Endeavor has struck a deal to sell Florida-based sports education institution IMG Academy to private equity firm BPEA EQT for $1.25 billion.
The all-cash transaction, done in partnership with Nord Anglia Education, is expected to close in Q3.
Located in Bradenton, Florida, IMG Academy was founded in 1978 as the Nick Bollettieri Tennis Academy. The academy was purchased by IMG in 1987 and eventually expanded its offerings to include golf, soccer, baseball, basketball, football, lacrosse, track & field and volleyball.
Endeavor acquired IMG in 2014, with ownership of IMG Academy included as part of that deal.
IMG Academy currently boasts a sports-focused boarding school, sports camps, online coaching and online college recruiting that serve in total more than 100,000 student-athletes.
As part of BPEA EQT’s acquisition, Brent Richard will continue as president of IMG Academy, Tim Pernetti as president of IMG Academy Bradenton, Lisa Strasman as president of NCSA and Ted Sullivan as chief growth officer.
“Our purpose is to empower student-athletes to win their future, preparing them for college and for life,” Richard said. “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 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,” Endeavor president and COO Mark Shapiro added. “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.”
Endeavor’s financial advisor on the transaction was The Raine Group, and Latham & Watkins LLP acted as legal advisor.
