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Riverside Goes Back To School For Latest Deal July 12, 2010

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OnCourse Learning Platform Adds Career Training Provider ProSchools

Deal Type:  
10th Riverside Acquisition of 2010
233rd Acquisition Overall

Key Stats:
Add-on Acquisition to OnCourse Learning: ProSchools 

Fund:
Riverside Micro-Cap Fund I

ProSchools
Based in Portland, Oregon

  • Founded in 1950 as a real estate training school.
  • Uses proprietary content to provide career training services in real estate, mortgage lending, insurance, securities, and construction contracting.
  • Courses focus on earning or maintaining accreditation or licensing in select fields.
  • Company has trained more than 150,000 people in its history.
  • Will allow OnCourse Learning to expand its real estate and financial services offerings.


Of Note:
ProSchools has a proven track record of growing both its reach and its exceptional range of classes. The company offers almost 800 separate courses and over 21,000 practice exam and quiz questions. Primarily an online training company, ProSchools is the leading provider of training for real estate and insurance professionals in the northwest United States and has also quickly become a leader in the national mortgage training market. 

ProSchools will be a good fit with the strategic vision of OnCourse Learning, helping it to expand its offerings in the real estate and financial services career training segments. OnCourse Learning is a professional training company specializing in a variety of careers, including home inspection, IT certification, and mortgage education.

ProSchools is the 22nd education and training acquisition for Riverside. The firm recently added Senior Advisor Bob Bowen to continue to expand this specialization. Riverside is a committed generalist investor, but has developed specializations in healthcare, education and training, and energy/cleantech.

Quotes:
Loren Schlachet, Riverside Managing Partner
“ProSchools presents an outstanding opportunity to deepen OnCourse Learning’s existing strengths while adding a stable of new courses. ProSchools offers great course content and allows OnCourse to expand geographically.”

Jeff Wiles, ProSchools President
“We are very excited about the opportunity to team up with OnCourse and Riverside – their expertise and capital will help ProSchools continue to expand and add new services and courses to benefit our customers nationwide.”

Mark Newcomer, OnCourse Learning CEO
“ProSchools deepens OnCourse Learning’s offering in real-estate and financial services, two areas that are likely to require more training as state and federal regulations are introduced and altered. We’re excited about the quality of ProSchools’ offerings and the growth opportunities they present.”

Riverside Team:
Working with Schlachet on the transaction were Brian Sauer, Vice President; Marques Martin, Analyst, Dave Logan, Operating Partner; and David Pecore, Finance Director.

Partners:
Bank of America Merrill Lynch provided debt financing for the deal, Jones Day and Drinker Biddle & Reath provided legal counsel and RSM McGladrey advised.

The Riverside Company (www.riversidecompany.com or www.riversideeurope.com)
The Riverside Company is a global private equity firm focused on acquiring leading small and medium-sized enterprises (with a value of up to $200 million/€200 million) and partnering with strong management teams to enhance the success of its companies through acquisitions and organic growth. Since its founding in 1988, the firm has invested in 233 transactions with a total enterprise value of $5.0 billion/€ 4.1 billion. The investment portfolio in North America, Europe and Asia includes 72 companies with annual sales totaling $3.3 billion/€2.7 billion, EBITDA of $506 million/ €415 million and more than 13,000 employees (June 2009). Riverside offers the resources to complete acquisitions smoothly – thanks to its more than $3.0 billion/ €2.5 billion in assets under management, more than 185 professionals in 19 offices (Atlanta, Brussels, Budapest, Chicago, Cleveland, Dallas, Hong Kong, Los Angeles, Luxembourg, Madrid, Melbourne, Munich, New York, Prague, San Francisco, Seoul, Stockholm, Tokyo and Warsaw) and its longstanding relationships with partner lenders. According to Thomson Venture Economics, seven of Riverside’s nine mature funds rank in the top 25% of all funds (as at December 31, 2009). The firm’s investors include the world’s leading pension funds, endowments, funds of funds, insurance companies and banks.

Media Contact

Keith Davisson
Director, Global Marketing & Communications
The Riverside Company
+1 216 535 1777