27 November 2017
Baring Private Equity Asia and CITIC Capital Agree to Acquire Wall Street English from Pearson
(Hong Kong, 27 November 2017) Baring Private Equity Asia (“BPEA”) and CITIC Capital Holdings Limited (“CITIC Capital”) today announced their affiliated private equity funds have agreed to carve out Wall Street English (“WSE”), the world’s leading provider of English language training to adults, from Pearson Plc (“Pearson”). The transaction is subject to regulatory approval.
WSE is recognized as a leading blended learning platform that provides a differentiated learning experience to its students. WSE’s success is underpinned by a strong brand, and a track record of growth and innovation over its 45-year history. In 2016 the business served 180,000 learners through 70 corporate owned centers in China, 9 corporate owned centers in Italy and 321 franchised centers across 27 territories. It has over 3 million graduates to date.
Yan JIAO, Managing Director of BPEA, commented: “Wall Street English has a great brand in the adult English learning training space, and has proven its capabilities in the fast-growing China market where it holds a leading position. We believe WSE has great potential to grow as an independent company and are pleased to have a high quality leadership team in place. We look forward to partnering with CITIC Capital and drawing upon our previous experience in the private education sector to take the business forward in both China and the rest of the world.”
Dejun LUO, Managing Director of CITIC Capital, commented: “Wall Street English has built a solid foundation in China over its 17 years of operation. Its best-of-class teaching methodology, software and industry know-how are matched by no other in helping students improve their English language capability and achieve their development goals. We are eager to harness the energy and enthusiasm of WSE’s staff and instructors to bring this unique study experience to consumers in more cities across China and other parts of the world. We are here to unleash the immense energy and limitless potential of WSE with our unrivalled resources and network.”
About Baring Private Equity Asia
Baring Private Equity Asia (BPEA) is one of the largest and most established private alternative investment firms in Asia, with total committed capital of over USD11 billion. The firm runs a pan-Asian investment program, sponsoring buyouts and providing growth capital to companies for expansion or acquisitions, as well as a private credit and a pan-Asian real estate private equity investment program. The firm has been investing in Asia since its formation in 1997 and has over 140 employees located across offices in Hong Kong, China, India, Indonesia, Japan and Singapore. BPEA currently has over 40 portfolio companies active across Asia with a total of 178,000 employees and sales of approximately USD35 billion in 2016. For more information, please visit www.bpeasia.com
About CITIC Capital
Founded in 2002, CITIC Capital Holdings Limited is an alternative investment management and advisory company. The firm manages over USD22 billion of capital across 100 funds and investment products. The firm manages investments through its multiple asset class platform covering private equity, real estate, structured investment & finance, and asset management. CITIC Capital has over 130 portfolio companies that span 11 sectors and employ over 820,000 people around the world. CITIC Capital’s private equity arm, CITIC Capital Partners, focused on control buyout opportunities globally, has completed over 50 investments in the past years in China, Japan, U.S. and Europe. The private equity arm currently manages USD4.7 billion of committed capital. For more information, please visit www.citiccapital.com
For media inquiries, please contact:
Baring Private Equity Asia
+852 3758 2686
+852 6756 1127
CITIC Capital Holdings Limited
+852 3710 6813