 information data products and more than 30 awards ceremonies for a number of business and consumer sectors.

Stuart Wallis, who has held positions at Euramax Inter-national, Tetley Group and the LLP Group, owner of the shipping industry title Lloyd’s List, will become the new chairman.

Mr Gray, who attended Hitchin Grammar and is a former Financial Times journalist and Ministry of Defence special adviser, said: “It is a big responsibility for us to take on the publication of The TES, which has provided unrivalled information, advice and entertainment in schools and colleges for a century.

“Our task is to listen to our readers and work out how best to serve them for the next 100 years.”

He suggested that Exponent would look to develop both the online and print versions of The TES in order to maintain its standing among teachers and lecturers.

Exponent Private Equity was founded in August last year by four senior investment professionals who have been responsible for buying several businesses, including Travelex, Go-Fly and Thomson Directories.