GSE School Investment Research
Every figure labelled. Every source named. The open directory of international school sale prices, EBITDA and EV/EBITDA multiples compiled and verified by Global Services in Education. Core coverage runs from 2021 to 2026, with benchmark transactions recorded back to 2011.
How every figure is graded
School transaction data is dominated by undisclosed prices and repeated estimates. This directory separates what is actually known from what is merely repeated.
| Grade | Meaning | Examples in this directory |
|---|---|---|
| Published | Disclosed by a party to the transaction in a regulatory filing, exchange announcement, audited accounts, official release or rated-debt documentation. Re-verified against the named primary source. | Nord Anglia USD 14.5bn (EQT release); Globeducate EUR 2bn EV and EBITDA (Wendel release); ISP 2021 at EUR 1.9bn (OMERS release); GEMS USD 3.25bn facility (DIB release) |
| Strong estimate | Reported by the FT, Bloomberg, Reuters or established trade press citing named or direct sources. Credible, not party-confirmed. | ISP EUR 7bn (Reuters, person familiar); Brookfield ~USD 2bn into GEMS (Bloomberg); XCL ~USD 1.3bn (Bloomberg) |
| Reported | Single-sourced, aggregator-sourced or rumoured. Directional only. | Cognita GBP 5bn target (Mergermarket); Spring/Brookfield ~USD 825m; Alpha Plus aggregator EBITDA |
| GSE derived | Calculated by GSE from published inputs. The calculation and assumptions are stated in the entry. | Globeducate 16.7x/19.4x multiple pair; Emirates REIT implied 9.5% to 11% education yield |
Where a figure in circulation could not be re-verified against its claimed source, it was downgraded or removed. Two previously circulated multiples were withdrawn during verification; each entry says so.
Global platform transactions
The deals that set the top of the market, and the disclosure behind each headline number.
| Date | Transaction | Value | EBITDA | Multiple | Grade |
|---|---|---|---|---|---|
| Feb 2026 | Ariston Education / Orbital Education · Change of control of the UK-registered schools group founded by Kevin McNeany, who earlier founded Nord Anglia. Companies House filings record Kevin McNeany, Myles McNeany and BGF ceasing as persons with significant control on 16 February 2026, and Brian Rogove, formerly chief executive of XCL Education, appointed a director the same day. The filings do not name the buyer. Ariston Education is identified from that appointment and from its own launch release of 28 August 2026, which lists the former Orbital schools as its founding network: 12 schools and more than 5,800 students at launch. BGF had been a minority investor since 2019. Orbital’s last filed accounts, for the year to August 2024, show turnover of GBP 40.2m, up from GBP 33.4m, operating profit of GBP 3.2m after a GBP 0.8m share-based payment charge, and 3,268 consolidated pupils on average, with more than 3,100 further students in two Qatar schools it did not consolidate. That is about GBP 12,300 of revenue per pupil and a 7.8 per cent operating margin, or 9.6 per cent before the share-based charge (GSE derived). No EBITDA figure is disclosed. | Undisclosed | Not disclosed | Not published | Published deal |
| Oct 2025 | ISP · CVC Strategic Opportunities takes 20%; Partners Group remains majority, OMERS remains invested. 111 schools, 25 countries. | EUR 7bn | Not disclosed | Not published | Strong estimate |
| Mar 2025 | Nord Anglia Education · full change of control to EQT-led consortium (Neuberger Berman, CPP Investments, CF Alba, Dubai Holding). 80+ schools, 33 countries, 90,000+ students. Sold by BPEA Private Equity Fund VI and acquired through BPEA Private Equity Fund VIII, both EQT funds, so the same manager stood on both sides of the trade alongside the incoming investors. EQT has held Nord Anglia since 2008, with CPP Investments joining in 2017. Mubadala agreed in April 2025 to take a USD 600m minority stake in the ownership group, as reported at the time. | USD 14.5bn | Not disclosed | Not published | Published |
| 2024-25 | Cognita · sale process abandoned 2025; talks with Blackstone and CVC around EUR 6bn. No completed transaction; Sky News reported in September 2025 that the process was dropped after bids fell short of the ask. The group has since been pruning its portfolio in more than one region. In the UK, where VAT on fees took effect in January 2025, 39 schools in April 2025 had fallen to about 16 by May 2026 on School Management Plus estimates: 12 sold to Outcomes First Group through Blenheim Schools, completing January 2026; one prep to Wishford Education; six to Redshift Education, two in June 2025 and four in May 2026; and four closures. In September 2026 Cognita sold four St Andrews campuses in Thailand to Taylor’s Schools, and in August agreed to sell Escola Cidade Jardim PlayPen in São Paulo to SEB. It has kept buying elsewhere: Liceo Sorolla in Madrid in December 2025 and The English Institute in Santiago in March 2026. | GBP 5bn target | >GBP 250m | ~20x target only | Reported |
| Oct 2024 | Globeducate · Wendel invests EUR 625m equity for ~50% alongside Providence. 67 schools, 11 countries. | EUR 2.0bn EV (1.86bn ex IFRS 16) | EUR 120m (96m ex IFRS 16) | 16.7x / 19.4x GSE derived | Published |
| Jun 2023 | IMG Academy · Endeavor sells the Bradenton sports-education institution to BPEA EQT in partnership with Nord Anglia; all-cash, SEC-filed. Acquired through BPEA Private Equity Fund VIII, the fund that went on to acquire Nord Anglia itself in 2025, which makes this a platform bolt-on rather than a standalone education transaction. 100,000+ student-athletes across campus and online programmes. | USD 1.25bn EV | Not disclosed | Not published | Published |
| May 2022 | Inspired Education Group · Stonepeak makes a EUR 1.0bn minority equity investment, announced 3 May 2022; founder Nadim Nsouli retains control. Existing investors named at the time were GIC, TA Associates and the Oppenheimer and Mansour family offices, amounts undisclosed. Over 70 schools, 20 countries, 55,000+ students at the time. | EUR 1.0bn (minority stake) | Not disclosed | Not published | Published |
| May 2021 | ISP · OMERS acquires 25% from Partners Group. 50 schools, 15 countries. | EUR 1.9bn EV | ~EUR 100m Reported | ~19x Reported | Published value; earnings Reported |
Wendel published both the enterprise value and EBITDA on two bases. Including IFRS 16 the deal reads as roughly 16.7x; excluding it, roughly 19.4x. Two turns of multiple from lease accounting alone. No cross-deal comparison in this sector is valid without stating the treatment. The EBITDA behind both multiples is a forward figure for the financial year ending August 2025, and it includes roughly EUR 25m of revenue and EUR 9m of EBITDA from acquisitions under exclusivity that had not yet closed. Completion followed on 16 October 2024 at unchanged terms, with the network then at 67 schools.
