CVC Capital Partners has completed the sale of Chinese overseas educational counseling service provider Education International Corporation to a consortium led by little-known NLD Investment LLP, a Chinese private equity fund, says a company announcement.
The deal was done in partnership with the management and the founder of EIC. Financial details were not disclosed.
There is no public information available for NLD Investment LLP.
EIC takes 13% national market share of China's overseas educational counseling service sector.
The company also offer complementary test preparation services as part of the integrated overseas education advisory services to students.
CVC initially invested in EIC in December 2013 from its Asia Fund III. CVC has helped strengthen the management team with key senior hires, and led the strategic acquisition of New Pathway, a U.S.-focused test preparation and college counseling company.
Hans Wang, partner at CVC in Hong Kong, said in a statement that EIC is positioned to capture future opportunities in the rapidly expanding overseas education industry in China.
Since its inception in 2000, EIC has placed over 120,000 students to overseas education institutions.
In 2014, EIC helped over 18,500 students enroll at an overseas education institution, of which approximately 45% enrolled at one of the top 50 globally ranked universities.