Asia buyout firms are struggling with Covid-hit portfolio

HONG KONG: Baring Private Equity Asia and CITIC Capital have sold the China business of Wall Street English (WSE) at a deep discount in just over two years since acquiring it as the Covid-19 pandemic crippled the global language tutoring group, sources told Reuters.

Baring confirmed the sale of WSE China, which at the time of the purchase showcased strong sales and operating profit growth in the world’s second-largest economy, to its original founder but gave no details.