Semir to acquire 70% of VC-backed HK education group

According to a regulatory filing, the Shenzhen-listed casual clothing manufacturer is acquiring a 70% interest in Fastrackids China for RMB1.02 billion ($165 million). The VC investors own 70% of Everlearn Holdings, Fastrackids' parent company. 

Hong Kong-based Everlearn has operated in Shanghai under two brands - Fastrackids and Fastrack English - since 2004. By the end of last year, Fastrackids China reported RMB58.7 million in revenue, while net profit was RMB4.23 million.

AVCJ Research's records show DT Capital and the CID Group invested in Fastrackids China in 2008. One year later, the education firm raised $8 million led by iD TechVentures. Existing investors DT Capital and The CID Group also participated. 

Founded in 1996, Wenzhou-based Zhejiang Semir manufactures and sells fashion wear for young people. In 2002, it launched kids' clothing brand Balabala and now has 3,500 stores across China. The company expects to restructure Fastrackids China develop it as a leading children education brand.

"We will continue to invest in children education, animation and gaming industries through M&A," Semir said in the filing. "This strategy allows our company to provide one-stop children services, operating in multi-businesses."

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• Topics
• Greater China
• Exits
• Consumer
• China
• DT Capital Partners
• Trade sale
• Consumer
• Education
• The CID Group