Full Year 2024 Education Industry Trends

2024 KEY HIGHLIGHTS

The largest deal in 2024 was Neuberger Berman, BPEA EQT and CPP Investments’ announced acquisition of Nord Anglia Education, a UK-based leading international schools organization, operating over 80 schools in 33 countries and educating more than 85,000 students from ages 2 to 18, at $14.5 billion.

The most active acquirer in 2024 was Leeds Equity Partners with eight transactions. These transactions included the acquisitions of Archer Review, OffSec, Classworks, Sortegories, TouchMath, Morpheme Magic, Core Strengths and Big Blue Marble Academy.

2024 KEY TRENDS

Total transaction volume in 2024 decreased by 5 percent over 2023, from 347 to 331.

Total transaction value in 2024 increased 2.7x over 2023, from $9 billion to $34 billion.

The median revenue multiple in 2024 increased slightly over 2023, from 1.6x to 1.8x.

M&A MARKET OVERVIEW

Berkery Noyes tracked 1,127 Education transactions between 2022 and 2024, of which 162 disclosed financial terms, and calculated the aggregate value to be $52.92 billion. Based on known transaction values, we project values of 965 undisclosed transactions to be $10 billion, totaling $62.95 billion worth of transactions tracked over the past three years.

Disclosed median enterprise value multiples for all segments combined in this report during the last 36 months were 1.6x revenue and 7.9x EBITDA.

Over the past three years, deals in the $20-$160 million range received a median enterprise value multiple of 1.8x revenue compared to 6.4x revenue for those in the $160 million and above range.