M&A Deal Summary

Bertelsmann Acquires OnCourse Learning

On September 17, 2018, Bertelsmann acquired education company OnCourse Learning from CIP Capital and Fifth Street Capital

Acquisition Highlights
  • This is Bertelsmann’s 2nd transaction in the Education sector.
  • This is Bertelsmann’s 5th transaction in the United States.
  • This is Bertelsmann’s 1st transaction in Wisconsin.
Investment Fate
  • OnCourse Learning was divested to a consortium of strategic buyers in 2019 for 121M USD.
  • OnCourse Learning was divested to a consortium of strategic buyers in 2022.

M&A Deal Summary

Date 2018-09-17
Target OnCourse Learning
Sector Education
Buyer(s) Bertelsmann
Sellers(s) CIP Capital
Fifth Street Capital
Deal Type Add-on Acquisition

Target

OnCourse Learning

Brookfield, Wisconsin, United States
website
OnCourse Learning is a provider of professional education to financial institutions providing banking and credit union governance, risk, and compliance (GRC) training. OnCourse Learning was founded in 2007 and is headquartered in Brookfield, Wisconsin.

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Buyer(S) 1

Buyer

Bertelsmann

Gutersloh, Germany

website


Category Company
Founded 1835
Sector Media
Employees132,842
Revenue 17.1B EUR (2015)
DESCRIPTION

Bertelsmann is a German multinational mass media corporation. Bertelsmann was founded in 1835 and is based in Gutersloh, Germany.


DEAL STATS #
Overall 8 of 12
Sector (Education) 2 of 3
Type (Add-on Acquisition) 5 of 6
State (Wisconsin) 1 of 1
Country (United States) 5 of 5
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-11 Penguin Random House

New York, New York, United States

Penguin Random House is comprised of around 250 individual publishers on five continents, which publish more than 15,000 new books each year. The group’s renowned authors include John Grisham, Dan Brown, Barack and Michelle Obama, as well as Paula Hawkins. Last year, 585 of the publishing group’s titles made it onto the “New York Times” bestseller lists. More than 70 authors signed with Penguin Random House publishers have won the Nobel Prize.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-15 OnCourse Learning

Brookfield, Wisconsin, United States

OnCourse Learning is a provider of professional education to financial institutions providing banking and credit union governance, risk, and compliance (GRC) training. OnCourse Learning was founded in 2007 and is headquartered in Brookfield, Wisconsin.

Sell $121M

Seller(S) 2

SELLER

CIP Capital

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2010
Size Middle-Market
Type Sector Focused
DESCRIPTION

CIP Capital is a private equity firm focused on control investments in middle-market, North American business information and outsourced service companies. Specific areas of interest include B2B information management, business process outsourcing, marketing services and knowledge services. CIP looks to invest $25 to $125 million in transactions valued up to $200 million. Funds are typically used to fund buyouts or growth initiatives. CIP Capital was formed in 2010 and is based in New York City.


DEAL STATS #
Overall 6 of 13
Sector (Education) 2 of 3
Type (Add-on Acquisition) 1 of 4
State (Wisconsin) 1 of 1
Country (United States) 6 of 13
Year (2018) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-06 New Mountain Learning

Saint Paul, Minnesota, United States

New Mountain Learning LLC is a provider of blended learning solutions to K-12 and higher education institutions across North America. With a 60+ year history, New Mountain's EMC brand develops and distributes its market-leading digital literacy platform, Passport, directly to its K-12 school district customers.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-16 Adstra

Princeton, New Jersey, United States

Adstra is a provider of a comprehensive suite of data and identity solutions for a wide array of use cases to a diverse base of blue-chip clients. Adstra’s solutions give safe, compliant, portable and cost-efficient access to any form of marketing data, combined with any form of identity and any form of applied analytics to enable consistent messaging to individuals across multi-channel marketing campaigns. Adstra was founded in 1978 and is headquartered in Princeton, New Jersey with offices across the United States.

Buy -
SELLER
DESCRIPTION

Fifth Street Capital is a public investment firm focused on providing mezzanine financing to support expansions, acquisitions, recapitalizations, and management buyouts of middle-market US based companies. Fifth Street looks to invest between $5 and $50 million per transaction. Sectors of interest include consumer products, healthcare services, manufacturing, medical device manufacturing, food services, business services, restaurants, speciality retail, logistics, and value added distribution. Fifth Street Capital is based in White Plains, New York.


DEAL STATS #
Overall 51 of 59
Sector (Education) 3 of 3
Type (Add-on Acquisition) 23 of 27
State (Wisconsin) 2 of 2
Country (United States) 50 of 58
Year (2018) 6 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-15 Center For Discovery

Los Alamitos, California, United States

Center For Discovery is a behavioral health provider specializing in eating disorder treatment for adolescents and adults, in addition to mental health and addiction treatment for adolescents. Under Webster’s ownership, Center For Discovery has rapidly expanded its national footprint through both residential and outpatient facilities and is now one of the largest eating disorder treatment providers in the United States.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-30 InMotion Entertainment Group

Jacksonville, Florida, United States

InMotion Entertainment Group offers airport concessions premium retail brands including InMotion Entertainment, Soundbalance, and Headphone Hub. The stores feature premium electronics, including tablets, digital cameras, portable power, and noise-canceling headphones.

Sell -