CVC to acquire $200m stake in China education company – report

The exact stake CVC will hold is not known, but the deal will give CVC a substantial stake and a greater level of management control over EIC than Actis had, according to Reuters.

Actis bought a minority stake in the company for an undisclosed sum in 2011. The firm convinced the founder Joe Li to sell part of his interest in EIC, enabling CVC to have an increased stakes.

EIC Group specializes in student recruitment, introducing Chinese students to study abroad. Headquartered in Beijing, It owns over 20 offices nationally.

The European buyout firm has reportedly had a $2 billion first close on its fourth Asian fund which is targeting a final close of $3.5 billion. LPs which are known to have contributed to the fund so far include Pennsylvania Public School Employees' Retirement System (PSERS) and Teachers' Retirement Systems of Louisiana (TRSL) which were revealed to have committed $175 million.

Three months ago, it was said to be nearing an agreement to buy a majority stake in South Beauty Group, a Chinese restaurant chain, for around $300 million.

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• Topics
• Greater China
• Secondaries
• China
• CVC Capital Partners
• Education
• Secondaries