The financing behind the IMG Academy deal permits a bounded read on earnings that neither party has disclosed. Kirkland & Ellis advised BPEA EQT on the acquisition debt and Linklaters advised the arrangers and lenders, both confirming an Asian bank financing for the US target; Refinitiv LPC reported the facility at USD 380m over five years, a figure no party has confirmed. Endeavor never broke out academy EBITDA, but its Q2 2024 results attribute a USD 91m single-quarter segment revenue decrease to the sale, which retires the far lower annual revenue figures still circulating in secondary press. At conventional buyout leverage of 4.5x to 5.5x, a USD 380m facility would imply EBITDA of roughly USD 70m to 85m and a multiple in the mid to high teens. That arithmetic rests on an assumed leverage ratio and a reported loan size, so it is an illustration, not a derivation; no earnings figure or multiple is entered in the ledger for this transaction.
Most Southern European exposure sits inside these platforms rather than in separately priced local deals: Globeducate is Spain-headquartered, ISP holds Spanish and Portuguese schools, and Inspired holds assets in Spain, Italy, Portugal and Greece. Individual school prices in those markets surface only where a listed seller must disclose, as with the H-FARM sale to Nord Anglia set out under Continental Europe, or where a buyer’s audited accounts carry the acquisition note, as Orbital’s do for Magno and CEDES in Spain. Higher education deals such as Permira and Universidad Europea are excluded from this directory as adjacent rather than K-12.
GCC transactions
The most transparent regional market, because listed operators and REITs must disclose. Where privately held deals dominate, headline values stay private.
| Date | Transaction | Value | Grade |
|---|---|---|---|
| Oct 2026 | OFG Education / Crown American Private School and The Gulf International Private Academy (UAE) · Ajman and Abu Dhabi. Two K-12 schools on the American curriculum. OFG Education, the UK specialist and mainstream group formerly Outcomes First, opened a Dubai regional office in July 2026 and bought these three months later, alongside Escuela IDEO in Madrid. Reported by Tes and EducationInvestor Global, 7 October 2026. Consideration and enrolment not disclosed. | Undisclosed | Published deal |
| Jul 2026 | Lesha Bank / Sharaka Education Holdings (Qatar) · 51% of the Qatari holding company behind the Sherborne-branded schools, bought by the Qatar-listed bank. Agreed in May 2026 and completed on 2 July 2026; the price is taken from the buyer’s Qatar Stock Exchange disclosure. | QAR 192.5m | Published |
| Apr 2026 | Ashmore Investment Saudi Arabia / Matrix International Schools and Wahat Al Alson School (Riyadh) · Project Oasis, the second acquisition by Ashmore’s Education Investment Fund, adding two international-curriculum campuses in the Al Salam and Al Manar districts of east Riyadh. The fund is building a Riyadh K-12 platform through acquisition and brownfield expansion, with a Tadawul listing named as a possible exit. Consideration not disclosed. | Undisclosed | Published deal |
| 2025 | Taaleem / Kids First Group · 95% of 34-nursery group; founder retains 5%. AED 730m Emirates Islamic facility within an AED 968m package. Consideration not disclosed. | Undisclosed | Published financing |
| Dec 2025 | Almasar Alshamil Education IPO (Tadawul) · Amanat lists 30% of its specialist education platform. Priced at the top of the range at SAR 19.50; institutional book SAR 61.6bn, 102.9x oversubscribed; proceeds to Amanat as selling shareholder, 2.2x cash-on-cash. | SAR 1,997m cap (SAR 599m raised) | Published |
| Oct 2025 | Nord Anglia Education / Etqan Global Academy (Qatar) · Doha. Founded 2019; bilingual Arabic and English day school with more than 1,800 students from Pre-K to Grade 10, planning to extend to Grade 12, on the IB Primary and Middle Years Programmes, the Ontario curriculum and the Qatari national curriculum. A 60,000 sq m campus at Al-Kheesa. Nord Anglia’s third school in Qatar and ninth in the Middle East. Announced by Nord Anglia on 13 October 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Aug 2025 | Amanat / North London Collegiate School Dubai, real estate · PropCo only; the operating school was not part of the transaction. Amanat acquired the asset in June 2018 for AED 360m and funded an AED 33m capital expansion, taking total investment to AED 393m. Sold at completion on 21 August 2025 for AED 453m, generating a net cash return of AED 294m at an unlevered cash-on-cash multiple of 1.7x and a 10 per cent IRR, every figure disclosed by Amanat. Gulf News names the buyer as Souk NLCS Holdings Ltd, an ADGM-licensed vehicle Reported. Khaleej Times first carried the price as AED 435m and corrected it to AED 453m. One of two completed round trips on a school property in this directory with entry price, capital expenditure, exit price, hold period and return all published by a party; the other is the Emirates REIT development at Akoya, exited to Taaleem in 2022. | AED 453m 1.7x / 10% IRR | Published |
| Aug 2025 | Cognita / five EduReach schools (Saudi Arabia, Oman, Qatar) · Downe House Riyadh, King’s College Riyadh, Downe House Muscat, Cheltenham Muscat and King’s College Doha, previously operated by EduReach. Cognita’s entry into all three countries, taking Cognita Middle East to 14 schools. Cognita describes the move as strategic partnerships and does not state whether it acquired the schools or their operating rights, so the structure is recorded as undetermined. Announced by Cognita on 25 August 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Aug 2025 | CIRA Education / L’École Française d’Hurghada (Egypt) · 51 per cent, with the founder keeping 49 per cent. French school with a German section added, K to Grade 12. CIRA is the EGX-listed comparable in this directory. Reported by EnterpriseAM, 10 August 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Jul 2025 | Ashmore Investment Saudi Arabia / Al Nobala Schools (Saudi Arabia) · Riyadh. The first acquisition by Ashmore’s Education Investment Fund, named as such in Ashmore’s April 2026 release on Project Oasis. Ashmore’s chief executive has since said the fund expects to deploy more than SAR 430m across three investments once a pending third deal completes; that is an aggregate target, not a price for this school. Consideration not disclosed. | Undisclosed | Published deal |
| Jun 2025 | International Schools Partnership / Smart Vision School (UAE) · Al Barsha, Dubai. Founded 2014; British curriculum from Foundation Stage to Year 7, adding Year 8 from September 2025. ISP’s 108th school at announcement. Announced by ISP on 10 June 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Jun 2025 | Izdihar Real Estate Fund (Bank Muscat) / GEMS School of Research and Innovation campus, Dubai · PropCo investment in the real estate of GEMS’ flagship school in Dubai Sports City, which opened in August 2025 as the most expensive school in the UAE. GEMS states a development cost of USD 100m; the fund’s investment is not disclosed. CoReal Partners and Eversheds Sutherland advised GEMS, and Baker McKenzie advised Bank Muscat. Announced by GEMS on 2 June 2025. | Undisclosed | Published deal |
