Wall Street Institute, a provider of English language instruction, has sold its Chinese subsidiary, Wall Street English, to Pearson, the international education and information company,
Wall Street Institute, a provider of English language instruction, has sold its Chinese subsidiary, Wall Street English, to Pearson, the international education and information company, for USD145m in cash.
Wall Street Institute is majority-owned by global private equity firm The Carlyle Group.
Timothy F. Daniels, chief executive officer of WSI, says: ‘Demand for English language instruction around the world is on the rise and in China it is tremendous. To date we’ve barely scratched the surface of the opportunity this massive country presents. We are pleased that Pearson has agreed to purchase Wall Street English and take the business to the next level of success. We are excited about continuing to grow WSI globally in markets outside China.’
Wall Street English is a provider of premium English language training to adults. Launched in 2000, it teaches approximately 35,000 students at 39 company-owned training centres in seven cities including Beijing, Shanghai, Guangzhou and Shenzhen. It provides English language instruction and practice to university students and professionals – paid for either by the individual or their employer – through a blend of computer-based learning and face-to-face tutorials. Between 2006 and 2008 it achieved compound annual revenue growth of more than 40 per cent, and expects to generate approximately USD70m in sales this year.
Brooke Coburn, Carlyle managing director and head of Carlyle Growth Partners, the US growth fund that invested in Wall Street Institute, says: ‘Wall Street Institute is a great example of the important role that growth equity can play in the global expansion of a company. Since our investment in WSI in 2004, the company has grown revenue three-fold. Over the same period, the business has expanded dramatically in China, opening more than 25 new facilities in seven Chinese cities. Tim Daniels and his management team have done a great job implementing WSI’s global growth strategy.’
Wall Street Institute has provided instruction to more than two million students in more than 400 centres in 28 countries in Africa, Asia, Europe, Latin America and the Middle East.
Founded in 1972, Wall Street Institute’s international offices are in Baltimore, Maryland in the US and Barcelona, Spain.
