M&A Deal Summary

CIP Capital and Fifth Street Capital Acquire OnCourse Learning

On March 4, 2014, private equity firm CIP Capital and lender Fifth Street Capital acquired education company OnCourse Learning from Riverside

Acquisition Highlights
  • This is CIP Capital’s 1st and Fifth Street Capital’s 4th transaction in the Education sector.
  • This is CIP Capital’s 4th and Fifth Street Capital’s 69th transaction in the United States.
  • This is CIP Capital’s 1st and Fifth Street Capital’s 3rd transaction in Wisconsin.
Investment Fate
  • OnCourse Learning was sold to a publicly-traded strategic buyer in 2018.
  • 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 2014-03-04
Target OnCourse Learning
Sector Education
Buyer(s) CIP Capital
Fifth Street Capital
Sellers(s) Riverside
Deal Type Secondary Buyout

Target

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.

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Buyer(S) 2

Buyer

CIP Capital

New York, New York, United States

Investor Investor Investor Investor Investor


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 4 of 18
Sector: Education M&A 1 of 3
Type: Secondary Buyout M&A Deals 2 of 6
State: Wisconsin M&A 1 of 1
Country: United States M&A 4 of 18
Year: 2014 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-29 I Drive Safely

Carlsbad, California, United States

I Drive Safely is a provider of online driver training solutions serving teenagers, adults, senior citizens, and corporations.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-20 I Drive Safely

Carlsbad, California, United States

I Drive Safely is a provider of online driver training solutions serving teenagers, adults, senior citizens, and corporations.

Sell -
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 70 of 70
Sector: Education M&A 4 of 4
Type: Secondary Buyout M&A Deals 20 of 20
State: Wisconsin M&A 3 of 3
Country: United States M&A 69 of 69
Year: 2014 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-24 Ikaria

Clinton, New Jersey, United States

Ikaria is a critical care therapeutics company. Ikaria is based in Clinton, New Jersey.

Buy $1.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-05 GSE Environmental

Houston, Texas, United States

GSE Environmental is a designer and manufacturer of geosynthetic lining solutions used in the containment and management of solids, liquids, and gasses for organizations engaged in waste management, mining, liquid containment, aquaculture, agriculture, and other industrial activities.

Sell -

Seller(S) 1

SELLER

Riverside

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Riverside Company is a global private equity firm that seeks investments in profitable lower middle-market companies valued under $400 million. Riverside looks to invest in growth businesses headquartered in North America, Europe, and Asia (primarily Japan and South Korea), that have been in operation for at least five years. Riverside targets investments in a wide array of industries including distribution, automotive, healthcare, education, manufacturing, software, consumer services, plastics, publishing, food, communications, marine, and business services. Riverside was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 84 of 207
Sector: Education M&A 4 of 13
Type: Secondary Buyout M&A Deals 36 of 83
State: Wisconsin M&A 7 of 10
Country: United States M&A 61 of 146
Year: 2014 M&A 3 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-03 FAIRPAY Solutions

Addison, Texas, United States

FAIRPAY Solutions is a Provider of workers compensation specialty medical bill review and auditing services, working with more than 1,000 payers to help them realize significant savings using proprietary data, processes, software and algorithms.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-31 Harvey Performance Co.

Rowley, Massachusetts, United States

Harvey Performance Co. is dedicated to providing products, services, and solutions that increase productivity for customers in the manufacturing and metalworking industries, including the aerospace and defense, medical, automotive, industrial motors, and telecommunications sectors. The company consists of two complementary brands: Harvey Tool – a broad, one-stop offering for hard-to-find micro-cutting tools – and Helical Solutions – a manufacturer of high-performance custom and standard end mills. The company is recognized as a market leader because of unsurpassed technical expertise and engineering know-how. Harvey Performance Co. was formed in 1985 and is based in Rowley, Massachusetts.

Buy -