| Jan 2025 | International Schools Partnership / Durham School for Girls (Qatar) · Established 2019; all-girls British curriculum school with 1,202 students from FS1 to Year 12. Announced by ISP on 23 January 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Jan 2025 | Spark Education Platform (EFG Hermes Saudi Education Fund, now MindSpire) / Qimam El Hayat International School (Saudi Arabia) · Riyadh. American curriculum K-12, with capacity rising to 4,500 on a new campus. Takes the fund’s platform to eight schools and more than 10,000 students. The platform was renamed MindSpire in April 2026. Announced 29 January 2025. Consideration not disclosed. | Undisclosed | Published deal |
| 2024 | GEMS Education · Brookfield-led consortium equity (with GII, Marathon, SOFAZ). No enterprise value published; parties declined to disclose terms. | ~USD 2bn | Strong estimate |
| Nov 2024 | EFG Hermes / Britus Education · seven schools across KSA, UAE and Bahrain via a USD 300m Saudi Education Fund; individual deal value undisclosed. The seller was funds managed by GFH Financial Group. GFH described the portfolio as having a market value of more than USD 200m; that is the seller’s own valuation, not a disclosed price, and is not carried. | Undisclosed | Published fund |
| Nov 2024 | Taaleem / Lycée Libanais Francophone Privé Meydan (UAE) · Dubai. 100 per cent of a French-curriculum school of about 1,300 students against 1,900 places, consolidated in Taaleem’s FY2024/25 accounts. Disclosed by the DFM-listed buyer, 20 November 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Nov 2024 | Maarif Education / Ibn Khaldoun Education Company (Saudi Arabia) · Riyadh. Definitive agreement for 100 per cent of a school group of about 13,000 students, which would take Maarif past 36,000. EFG Hermes acted as sole financial adviser. Signed 27 November 2024 subject to regulatory approval; completion has not been confirmed publicly. Consideration not disclosed. | Undisclosed | Published deal |
| Oct 2024 | Taaleem / Amity Early Learning Centre land and buildings, Emirates Hills (UAE) · Dubai. 100 per cent of the land and property, let back to the early-years operator for ten months and then converted into a Foundation Stage to Year 2 campus of Dubai British School Emirates Hills. An operator buying property to grow its own school. DFM filing, 31 October 2024. Consideration not disclosed. | Undisclosed | Published |
| Sep 2024 | TA Associates / AlephYa Education (GCC) · Majority investment in a pan-GCC school platform founded in 2017, offering American, British and local curricula at accessible fees, with schools including Al-Majd National Schools and Al Tarbiyah Al Islamiyah School in Riyadh. Gulf Investment Corporation and Ominvest kept meaningful stakes; Ashmore Investment Saudi Arabia, an investor since 2017, exited in full. Announced by TA in September 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Aug 2024 | Cognita / Al Ain English Speaking School (UAE) · Al Ain, Abu Dhabi. Established 1978. Announced by Cognita on 20 August 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Jul 2024 | GEMS Education · USD 3.25bn sustainability-linked facility underwritten by DIB-led consortium (Mashreq, ADCB, FAB), refinancing debt and funding minority exits including CVC. | USD 3.25bn | Published |
| Jun 2024 | Al Mal Capital REIT / Carnation Education LLC (Kent College Dubai land and buildings) (UAE) · 100 per cent of the company that owns Kent College Dubai’s freehold land and buildings, let to the school since 2017 on a 25-year lease. The operating school passed to Aldar Education in 2023 (see above), so the two halves of one school were sold separately to different buyers within a year. Reported 28 June 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Jan 2024 | Cognita / Dasman Bilingual School (Kuwait) · Kuwait City. Opened 1996; about 3,600 students and 600 staff across seven buildings, with mainstream and special needs pupils taught together. Cognita took a majority stake in the parent, Universe Education Company, after clearance by Kuwait’s competition authority; GLA and Co and Addleshaw Goddard advised Cognita. Cognita’s first school in Kuwait. Announced by Cognita on 11 January 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Aug 2023 | International Schools Partnership / The English College, Dubai (UAE) · Founded 1992; more than 1,190 students. ISP then stood at more than 75 schools in 21 countries. Announced by ISP, 25 August 2023. Consideration not disclosed. | Undisclosed | Published deal |
| Jul 2023 | Aldar Education · Kent College Dubai (AED 120m) and Virginia International PS Abu Dhabi (AED 210m), within AED 1.35bn cumulative commitment since 2022. Aldar’s July 2023 release grouped these schools with Cranleigh Bahrain in a single AED 350m commitment; the per-school figures are from its 9M 2023 results presentation. The Kent College property was sold separately to Al Mal Capital REIT in 2024 (below). | AED 330m | Published |
| Jul 2023 | Nord Anglia Education / Swiss International Scientific School Dubai (UAE) · Al Jaddaf, Dubai. Founded 2015; K-12 day and boarding school with 2,150 students, 100 of them boarding, described as the largest Swiss school outside Switzerland. Nord Anglia’s second school in Dubai. Niederer Kraft Frey advised the shareholders. Announced by Nord Anglia on 6 July 2023. Consideration not disclosed. | Undisclosed | Published deal |
| Jul 2023 | Ataa Educational (through AETG) / Glory Generation International School (Saudi Arabia) · Riyadh. AETG, already holding 45 per cent, bought the remainder in the same agreement as Al-Alson. The filing values the whole school at SAR 3.85m, the smallest disclosed school price in this directory. | SAR 3.85m | Published |
| Apr 2023 | Cognita / Repton UAE schools (UAE) · The Repton schools in the UAE. Cognita announced a strategic partnership with Excella and Repton and now counts the schools among those it operates; whether it acquired the schools or their operating rights is not stated, so the structure is recorded as undetermined. Announced by Cognita on 25 April 2023. Consideration not disclosed. | Undisclosed | Published deal |
| Feb 2023 | Al Mal Capital REIT / Wesgreen International School Sharjah · Muwaliah and Al Qaraien campuses acquired from Al Batha Real Estate Company with the operator lease already in place. PropCo only; the schools continued to trade under their operator. | AED 265m | Published |
| Dec 2022 | National Company for Learning and Education (NCLE) / Al Salam Education and Training Company (Alsalam National Schools) (Saudi Arabia) · Khobar. 100 per cent, agreed July 2022 and completed 1 December 2022, with the price filed on Tadawul by the listed buyer. NCLE’s first acquisition after its 2019 to 2020 purchases recorded under historical benchmarks. | SAR 72m | Published |
| Oct 2022 | Amanat / Human Development Company · 60% of Saudi special-education operator; up to SAR 47.1m contingent on top. | SAR 220.3m | Published |
| Aug 2022 | International Schools Partnership / Star International Schools (UAE) · Star International School Al Twar and Star International School Mirdif, Dubai, across three campuses with more than 1,400 students. ISP took a majority stake; Bright Capital Investment kept a small minority, and both parties were quoted at announcement on 26 August 2022. Consideration not disclosed. | Undisclosed | Published deal |
