BEVERLY HILLS, Calif.: Endeavor Group Holdings, Inc. Tuesday announced that the global sports and entertainment company has entered into a definitive agreement to sell its IMG Academy sports education business to private equity firm BPEA EQT in an all-cash deal at an enterprise valuation of $1.25 billion.
The two companies anticipate the deal will close in the third quarter of this year.
BPEA EQT is part of one of the world’s largest private equity firms, EQT, with core investments in education, healthcare, and technology across North America, Europe, and Asia-Pacific. As part of the transaction, the business is expected to partner with BPEA EQT’s portfolio company Nord Anglia Education, which operates some of the world’s leading premium international schools. Nord Anglia supports more than 75,000 students across 82 schools in 33 countries, and has developed key partnerships with academic organizations including the Massachusetts Institute of Technology (MIT) and The Juilliard School to provide specialized curricula for students.
Endeavor acquired IMG, which also includes events, media and licensing businesses, in 2014 for $2.3 billion. Post acquisition, Endeavor has notably expanded both IMG Academy’s on-campus and online offerings.
Headquartered in Bradenton, Florida, IMG Academy was founded in 1978 as the Nick Bollettieri Tennis Academy. IMG acquired the Academy in 1987, and subsequently added golf as its second sport followed by programs for soccer and baseball and ultimately basketball, football, lacrosse, track & field, and volleyball.
“Our purpose is to empower student-athletes to win their future, preparing them for college and for life,” said Brent Richard, president of IMG Academy. “We are constantly trying to raise the bar in pursuit of that purpose through our on-campus and online experiences. Simultaneously, our staff is passionate about growing the impact we have on the world, reaching more families, and helping them on their journey. BPEA EQT and Nord Anglia are ideal partners to achieve and accelerate those goals, and we are excited for that future.”
IMG Academy today supports the entire student-athlete development journey via a sports-focused boarding school, sports camps, online coaching, and online college recruiting that serve in total more than 100,000 student-athletes. A clear leader in the large and growing sports education market, IMG Academy helped place more than 30,000 students into college sports rosters in 2022.
“IMG Academy is in a category of one for its combination of elite athletics and academics, as well as its legacy of developing superstar competitors in the game of life,” said Mark Shapiro, president and COO of Endeavor. “We’re proud to have been stewards of this institution, driving growth and innovation, as well as expanding its facilities and offerings. IMG Academy is in great hands for its next chapter with BPEA EQT.”
Jack Hennessy, partner and co-head of Education within BPEA EQT’s Advisory Team, said: “We are deeply impressed by IMG Academy’s unique offering and its world-class sports and wellbeing curriculum. IMG Academy’s brand is globally recognized and we see compelling opportunities in supporting its international expansion, including Asia, and broadening its educational offering, leveraging BPEA EQT’s insights from having led Nord Anglia Education’s growth in the region.”
As part of this transaction, Brent Richard will continue as president of IMG Academy, as will Tim Pernetti as president of IMG Academy Bradenton, Lisa Strasman as president of NCSA, and Ted Sullivan as chief growth officer.
The Raine Group acted as financial advisor to Endeavor on the transaction. Latham & Watkins LLP acted as legal advisor to Endeavor.
