Riverside's Training Platform Expands to Cover Mortgage Industry March 11, 2008
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Leveraged Buyout is Seventh for Firm in 2008
(March 11, 2008) – The Riverside Company completed an honors course in mortgage education to prepare for its latest training company acquisition: TrainingPro, a leader in mortgage pre-licensing and continuing-education services for mortgage professionals. TrainingPro now becomes an add-on acquisition to TrainCo, Riverside’s holding company for multi-industry professional training providers. TrainingPro is the fifth professional-training company within the Riverside Micro-Cap Fund (“RMCF”) portfolio and the seventh overall acquisition for the firm in 2008.
Headquartered in Hunt Valley, Maryland, TrainingPro was founded in 1999 and has seen tremendous growth in the last nine years, as many states mandated training and licensing regulations for mortgage professionals. TrainingPro’s students include mortgage brokers, mortgage bankers and loan officers. The company offers 100 proprietary courses and delivers instruction online, in classrooms and through home study. TrainingPro also offers customized software and course-package suites for tracking and reporting students’ progress and adherence to state requirements.
“We are building a knowledge base of professional training companies and see the great growth potential the training industry represents,” said Loren Schlachet, Riverside Managing Partner. “As an education-solutions provider, TrainingPro offers the necessary tools for mortgage professionals nationwide to excel in the industry. Approximately 30 states currently have training requirements for mortgage professionals and, with the current public focus and scrutiny on the mortgage industry, the number of states and the overall amount of mortgage industry regulation and training is certain to increase, providing a base of new business for TrainingPro.”
In addition to TrainingPro, TrainCo currently holds Specialized Solutions and QuickCert, a leading provider of online IT certification training acquired in February 2007; and the American Home Inspector Training Institute, added in June 2007 and focused on pre-licensing training for home inspectors. The RMCF portfolio also contains several other training companies, in separate platform companies such as the Health and Safety Institute, which includes the American Safety & Health Institute and Medic First Aid; and the International Junior Golf Tour.
“Partnering with Riverside, a firm that understands the nuances of training and training development, will enable us to grow by staying ahead of the demand for our services,” said Chris Nickerson, Chief Executive Officer of TrainingPro. “Our reputation for helping customers meet compliance, training and reporting needs will continue to grow as we reach out for new opportunities to enrich the mortgage industry.” In addition to Nickerson’s leadership role with TrainingPro, he will also be joining the TrainCo Board of Directors.
Working with Schlachet on the Riverside team for this transaction were Brian Sauer, Vice President; Joe Manning, Associate; and David Logan, Riverside Operating Partner. Robert Landis, Riverside Partner, Origination, sourced the transaction, and RMCF and the current TrainingPro owners provided equity for the acquisition. LaSalle Bank provided debt for this transaction.
The Riverside Company
The Riverside Company is the largest global private equity firm focused on the smaller end of the middle market (“SEMM”) and is one of the industry’s most experienced leveraged buyout investors. Riverside specializes in investing in premier SEMM companies (those with enterprise values of less than $150 million) and partners with strong management teams to build companies through acquisitions and value-added growth. Since 1988, the firm has invested in 183 transactions with a total enterprise value of $3.4 billion. Its current portfolio in the U.S., Europe and Asia numbers 60, with combined annual sales of $3 billion, EBITDA of $428 million and more than 11,000 employees. Riverside offers the resources to complete acquisitions smoothly and in as little as 30 days – thanks to its sizeable pool of capital under management (nearly $2 billion in nine funds), over 150 professionals in 17 offices (Amsterdam, Atlanta, Budapest, Brussels, Chicago, Cleveland, Dallas, Los Angeles, Madrid, Munich, New York, Prague, San Francisco, Seoul, Stockholm, Tokyo and Warsaw), and long-standing relationships with partner lenders. Five of seven of the firm’s mature vintages are currently top quartile, and the firm’s investors include the world’s leading pension funds, endowments, funds-of-funds, insurance companies and banks. Please visit www.riversidecompany.com and www.riversideeurope.com for more information.
Advanced Education Systems LLC dba as TrainingPro
TrainingPro is the national leader in mortgage education. Founded in 1999, TrainingPro is a preferred mortgage training institution educating loan officers and mortgage brokers in small to large companies, state associations and, most recently, the National Association of Mortgage Brokers. As a mortgage school, TrainingPro provides the tools for industry professionals to excel in the industry. The curriculum is state-accredited, comprehensive and flexible and the courses are key components in obtaining and renewing loan officer licenses and maintaining compliance with federal and state regulations. Courses are offered in online, in-person and home-study formats. Visit www.trainingpro.com for complete details.