| May 2022 | Taaleem / Jebel Ali School, with its land and buildings at Akoya, Dubai (from Emirates REIT) · Jebel Ali School, founded in 1977 and run as a not-for-profit, moved to the Akoya campus in 2016 and later fell into a rent dispute with its landlord, Emirates REIT, which won an arbitration award in September 2021. Taaleem bought the property from the REIT and took on the school, bringing it into for-profit operation. The REIT disclosed an aggregate consideration of AED 233.5m, made up of a property price equal to the last independent valuation plus settlement of the school’s outstanding liabilities to the REIT, and a total return of 1.4 times its investment over the hold. Press reporting splits the figure as AED 185.5m for the property and AED 48m for the liabilities Reported. Because the consideration includes unpaid rent, it is not a clean sale price against the AED 208.3m cost basis recorded below. Announced by the REIT’s manager, Equitativa, on 27 May 2022. | AED 233.5m 1.4x total return | Published |
| Feb 2022 | Cognita / Horizon International School (UAE) · Dubai. Founded 2008; British curriculum from Foundation Stage to Year 13, bought from Al Najah Education. Cognita’s fourth school in Dubai, after RGS Guildford Dubai, Horizon English School and Ranches Primary School. Announced by Cognita in February 2022. Consideration not disclosed. | Undisclosed | Published deal |
| Feb 2022 | Aldar Education / Al Shohub Private School (UAE) · Khalifa City, Abu Dhabi. Founded 1999; British curriculum. Aldar Education’s first school acquisition, announced by Aldar on 3 February 2022 alongside an AED 1bn investment plan for its education arm. Consideration not disclosed. | Undisclosed | Published deal |
| Feb 2022 | Taleem REIT (Saudi Fransi Capital) / Four school properties leased to Alkhaleej Training and Education (Saudi Arabia) · Hitteen, Al Malqa and Al Narjis in Riyadh and Al Ishraq in Dammam, all let to the listed operator Alkhaleej Training and Education. Price from the REIT’s Tadawul filing. Reference point for the Saudi fund-level yields set out under real estate yields. | SAR 159.6m | Published |
| 2021-23 | Ataa Educational (Tadawul) · Naba’a SAR 92.0m; Al-Alson SAR 38.3m; Al Yasmin SAR 18.4m. The Arab Education and Training Group acquisition (Aug 2021) was filed at a SAR 138m headline and stated by Ataa at SAR 230m total transaction value inclusive of the Naba’a leg, so the two figures overlap and must not be summed. Freehold or leasehold status not stated in filings. | SAR 148.7m | Published |
| Sep 2021 | Cognita / Ranches Primary School (UAE) · Dubai. Announced by Cognita in September 2021. Consideration not disclosed. | Undisclosed | Published deal |
| Jun 2021 | Ataa Educational / Al Elm International Schools (Saudi Arabia) · Riyadh. 100 per cent, agreed December 2020 and completed 20 June 2021, with the price filed on Tadawul by the listed buyer. | SAR 40m | Published |
| Apr 2021 | Amanat / Taaleem · Amanat sells its 21.7% stake, its first education exit; total cash return AED 225m including dividends, 2.2x money-on-money, 21% IRR, net gain AED 160m. Amanat named only a strategic buyer; press identifies Knowledge Fund Establishment, a Government of Dubai entity Reported. | AED 350m | Published |
| Mar 2021 | Cognita / Horizon English School (UAE) · Dubai. Founded 1989; British curriculum primary school of about 1,000 pupils aged 3 to 11, bought from Al Najah Education. Cognita’s first acquisition in the UAE. Announced by Cognita in March 2021. Consideration not disclosed. | Undisclosed | Published deal |
| Jan 2021 | Ataa Educational / Al Wasat National Schools (Saudi Arabia) · Riyadh. 52 per cent, paid by transferring a land plot in kind rather than cash, with competition approval in June 2021. No cash consideration disclosed, and land paid in kind is a reminder that not every school changes hands for money. | Undisclosed | Published deal |
| Aug 2015 | Emirates REIT / education complex at Akoya by Damac, Dubai · Freehold plot of 20,800 sq m bought from Damac Crescent Properties and developed to suit, then let to Jebel Ali School on a 26-year lease. Cost basis AED 98.5m for the plot and AED 109.8m for the development, against an 11 per cent expected IRR stated by the REIT. That was a projection at the point of commitment. The realised outcome is in the May 2022 exit entry above, where the REIT states a total return of 1.4 times its investment. GSE derived: about AED 930 per sq ft across 223,890 sq ft. | AED 208.3m | Published |
| 2013 | Emirates REIT / GEMS World Academy Dubai · Long leasehold interest in the campus and related assets, sold and leased back by GEMS Education. Among the earliest school sale-leasebacks in the emirate. Consideration not disclosed. | Undisclosed | Published |
| 2013 | PineBridge Investments / undisclosed GEMS campus, Dubai · Sale-leaseback of a GEMS school campus, contemporaneous with the Emirates REIT transaction above. The campus was not named. Recorded as the first sale-leaseback of its kind in the market. Consideration not disclosed. | Undisclosed | Published |
Three consecutive Amanat monetisations now sit in this table with published returns: the Taaleem stake at 2.2x and a 21 per cent IRR in 2021, the school property at 1.7x and 10 per cent in 2025, and the Almasar listing at 2.2x cash-on-cash later the same year. One investor, three exits, three disclosed outcomes. Nothing else in this directory offers that. The property return is the lowest of the three and should be read that way: a building let to a school earned roughly half the money multiple of the operating stakes over a comparable period, which is the arithmetic behind every argument for splitting property from operations rather than owning both.
UK and Ireland
Record deal volume driven by the VAT change, the sector’s clearest lesson in checking what a price actually includes, and a growing distressed channel where schools transfer through administration rather than a competitive sale.
Alpha Plus: the OpCo/PropCo case study
Inspired Education acquired 17 Alpha Plus schools, including Wetherby School and Pembridge Hall, at an enterprise value of over GBP 230m Published per Delancey’s own disclosure. The sale explicitly excluded the three pre-university Colleges and several freehold properties, which remain with Delancey client funds. Shortly before the sale, the group’s London freehold portfolio was valued at GBP 145m and the group was reported as loss-making at holding level Strong estimate.
An EBITDA figure of GBP 30.1m circulates from aggregator databases only and sits uneasily against the reported losses Reported. GSE does not publish a multiple for this transaction; an implied figure previously in circulation was withdrawn on verification.
Kirkham Grammar School transferred through administration in 2026 with a few hundred pupils. Doğa Koleji transferred to a university foundation in 2020 with roughly 60,000 students across nearly 100 schools, after teachers went unpaid for months. One is a single English grammar school facing VAT on fees and cost inflation; the other was Turkey’s largest private chain facing currency collapse and an over-levered expansion. In both cases the failure ran through the same channel: fee income that could not be raised fast enough to match cost inflation, in a business where the cost base is contracted staff and property. Any model that treats enrolment as the only downside variable has the wrong risk in view.
