Oncap in 5.8x education exit

The Toronto-based mid-market firm has made the first exit from its second fund with the $155m sale of CSI Global Education to Moody’s.

Toronto-based Oncap has sold CSI Global Education to Moody’s in a transaction valued at approximately $155 million, generating a return multiple of approximately 5.8x.

CSI provides financial education and testing services for individuals pursuing careers in the securities and financial services industries, and its courses serve as requirements to sell securities in Canada.

Oncap, the mid-market private equity platform of publicly listed Canadian asset manager Onex, received $126 million in the deal, of which $50 million was Onex’ portion of the proceeds. 

CSI was Oncap’s first acquisition from its second fund, which closed on $574 million in 2006. This is its first exit from Fund II.

Including CSI, Oncap’s second fund has made five other acquisitions to date, investing a total of $323 million. The firm’s most recent deal came in August when it took sporting goods company Sports Supply Group private for an undisclosed sum.

Onex closed its third buyout fund on $4.3 billion in December 2009, surpassing an original $3.5 billion target. 

The firm invests in private equity, real estate and credit securities, managing approximately $13 billion in total. During the past 26 years, Onex has invested in roughly 60 businesses, generating 3.4x return multiple and earning a 29 percent compound annual return on invested capital.