Asian private equity major BPEA EQT and its portfolio company Nord Anglia Education have agreed to acquire Florida-based sports school IMG Academy for an enterprise value of $1.25 billion from NYSE-listed Endeavor Group.

Following the transaction, IMG will partner with Nord Anglia, a London-based international school operator, according to a company statement. The transaction is still in the works and is expected to close in the third quarter of 2023. The management team of IMG academy will remain the same upon completion of the acquisition.

As part of its buyout vehicle BPEA Private Equity Fund VIII, the all-cash deal will bring the fund’s deployment rate to 20-25%, the statement said. The fund closed at $11.2 billion in September last year with capital commitments from Asian investors and limited partners from North America and EMEA.

Founded in Florida in 1978 as a tennis training ground, IMG acquired the school in 1987 and subsequently added other sport lessons, such as golf, soccer, baseball, basketball, football, lacrosse, track & field, and volleyball to its curriculum. Endeavor, which owns LA-based martial arts promotion company UFC, bought IMG in 2014 in a $2.4-billion takeover deal.

The sports school offers an end-to-end student-athlete development journey through boarding school experience, sports camps, virtual coaching, and remote college recruiting. It supported over 30,000 students on the admission to college sports in 2022 and has catered to over 100,000 pupils to date, the statement said.

“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.”

“IMG Academy’s brand is globally recognised, 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,” said Jack Hennessy, partner and co-head of Education at BPEA EQT’s Advisory Team.

BPEA EQT-backed Nord Anglia is currently serving over 75,000 students across 82 schools in 33 nations and has partnered with prestigious academic institutions such as The Juilliard School and Massachusetts Institute of Technology.