Other UK and Ireland activity
| Date | Transaction | Value | Grade |
|---|---|---|---|
| Jul 2026 | Kirkham Grammar School · sold out of administration by joint administrators at Kroll to Maharishi Mahesh Yogi Sanastha (MMYS), an international education group; school and site transferred. Consideration not disclosed. Kroll cites VAT on fees, rising operating and employment costs and family affordability pressure as the drivers of distress. | Undisclosed | Published deal |
| Jun 2026 | AcadeMedia / Chestnut Nursery Schools · 21 nurseries with about 2,100 children across East London, Norfolk and Cambridge, sold by founders Steven Davies and David Saunders. AcadeMedia’s first UK acquisition. 2025 net revenue of about GBP 19m, party-published, or roughly GBP 9,000 per child on a GSE-derived basis. Recorded because a school operator is the buyer. Consideration not disclosed. | Undisclosed | Published deal |
| Jun 2026 | Inspired Education Group / Alpha Preparatory School and Nursery, Harrow (UK) · Prep school and nursery in north west London, adding to the London estate Inspired built through Alpha Plus. Reported by EducationInvestor Global, 30 June 2026. Consideration not disclosed. | Undisclosed | Published deal |
| May 2026 | Redshift Education / four Cognita schools · Salcombe Preparatory School in Southgate, Glenesk School in East Horsley, Colchester Prep and High School, and King’s School Plymouth, completing for September 2026. Redshift’s second purchase from Cognita, after Long Close and Polam in June 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Mar 2026 | Alpha Schools / Godstowe School, High Wycombe (UK) · Prep school; joined at the end of March 2026, taking Alpha Schools to 19 schools. Announced by the school, 10 March 2026. Consideration not disclosed. | Undisclosed | Published deal |
| Feb 2026 | Licensed Trade Charity (LTC Education Group) / Claires Court School, Maidenhead (UK) · Bought from its proprietors, Claires Court Schools Ltd, by the charity behind LVS Ascot. A proprietor-owned school passing to a charity group is the reverse of the usual direction of travel. Moore Kingston Smith advised the buyer. Consideration not disclosed. | Undisclosed | Published deal |
| Jan 2026 | Inspired Learning Group / Exeter Cathedral School nursery and pre-prep (UK) · The nursery and pre-prep provision at Hall House, taken over from September 2026 while the prep section closed. Consideration not disclosed. | Undisclosed | Published deal |
| Nov 2025 | Blenheim Schools (Outcomes First Group) / Mount House School (UK) · Barnet, north London. Co-educational school for ages 11 to 18 in a Grade II-listed building, run by the Sisters of St Martha until 2017. Announced by Blenheim in November 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Nov 2025 | Inspired Learning Group / Shrewsbury High School (UK) · Girls’ school for ages 4 to 18, bought from the Girls’ Day School Trust. Consideration not disclosed. | Undisclosed | Published deal |
| Nov 2025 | Concept Education / Leweston School, Dorset (UK) · Described by the school as a strategic alliance with financial investment, and recorded by adviser VWV as a sale. Structure not disclosed. Consideration not disclosed. | Undisclosed | Published deal |
| Oct 2025 | Inspired Learning Group / Royal Hospital School, Suffolk (UK) · HMC boarding school on a 200-acre campus, bought from the naval charity Greenwich Hospital, with completion due in November 2025. The largest of Inspired Learning Group’s purchases recorded here. Consideration not disclosed. | Undisclosed | Published deal |
| Sep 2025 | Outcomes First Group / twelve Cognita UK schools (UK) · Bought through the Blenheim division, including Milbourne Lodge School; announced by Cognita and Blenheim on 8 September 2025, with completion recorded in the Cognita entry above as January 2026. Cognita described the sale as a rebalancing of its UK portfolio toward larger schools. Consideration not disclosed. Completion confirmed by the buyer on 5 January 2026. The twelve: Akeley Wood, Clifton Lodge, Cumnor House, Duncombe, Hendon Prep, Huddersfield Grammar, Hydesville Tower, Meoncross, Milbourne Lodge, Oakfields Prep, Quinton House and St Margaret’s Prep. The group now trades as OFG Education. | Undisclosed | Published deal |
| Sep 2025 | Wishford Education / St Mary’s Preparatory School (UK) · Henley-on-Thames, bought from Cognita and joining Wishford’s nearby Rupert House School. Wishford’s chief executive confirmed the purchase in September 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Aug 2025 | Curwen Group / Old Palace senior site, Croydon (UK) · School property sold by the John Whitgift Foundation and let to Serenity Education for a special school. Sold for GBP 4.7m against a GBP 6m guide price, 22 per cent below guide, with Knight Frank advising. Price published by the seller. | GBP 4.7m | Published |
| Jun 2025 | Redshift Education / Long Close School and Polam School (UK) · Slough and Bedford, both bought from Cognita as Redshift’s founding schools. Long Close runs from nursery to GCSE; Polam is pre-prep and nursery. Cognita’s UK general manager confirmed the sale on 23 June 2025, and Redshift records both as its founding schools. Consideration not disclosed. | Undisclosed | Published deal |
| Jun 2025 | Dukes Education · growth investment from USS, Macquarie, Nomura and a KKR perpetual-capital vehicle; founder retains significant minority. | Undisclosed | Published deal |
| Jun 2025 | 35 Education (Akdemir and al-Attiyah joint venture) / Glenalmond Group (Glenalmond College and Craigclowan School) (UK) · Control of a Scottish charity school group by a privately funded education company. Three heads left Glenalmond within about a year, as reported by The Scotsman in August 2026, a reminder that governance after a change of control is part of the price. Consideration not disclosed. | Undisclosed | Published deal |
| May 2025 | The Aurora Group (Octopus) / R.E.A.L. Education, Mansfield (UK) · SEND provider operating from 17 sites. PwC and PKF Smith Cooper advised. Consideration not disclosed. | Undisclosed | Published deal |
| May 2025 | Inspired Learning Group / Clayesmore School, Dorset (UK) · HMC school from prep to sixth form. Consideration not disclosed. | Undisclosed | Published deal |
| Apr 2025 | Outcomes First Group / Oxford Montessori Schools (UK) · Oxfordshire. A 35-year-old Montessori school, handed over by its founders to OFG’s Blenheim division. Announced by OFG on 23 April 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Mar 2025 | Inspired Learning Group / Cambridge International School and Holme Court School (UK) · Two Cambridge schools, one of them a special school. Consideration not disclosed. | Undisclosed | Published deal |
| 2024 | Forfar Education / St. Helen’s College (UK) · North west London. Co-educational prep school. Forfar’s own school listing records the acquisition in 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Dec 2024 | Outcomes First Group / five Blenheim Schools from Chatsworth Schools (UK and Saudi Arabia) · Beech Hall School, Macclesfield; Pattison, Coventry; Hall School Wimbledon; The London Acorn School; and Beech Hall School, Riyadh. Bought from Chatsworth Schools, a Synova Capital portfolio company, forming OFG’s first mainstream division and its first international school. Houlihan Lokey records completion on 31 December 2024; OFG announced it on 14 January 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Nov 2024 | Forfar Education / Finborough School (UK) · Near Stowmarket, Suffolk. Day and boarding school for ages 2 to 18, bought from the Sinclair family, which had run it since 2008. Recorded on Forfar’s school listing and reported in November 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Nov 2024 | Wishford Education / High March School, Beaconsfield (UK) · Girls’ prep school; Wishford’s tenth school. Consideration not disclosed. | Undisclosed | Published deal |
