Time is a leading player in the field of private tutoring, comprising 84 tutoring centers with the top two brands and market share in its segment. Time tutors an average of 26,300 students monthly, with 205 franchisees, and a complementary education content business.
The investment will be made by ICG’s Asia strategy, ICG Asia Pacific Fund III as well as ICG plc. The investment is a bespoke capital solution comprising senior mezzanine, junior mezzanine and minority equity.
Chris Heine, Managing Director of ICG Asia, commented on the transaction:
Time is a leading company in its specialist area of tutoring services, and for our Asia Pacific Fund III this is a strong ‘defensive’ business to join the portfolio that we are building. ICG was able to provide Time with a bespoke capital solution to fund the entire transaction in a short period of time and we look forward to working with the company in the future to maintain and grow its leading position.
Dongjin Lee, CEO of Time Education, commented on the transaction:
Just as Time Education is entering into a rapid growth phase, the partnership with ICG was optimal in terms of both timing and strategy based on its strong support for the management team and resources for the company’s further expansion and consolidation. Time Education has secured dominant leadership in the Korean education market and is well positioned for growth in the domestic market and expansion in overseas markets.
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