Hillhouse Investment has reached an agreement to purchase Dulwich College International schools across Asia for approximately $600 million, according to two sources familiar with the deal. Founded by China-born entrepreneur Zhang Lei, Hillhouse Investment has emerged as the successful bidder for the schools, finalizing the transaction with Education in Motion (EiM), the current owner and operator of Dulwich College International schools and high schools in China, South Korea, and Singapore.
As part of the deal, Chinese private equity firm CPE, which holds shares in EiM, will also divest its stake in Dulwich College International, according to one source and person familiar with the transaction. The schools reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of approximately $80 million over the past year. The sellers are aiming for an EBITDA multiple in the high single digits to 10 times, according to two sources.
Hillhouse and EiM declined to comment. CPE did not respond to a Reuters request seeking comment. The sources declined to be identified as the matter is confidential. reported in November last year that some shareholders of Dulwich College International were in talks for a sale of the school's China-heavy Asia operations.
EiM, based in Singapore, announced that it was in the process of bringing in a new strategic financial partner, which would enable existing investors to exit their stakes in the group. In recent years, China's $570 billion education sector has faced increasing pressure due to tighter regulations imposed by authorities amid a slowing economy and a decrease in foreign student enrollments.
That in turn is forcing overhauls at institutions, leading to dozens of international and private schools in China closing or merging, industry executives have said. EiM was founded in 2003 by Fraser White and Karen Yung, who had formed a 100-year global partnership with London-based Dulwich College to open international colleges around the world, according to their websites.
Since launching its first school in Shanghai in 2003, Dulwich College International has expanded across China and into other parts of Asia, including Singapore and South Korea, as noted on its websites. In June, EiM revealed plans to establish a Dulwich College in Thailand by August 2026. In addition to Dulwich College, EiM's education portfolio includes China's Wo Hui Mandarin and Britain's Sherfield School, according to its website.
