Private equity firm CIP Capital has acquired OnCourse Learning Co. from the Riverside Co.
OnCourse Learning provides online training services for the financial services, insurance, real estate, home inspection, appraisal and information technology sectors.
CIP plans to help OnCourse expand into new markets. Terms of the deal were not disclosed.
New York-based CIP focuses on investing in business information and outsourced services businesses in North America. The firm is also invested in CoAdvantage, a human resources outsourcing services group, RevSpring, which offers data analytics and document delivery services, and I Drive Safely, an online driver training program.
New York and Cleveland private equity firm Riverside made six add-on acquisitions to OnCourse since 2007. In September, the firm bought Corporate Training Technologies LLC, which provides regulatory, employment and leadership training for bank and credit union workers. In November 2012, the firm picked up Digital University, which provides bank, credit union and utility training programs.
Fifth Street Finance Corp. (Nasdaq: FSC) provided debt financing for the deal. Sidley Austin LLP provided legal advice to CIP. Baird acted as Riverside's financial adviser.