| Jul 2024 | Cavendish Education / Former Belmont School site, Holmbury St Mary (UK) · Campus bought out of administration from RSM for a school for neurodiverse pupils, against a GBP 7m guide price. Consideration not disclosed. | Undisclosed | Published deal |
| Mar 2024 | Wishford Education / Rupert House School, Henley (UK) · Prep school. Wishford added St Mary’s Preparatory School nearby in 2025. Consideration not disclosed. | Undisclosed | Published deal |
| 2023 | Dukes / Institute of Education, Dublin · 93.3% stake. | ~GBP 114m | Strong estimate |
| 2023 | Forfar Education / Springmead School (UK) · Beckington, near Frome. Prep school for ages 2 to 11. The school’s own site records the acquisition in 2023. Consideration not disclosed. | Undisclosed | Published deal |
| Dec 2023 | Outcomes First Group · majority to TPG Rise with Investcorp, alongside Stirling Square. SEN platform; subsequently acquired 12 Cognita UK schools and others. | Undisclosed | Published deal |
| Dec 2023 | The Aurora Group / Ivy Lane School, Wakefield (UK) · Special day school. Consideration not disclosed. | Undisclosed | Published deal |
| Jul 2023 | Dukes Education / Notting Hill Prep (UK) · Prep school in west London. Consideration not disclosed. | Undisclosed | Published deal |
| Jun 2023 | Inspired Learning Group / Yateley Manor School (UK) · Prep school in Hampshire. Consideration not disclosed. | Undisclosed | Published deal |
| Sep 2022 | Dukes Education / Hove Village Nurseries (UK) · Nurseries in Hove, recorded because a school operator is the buyer. Announced by Dukes in September 2022. Consideration not disclosed. | Undisclosed | Published deal |
| Jul 2022 | Forfar Education / Prenton Preparatory School (UK) · Oxton, Wirral. Established 1935. Confirmed by Forfar’s chief executive in Insider Media, July 2022. Still listed by Forfar in mid-2025 but no longer among its schools, and what followed has not been verified. Consideration not disclosed. | Undisclosed | Published deal |
| Jan 2022 | Alpha Schools / St Edward’s School, Cheltenham (UK) · Joined with a GBP 3m investment pledge from the buyer; the purchase price was not disclosed. Announced by the school, 18 January 2022. | Undisclosed | Published deal |
| 2021-25 | Market volume · adviser VWV recorded independent-school transactions rising from 31 in 2021/22 to 66 in 2024/25, counting transactions rather than disclosed prices. Individual prices in this segment are almost never disclosed. | n/a | Published |
| 2021 | Forfar Education / Park School (UK) · Bournemouth. Prep school for ages six months to 11. Forfar’s own school listing records the acquisition in 2021. Consideration not disclosed. | Undisclosed | Published deal |
| Dec 2021 | Alpha Schools / Lucton School, Herefordshire (UK) · Announced by the school, December 2021. Consideration not disclosed. | Undisclosed | Published deal |
| Oct 2021 | Alpha Schools (through Haddon Dene) / Wellesley House, Kent (UK) · Prep school. Consideration not disclosed. | Undisclosed | Published deal |
| Sep 2021 | Dukes Education / Broomwood Hall, Northcote Lodge and Northwood Senior (UK) · Four schools in south west London: Broomwood Hall Lower and Upper, Northcote Lodge and Northwood Senior. Announced by Dukes, September 2021. Consideration not disclosed. | Undisclosed | Published deal |
| Aug 2021 | Mubadala Capital / Witherslack Group (UK) · Majority of the specialist-school platform bought from Livingbridge, with Charme Capital Partners. Witherslack has since bought Behandlingsskolerne in Denmark (February 2025). Consideration not disclosed. | Undisclosed | Reported |
| Jul 2021 | Alpha Schools / The Prebendal School, Chichester (UK) · Cathedral prep school. Reported by the Church Times, July 2021. Consideration not disclosed. | Undisclosed | Published deal |
| Jun 2021 | Forfar Education / Horris Hill School (UK) · Near Newbury. Boys’ day and boarding prep school for ages four to 13, on its present site since 1888. Confirmed by Forfar’s chief executive in Independent Education Today, June 2021. Forfar closed the school at the end of the 2025/26 year and directed families to Cheam School. Consideration not disclosed. | Undisclosed | Published deal |
| Mar 2021 | Dukes Education / Chiswick and Bedford Park Prep (UK) · Prep school in west London. Consideration not disclosed. | Undisclosed | Published deal |
Continental Europe
Prices surface where a listed seller is obliged to disclose. Where the seller is private, Continental European school deals usually close without a published number, which is why the platform transactions above carry most of the region’s valuation evidence. The exception is a buyer that files audited accounts with full acquisition notes: Orbital’s UK filings price three of its purchases below, in Albania and Spain.
| Date | Transaction | Value | Grade |
|---|---|---|---|
| Sep 2026 | Dukes Education / Jules Verne Campus (Germany) · Munich. Founded 2013; bilingual German and English kindergarten, state-approved elementary school and Gymnasium, and after-school care, with over 400 students. Dukes’ second German school, five weeks after Westpfalz. The operating company is registered as a charitable GmbH, and how it passed to a for-profit group has not been disclosed. Reported by International Schools Today and EducationInvestor Global, 22 September 2026. Consideration not disclosed. | Undisclosed | Published deal |
| Sep 2026 | OFG Education / Escuela IDEO (Spain) · Madrid. Private school of about 1,200 pupils; OFG’s second school in Spain after Colegio Areteia, announced two weeks before its first Gulf purchases. Announced by OFG, 21 September 2026. Consideration not disclosed. | Undisclosed | Published deal |
| Sep 2026 | Ariston Education / Colégio S. Gonçalo (Portugal) · Luz, Lagos, in the Algarve. Founded 2010; nursery and primary for children from four months to ten, about 250 pupils on the group’s own school profile. The founder, Idília Ramos, stays as head, and the school plans to extend into the second and third cycles. Ariston describes the school as joining its network and states no structure or stake. Announced by Ariston on 16 September 2026. Consideration not disclosed. | Undisclosed | Published deal |
| Sep 2026 | Ariston Education / Colégio Paulo VI (Portugal) · Gondomar, Porto. Founded 1964; early years to secondary on the Portuguese curriculum. Rui Alberto Ferreira de Castro, co-owner and co-director since 1994, continues to lead it. Ariston’s first Portuguese school. Described as joining the network; no structure or stake stated. Announced by Ariston on 15 September 2026. Consideration not disclosed. | Undisclosed | Published deal |
| Sep 2026 | Ariston Education / CBS, The British School of Seville (Spain) · Bollullos de la Mitación, Seville. English National Curriculum from age two to sixth form, led by Agustín Aycart since 2009. Described as joining the network; no structure, stake or seller stated. Announced by Ariston on 7 September 2026. Consideration not disclosed. | Undisclosed | Published deal |
