A business trip to Asia yielded an opportunity for Irvine-based Collegewise to fulfill its goal of global expansion. The company, which bills itself as the largest privately run college counseling organization in the country, was introduced to Singapore-based ChangedEDU Holdings through a mutual business connection. The latter runs education-sector platforms in the U.S., the U.K., and Southeast Asia for investment in for-profit education businesses.
The result is a win-win. ChangedEDU adds another brand to its portfolio by taking an undisclosed controlling interest in Collegewise, which gets free financial reign and operational support to grow its brand in Asia and beyond, according to ChangedEDU Chief Executive Brian Rogove.
That’s because ChangedEDU has deep pockets, with more than $300 million in committed capital from strategic partner Verlinvest, Rogove said. Verlinvest is a Belgian investment firm owned by the family shareholder group that controls global brewer Inbev, owner of Anheuser Busch.
Collegewise’s thrust into Asia is significant because data show the market for foreign students who study in the U.S. is ripe for the picking. Last year, nearly 1 million foreign students studied at universities here, less than 5% overall penetration, according to the Institute of International Education Inc.
Collegewise Rise
Kevin McMullin founded Collegewise in 1999 and remains a partner. He started the company, which helps students with the college admissions process, by counseling them in their homes. Once it gained traction, he started opening offices. There are now more than 20 in 12 states, including two in Orange County.
Joel Block came on board in 2015 as chief financial officer and was promoted to chief executive when the partnership was finalized.
Block was traveling in Asia last fall with the goal of expanding the company overseas. That can be tricky due to different cultural norms in various parts of the world, he said. He wanted to find a reputable partner that was already operating in Asia and had therefore navigated its cultural nuances. ChangedEDU fit the bill.
Block said he intends to open Collegewise’s first Asian office in the southeast part of the continent in the fourth quarter. The company also has plans to grow domestically, though Block declined to comment further on that.
Foundation in Asia
Rogove founded ChangedEDU in November, basing it in Singapore because its key customer base is in Asia.
“Singapore is … a highly sophisticated and competitive education market where we can test new ideas and concepts and tap into a high-quality base of talent,” Rogove said.
The company’s mission is to “prepare students for a rapidly changing world through highly personalized learning experiences,” he said. It has three verticals: schools, enrichment and English language learning.
Collegewise was good for the enrichment category, Rogove said.
“We are very fortunate to have found an amazing team, culture and service offering in Collegewise, which we hope to expand globally to provide families with the best opportunities to find the right educational solution for their children,” Rogove said.
Prior to founding ChangedEDU Holdings, Rogove founded and served as chief executive of the Asia region of U.K.-based Cognita Schools, a global independent schools group. He said he grew the business and was “directly involved” in leading two rounds of private equity investment, including the sale of half of the company to New York City-based KKR & Co. LP in 2013 and a $280 million public bond offering in 2015 facilitated by investment bank Morgan Stanley.
