The largest transaction year-to-date was Nord Anglia Education’s announced acquisition of IMG Academy, the world’s leading sports education brand, for $1.25 billion.

K-12 Media and Tech was the industry’s most active market segment in 1st Half 2023 with 44 transactions.


Total transaction volume in 1st Half 2023 decreased by twenty five percent over 2nd Half 2022, from 231 to 173.

In terms of acquirer type, strategic volume decreased twenty four percent on a half year basis, from 159 to 121. Private equity volume fell 28 percent, from 72 to 52.

Total transaction value in 1st Half 2023 declined 71 percent over 2nd Half 2022, from $11.3 billion to $3.3 billion.

The median revenue multiple from 2nd Half 2022 to 1st Half 2023 increased from 1.2x to 1.5x.


Berkery Noyes tracked 1,089 Education transactions between 2021 and 1st Half 2023, of which 183 disclosed financial terms, and calculated the aggregate transaction value to be $42.51 billion. Based on known transaction values, we project the values of 906 undisclosed transactions to be $11.11 billion, totaling $53.61 billion worth of transactions tracked over the past two and a half years.

Transactions from 1st Half 2021 to 1st Half 2023 with enterprise values in the $10-$20 million range had a median revenue multiple of 1.35x, whereas those in the $20-$160 million range garnered a median revenue multiple of 2.8x and those above $160 million had a median revenue multiple of 6.3x.

Disclosed median enterprise value multiples for all segments combined in this report during the last 30 months were 2.22x revenue and 9.37x EBITDA.