| Aug 2026 | AcadeMedia / Florencius (Netherlands) · Two primary schools and one combined preschool and after-school facility, total capacity about 100 children and students. Founded 2006, with classes of up to ten. FY2025 net revenue about EUR 3m and adjusted EBITA above the group profitability target, both party-published. Joins the Winford group and keeps its own brand, taking AcadeMedia past 100 education and childcare units in the Netherlands. Announced by exchange release on 20 August 2026. Het Financieele Dagblad places the schools in Haarlem and Laren and reports about 120 pupils, against the capacity figure in the release; capacity and enrolment are not the same measure and are not combined here. Consideration not disclosed. | Undisclosed | Published deal |
| Aug 2026 | Dukes Education / International School Westpfalz (Germany) · Landstuhl, West Palatinate. Founded 2017, ages 4 to 18, Cambridge curriculum, recognised by Rhineland-Palatinate as an anerkannte Ergänzungsschule. Enrolment reported between about 220 and 240 from over 30 nationalities, the school and the buyer giving different figures. Sold by SBW Haus des Lernens AG of Switzerland, which records the disposal of International School Westpfalz GmbH on its own corporate timeline and retains its other German schools. Dukes’ first school in Germany and the tenth country in its continental European portfolio. Reported by EducationInvestor Global, 14 August 2026. | Undisclosed | Published deal |
| Aug 2026 | INVL Private Equity Fund II and Tesonet / Šiaurės licėjus (Lithuania) · Vilnius. Two schools and three kindergartens with about 1,000 pupils. 2025/26 revenue of EUR 8.8m, party-published, or about EUR 8,800 per pupil (GSE derived). Subject to competition approval, with closing expected by the end of 2026. Consideration not disclosed. | Undisclosed | Published deal |
| Aug 2026 | AcadeMedia / KIDS&Co. (Poland) · All shares in a Polish group of 34 bilingual preschools with about 3,000 places and a first Warsaw primary school opening in September 2026. 2025 revenue of about PLN 99m, party-published. AcadeMedia’s entry into Poland, subject to competition approval at announcement. Consideration not disclosed. | Undisclosed | Published deal |
| Jun 2026 | AcadeMedia / Kinderopvang Kindernet (Netherlands) · Founded 2011. Forty preschool and after-school locations with more than 1,400 childcare places, concentrated in the eastern Netherlands. Oaklins advised the seller. Consideration not disclosed. | Undisclosed | Published deal |
| Jun 2026 | Forfar Education / Pagkrition School (Greece) · Heraklion, Crete. All-through school founded 1963. Forfar’s third Greek school. KPMG Greece advised the buyer on financial and tax diligence. Greek sector body OIELE records it as the tenth Greek private school to pass to a foreign investment fund. Reported by Tes, EducationInvestor Global and Mononews, 17 to 23 June 2026. Greek business outlet Powergame puts cumulative foreign investment in Greek private schools above EUR 1bn across the ten deals. | Undisclosed | Published deal |
| Jun 2026 | Globeducate / Karalienės Mortos mokykla and Vaikystės sodas (Lithuania) · 100 per cent of a school group with campuses in Vilnius and Kaunas and of an 11-site kindergarten network, bought through Globeducate’s Spanish subsidiary from Kibirkštis, the founder’s company. Globeducate’s first schools in Lithuania. Filed accounts give FY2024/25 revenue of EUR 7.56m and net profit of EUR 2.26m for the school, and EUR 5.67m and EUR 1.37m for the kindergartens, a net margin near 30 per cent at the school. Announced June 2026 and filed with the Competition Council in July. Consideration not disclosed. | Undisclosed | Published deal |
| Jun 2026 | Kibirkštis / Knowledge Investment (Karalienės Mortos Kalnėnai campus) (Lithuania) · Vilnius. The operator’s founder bought the 800-place campus property back from BaltCap Infrastructure Fund days before the school group was sold to Globeducate. Property and operator reunited before an exit. Consideration not disclosed. | Undisclosed | Published |
| Jun 2026 | Orbital Education / Colegio Internacional Alminar (Spain) · Dos Hermanas, Seville. Private secular school from Infantil to Bachillerato with nearly six decades of history, on more than 30,000 sq m of grounds. Announced by Orbital in June 2026, four months after Orbital’s own change of control, and announced again by Ariston on 7 September 2026 after the rebrand. One transaction, recorded once. Consideration not disclosed. | Undisclosed | Published deal |
| May 2026 | Globeducate / Colegio M. Peleteiro (Spain) · Santiago de Compostela, Galicia. Founded 1951, Spanish national curriculum, all-through. Sold by the Peleteiro family after more than seven decades in family ownership; Luis and Diego Peleteiro remain in post. Globeducate’s twelfth school in Spain and third in Galicia. Neither party would confirm the consideration or whether the family retained a stake. Globeducate is majority held by Providence Equity Partners with Wendel at 50 per cent from 2024, and reported EUR 440m revenue across 65 schools in 2024. Reported by Tes, El Correo Gallego and Europa Press, 19 to 21 May 2026. | Undisclosed | Published deal |
| Apr 2026 | AcadeMedia / Prolympia (Sweden) · All shares. Ten school units with about 4,400 students and 550 staff, founded 2002, built around a sport profile. FY2024/25 net revenue of SEK 608m and an adjusted EBITA margin of 7.2%, both party-published, which is about SEK 138,000 per student on a GSE-derived basis. Voucher-funded like FAWZ below, so the earnings are publicly funded and do not compare with fee-paying schools. Subject to competition approval at announcement. Consideration not disclosed. | Undisclosed | Published deal |
| Apr 2026 | Dukes Education / CLIP, Colégio Luso Internacional do Porto (Portugal) · All-through school of about 1,200 students on the English National Curriculum, founded more than 30 years ago. Bought from the Violas group together with its property company, CLIP Imobiliária, so the campus transferred with the school. Dukes’ sixth school in Portugal; PLMJ advised the buyer. Consideration not disclosed. | Undisclosed | Published deal |
| Mar 2026 | AcadeMedia / MAM’s Kinderopvang (Netherlands) · All shares. Founded 2010, thirteen preschools with 860 childcare seats in the Apeldoorn region. FY2025 net revenue about EUR 13m and adjusted EBITA above the group profitability target, both party-published. Takes the Dutch estate to 46 preschools and 11 schools. Consideration not disclosed. | Undisclosed | Published deal |
| Mar 2026 | Cognita / St. Gilgen International School (Austria) · Near Salzburg. IB school founded 2008 and held by a parent-founded private foundation, which keeps a minority stake alongside Cognita’s majority. Cognita’s first school in Austria; completion confirmed by the school on 22 March 2026. Consideration not disclosed. | Undisclosed | Published deal |
| Jan 2026 | AcadeMedia / Docemus-Privatschulen (Germany) · One hundred per cent of the shares. Three campuses on the Berlin and Brandenburg border, about 1,400 students, founded 2005 by the Brügmann family. Makes AcadeMedia the largest education provider in Brandenburg, with about 6,000 students in Germany across 103 preschools and 12 schools. Consideration not disclosed. | Undisclosed | Published deal |
| Jan 2026 | Outcomes First Group / Colegio Areteia (Spain) · La Moraleja, Madrid. Founded 1980; an inclusive school covering compulsory education and vocational pathways, sold by Globeducate after 18 years in the group. Outcomes First’s first school outside the UK, and the first Globeducate disposal in this directory. Consideration not disclosed. | Undisclosed | Published deal |
| Jan 2026 | Forfar Education / Rodion Pedia (Greece) · Rhodes. K-12 independent school, Forfar’s first entry into Greece. Announced on the buyer’s own record and reported by Tes. Forfar now runs 17 schools across the UK, Portugal, Spain, Andorra and Greece. | Undisclosed | Published deal |
