CSI is a leading provider of financial education and testing services in Canada.



C$25 million




January 2006 - November 2010


Michael Lay

CSI Hero

Transaction Summary

ONCAP acquired a majority interest in CSI Global Education (“CSI”) in January 2006.

Business Description

Based in Toronto, Ontario, CSI was a leading provider of financial education and testing services for the financial community in Canada. Founded in 1970, CSI provided a comprehensive range of educational and training services to financial institutions and individuals. CSI was endorsed by the Investment Industry Regulatory Organization of Canada (“IIROC”, formerly Investment Dealers Association), Canada’s stock exchanges and provincial securities commissions.

Accomplishment and Outcome

ONCAP sought to build on CSI’s leading position in the Canadian financial sector to grow a larger, more diversified North American education company. CSI had several attractive attributes, including: (i) established national infrastructure to develop and deliver content and examinations with the opportunity to expand its product and service offering; (ii) attractive cash-flow characteristics (solid EBITDA margins, low capital expenditures and negative working capital requirements); (iii) strong brand name due to widespread recognition of its professional designations and significant volume of alumni who return for further education; and (iv) strong organic and acquisition growth opportunities both in North America and globally.

Within the first year of ownership, ONCAP structured a dividend recap distributing 55% of capital invested to Fund II limited partners. In November 2010, Moody’s Corporation purchased CSI, generating a total of $149 million of realized proceeds.