EQT Private Capital Asia and Trustar Capital are in the process of exiting their investment in Hong Kong-based Wall Street English International via Lincoln International, according to two sources familiar with the situation.

The two private equity firms collected some non-binding bids by the end of the first half and are considering kicking off a formal bidding round through an auction process in the fourth quarter, the first source said.

Industry players and mid-market financial sponsors would be the key bidders, added the first source.

The deal is estimated to be worth about USD 100m to USD 150m, according to the first source and a third source familiar with the situation.

English training provider Wall Street reported a roughly 15% rise in revenue to USD 45m, with EBITDA of around USD 8.5m, in 2024, the first and third sources said.

The first source noted that the revenue surge was mainly driven by growth in Europe, Middle East and Africa (EMEA), as well as some small M&A executed during the reporting year.

Established in 1972, Wall Street has provided English training to more than three million students through its global franchise network spanning 30 territories and more than 320 learning centres in Asia Pacific, EMEA, and Latin America, according to its website.

This news service reported last March that the two PE firms were in discussions with advisers on a potential exit from Wall Street English, which they had jointly bought in 2017.

EQT and Trustar had previously sold the China operation of Wall Street English to its original founder, Luigi Tiziano Peccenini, in 2020, as reported by The PIE News at that time.

EQT and Trustar declined to comment. Wall Street English and Lincoln International did not respond to requests for comment.