CVC Capital Partners (“CVC”) announced today that funds advised by CVC have completed the sale of Education International Corporation (“EIC” or the “Company”) to a consortium led by NLD Investment LLP (“NLD”), a leading Chinese private equity fund, in partnership with the management and the founder of EIC. Financial details of the transaction were not disclosed.

EIC is China’s largest overseas educational counselling service provider, with a 13% national market share. The Company is also a leading integrated overseas education advisory services provider in China, offering market leading complementary test preparation services as part of the integrated overseas education advisory services to students. Since its inception in 2000 EIC has placed over 120,000 students to overseas education institutions. In 2014, EIC helped over 18,500 students enrol at an overseas education institution, of which approximately 45% enrolled at one of the top 50 globally ranked universities.

Since the initial investment in December 2013 from Asia Fund III, CVC has been working alongside EIC’s founders to take the Company to the next stage of its development, including strengthening the management team with key senior hires, including the appointment of Isa Wong, a 20 year education industry veteran from Pearson, as CEO in 2014. In the same year, CVC also led the strategic acquisition of New Pathway, a US-focused test preparation and college counselling company with a strong online technology platform. This enhanced EIC’s US market position and gained the company an immediate presence in the online and mobile space.

Hans Wang, Partner at CVC in Hong Kong, said: “We have been deeply impressed by EIC’s world class management team and their success in expanding the business into new premium market segments, significantly upgrading products and service offerings, and generating outstanding business growth over the last few years. EIC is now well positioned to capture future opportunities in the rapidly expanding overseas education industry.”

Isa Wong, CEO of EIC, said, “I am grateful for the outstanding level of support that I received from CVC, which together with the hard work and commitment of our employees, has enabled EIC’s continued growth. We are delighted to be partnering with NLD to further our success as the most trusted partner for international education for Chinese students.”

Joe Li, founder of EIC, said, “CVC has been a great partner to the EIC business over the past few years, bringing their industry knowledge, market expertise and resources, which have been crucial in creating value and enabling EIC to become a world-class educational service provider.”

Jerry Liu, the Managing Director of NLD said, “Chinese students are increasingly looking for high-quality international education experience both domestically and abroad. We are excited about the opportunity to work with EIC’s excellent management team to further enhance its leadership position as the partner of choice for international education."