BPEA EQT and its existing portfolio company Nord Anglia Education Inc. agreed to buy Florida-based IMG Academy LLC for an enterprise value of $1.25 billion.
(Bloomberg) — BPEA EQT and its existing portfolio company Nord Anglia Education Inc. agreed to buy Florida-based IMG Academy LLC for an enterprise value of $1.25 billion.
The acquisition of IMG Academy, a sports education provider serving more than 100,000 student athletes, will involve integration with Nord Anglia’s curriculum platform as well as building out the business in Asia, according to a statement on Tuesday.
“With Asia being IMG Academy’s largest source of international students, BPEA EQT and Nord Anglia plan to support its overseas expansion,” the companies said. BPEA EQT was formed out of the private equity teams from Baring Private Equity Asia and EQT Asia.
Endeavor Group Holdings Inc. is selling the education provider in an all-cash deal, it said in a separate statement. BPEA Private Equity Fund VIII is expected to be 20% to 25% invested with the transaction, which is seen closing in the third quarter.
IMG Academy was established in 1978 through the Nick Bollettieri Tennis Academy. The company is responsible for filling one-quarter of all US college roster spots on an annual basis, according to its website.
(Updates with business description of IMG Academy in second and fifth paragraphs.)
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