Bradenton's IMG Academy to be sold to Swedish private equity firm for $1.25 billion
The parent company of IMG Academy has agreed to sell the Bradenton prep sports powerhouse to a Swedish private equity firm for $1.25 billion in cash.
Endeavor Group Holdings, Inc. (NYSE: EDR) announced the "definitive agreement" to sell IMG Academy to BPEA EQT, an affiliated investment fund of EQT, Tuesday morning. The deal is expected to close in the third quarter of 2023, according to an Endeavor news release.
EQT website describes BPEA EQT as having 44 companies consisting of 87 investment advisory professionals that focus on transforming Asian companies through its pan-Asian investment platform.
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"With Asia being IMG Academy’s largest source of international students, BPEA EQT sees strong potential to support the Company’s expansion across multiple markets in the region, including Singapore, India, Vietnam, Greater China, and Indonesia," EQT said in a Tuesday news release. "BPEA EQT plans to leverage its proven sector expertise within education and track record from having supported its existing portfolio company Nord Anglia Education’s international growth over the past 15 years."
EQT noted in its release that Nord Anglia Education, a company that the fund already owns, is in involved in the transaction as a partner.
Nord Anglia operates 82 schools in 33 countries, supporting 75,000 students globally, according to EQT. The company boosts of "global partnerships" with Julliard, MIT and UNICEF.
"Moreover, BPEA EQT plans to invest in IMG Academy’s technology and in the continued diversification of its sports offering to broaden the pool of prospective students and attract more female athletes," EQT said in the release.
EQT has core investments in education, healthcare and technology across North America, Europe and Asia-Pacific and operates "some of the world's leading premium international schools," according to the Endeavor news release.
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.
“Our purpose is to empower student-athletes to win their future, preparing them for college and for life,” Richardson said in a prepared statement. “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.”
Founded in 1978 by Nick Bollettieri as a tennis academy bearing the famous instructor's name, the Bradenton school was bought in 1987 by IMG, adding golf as its second sport. Soccer, baseball, football, basketball, lacrosse, track and volleyball all were eventually added as well before the academy was sold to Endeavor in 2014.
The 400 acre campus had about 1,400 enrolled full-time students, according to the fourth quarter earnings report filed with the U.S. Securities and Exchange Commission.
The Bradenton-based company also hosts camps and provides online coaching and college recruiting for more than 100,000 student-athletes, according to the Endeavor news release.
"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," according to the news release.
The Raine Group acted as financial advisor to Endeavor on the transaction. Latham & Watkins LLP acted as legal advisor to Endeavor.
BPEA EQT was advised by Deloitte, Oliver Wyman, and Ropes & Gray.
This article originally appeared on Sarasota Herald-Tribune: IMG Academy in Bradenton, Florida to be sold in $1.25 billion deal
