Education in Motion (EiM)’s school brand Dulwich College International is nearing a sale to Asian private equity (PE) firm Hillhouse, said two sources familiar with the situation.

The Singapore-headquartered private school operator is close to signing an agreement with Hillhouse as soon as this month, the sources said.

The transaction is comprised of Dulwich College International’s schools in China, South Korea, and Singapore, the first source said.

EiM and Hillhouse declined to comment. Dulwich College International did not respond to requests for comment.

In June 2024, Hillhouse was reportedly in discussions to acquire Dulwich College International’s schools, after global buyout firm Blackstone [NYSE:BX] failed to acquire a portfolio of Dulwich College International’s Asian assets for around USD 600m.

EiM’s founders have been soft-sounding potential investors since 2023, with an EBITDA of USD 80m, according to a Mergermarket’s report.

UBS was a sellside advisor to the founders, while Citi was assisting with CPE, one of EiM’s shareholders.

EiM was established in 2003 by co-founders Fraser White and Karen Yung through the formation of a 100-year global partnership with London-based British independent school Dulwich College to open international colleges globally.

Since the first school in Shanghai in 2003, Dulwich College International has grown to a network of six international schools in Shanghai, Beijing, Suzhou, Singapore, Seoul, two international high schools in Suzhou and Zhuhai, and another three sister schools in China operated by Shanghai-based Dehong, according to Dulwich College International’s website.

EiM’s family of education brands also includes UK-based Sherfield School, Bali-based Green School, China-based Wo Hui Mandarin, and Switzerland-based Hochalpines Institut Ftan and its program Ignite: Switzerland, according to EiM’s website.