| Jan 2026 | Dukes Education / The British School of Lisbon (Portugal) · Two campuses, Cais do Sodré and Restelo. Founded 2019 by The Schools Trust, which the school says remains a partner; Nursery to Year 10, growing to A level. Dukes’ fifth school in Portugal; PLMJ advised the buyer. Stake and consideration not disclosed. | Undisclosed | Published deal |
| Jan 2026 | Inspired / Geneva English School (Switzerland) · Founded 1961, outside Geneva. Bär & Karrer advised the buyer, with real estate lawyers on the team; whether the campus transferred has not been disclosed. The first Swiss school acquisition in this directory. Consideration not disclosed. Announced by Inspired on 19 January 2026; buyer counsel published its credential in May 2026. | Undisclosed | Published deal |
| Dec 2025 | Cognita / Liceo Sorolla International School (Spain) · Madrid. Family-founded in 1963; more than 1,000 pupils aged 2 to 18. Cognita’s tenth school in Spain. Announced by Cognita, 18 December 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Nov 2025 | Forfar Education / The English International College (Spain) · Marbella. British curriculum for ages 3 to 18. Forfar’s first school in Spain, announced by Forfar in November 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Sep 2025 | International Schools Partnership / St. Dominic’s International School (Portugal) · Cascais. Founded 1975; more than 700 students from nursery to Grade 12, offering IB programmes at every level. Took ISP to 110 schools in 25 countries. Announced by ISP on 4 September 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Sep 2025 | International Schools Partnership / Colégio Vasco da Gama (Portugal) · Sintra. Founded 1959; more than 1,100 pupils. Took ISP to 111 schools. Announced by ISP, 22 September 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Aug 2025 | Forfar Education / Escola Internacional de Torres Vedras (Portugal) · West of Lisbon. Forfar’s second school in Portugal, a year after Colégio do Vale. Recorded on Forfar’s own school listing and in its November 2025 release. Consideration not disclosed. | Undisclosed | Published deal |
| Aug 2025 | Nord Anglia / H-FARM International Schools (Italy) · three STEAM-focused schools at Venice, Vicenza and Rosà, 1,150+ students, sold by H-FARM SpA, listed on Euronext Growth Milan. Nord Anglia’s first schools in Italy, taking it to 35 countries. Agreement 26 June 2025, completed 1 August 2025. | over EUR 40m Strong estimate | Published deal |
| Aug 2025 | Dukes Education / Thames British School (Poland) · Warsaw. K-12 across four campuses. Announced by Dukes, August 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Jul 2025 | Dukes Education / Mandoulides Schools (Greece) · Thessaloniki. K-12, founded 1978. Dukes describes a partnership and counts the schools in its portfolio; the stake is not stated. Announced by Dukes, July 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Jul 2025 | Orbital Education / CEDES (Spain) · Albacete. Bilingual private school founded 1932, with about 1,000 students. Orbital bought Lollapi, the company that owns the school, on 16 July 2025 for EUR 13.3m up front plus deferred consideration discounted to EUR 0.64m, with EY Abogados advising. The price is from the subsequent events note in Orbital’s audited group accounts for the year to August 2024. The allocation puts EUR 8.97m into intangible assets and EUR 7.09m into goodwill against almost no tangible assets, so the buyer paid for the school’s name, roll and position rather than its buildings. About EUR 13,900 per student (GSE derived). No earnings figure for the school is disclosed. | EUR 13.9m | Published |
| May 2025 | AcadeMedia / International School Potsdam and International School Erfurt (Germany) · Preschool, compulsory and upper secondary operations with about 1,250 children and students. Expected 2025 turnover of EUR 16m, party-published, which puts revenue near EUR 12,800 per student. This is the only AcadeMedia transaction in this directory where revenue and enrolment are both disclosed. Sold by the founding shareholders, with Proventis Partners advising the sell side. Consideration not disclosed. | Undisclosed | Published deal |
| May 2025 | International Schools Partnership / Avgoulea-Linardatou School (Greece) · Peristeri, Athens. Founded 1949; 1,549 pupils. ISP’s third Greek school, taking the network to 107. Announced by ISP, 28 May 2025. Consideration not disclosed. | Undisclosed | Published deal |
| May 2025 | International Schools Partnership / Ellinogermaniki Agogi (Greece) · Athens. Founded 1961; 1,900 pupils. The Hellenic-German school previously recorded here in a combined row with Platon, now separated. Announced by ISP, 16 May 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Apr 2025 | Globeducate / The International School of Paphos (Cyprus) · Founded 1987 as the first private English school in Paphos; nearly 1,200 students from kindergarten to A level. Sold by I.V. Educational Management Services Limited. Announced by Globeducate in February 2025 and completed in April 2025 after approval by the Cyprus competition commission. It joins PASCAL International Education and the Educational Group Olympion in Globeducate’s Cyprus network. Consideration not disclosed. | Undisclosed | Published deal |
| Apr 2025 | Forfar Education / The British College of Andorra (Andorra) · Ages 3 to 18, near Andorra la Vella. Announced by Forfar on 2 April 2025; Forfar’s later release dates the addition to June 2025, which reads as completion. Consideration not disclosed. | Undisclosed | Published deal |
| Apr 2025 | Cognita (through The English Montessori School) / Montessori School La Florida (Spain) · Madrid. Bolt-on school and campus added to an existing Cognita school. Announced by Cognita, April 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Apr 2025 | AcadeMedia / Yes! Kinderopvang (Netherlands) · All shares from the founder: 22 preschools around Rotterdam with 1,400 places. Expected 2025 revenue of EUR 17m and EBITDA of EUR 1.9m, both party-published, an 11 per cent margin. One of very few target EBITDA figures any buyer in this directory has disclosed. Consideration not disclosed. | Undisclosed | Published deal |
| Apr 2025 | Inspired Education Group / British Council School (Spain) · Madrid. Sold by the British Council; founded 1940, the first British school in Spain, ages 2 to 18. Agreed April 2025 subject to approvals; the school now trades as part of Inspired as The British School, El Colegio Británico. A public body selling a school to a privately backed group. Consideration not disclosed. | Undisclosed | Published deal |
| Feb 2025 | International Schools Partnership / American School of Wrocław (Poland) · Founded 2011; 443 students across two campuses. Announced by ISP on 3 February 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Jan 2025 | Dukes Education / Colégio Luso Internacional de Braga (Portugal) · Founded 1999; more than 370 students aged 3 to 18. Dukes’ fourth school in Portugal, after its schools in Lisbon and Porto. Announced by Dukes on 9 January 2025. Consideration not disclosed. | Undisclosed | Published deal |
| 2024 | Inspired / Costeas-Geitonas School (Greece) · control follows a reported EUR 20.2m share capital increase taking 89%, subscribed by a shipowner-controlled vehicle, with the founding family retaining 11%. FY2023 turnover of EUR 17.0m and net profit of EUR 2.8m, as reported from the filings by Greek business press. The capital increase recapitalised the company rather than purchasing a clean control stake, and has not been re-verified against the GEMI filing. | EUR 20.2m Reported | Published deal |
| 2024 | Forfar Education / Colégio do Vale (Portugal) · Charneca de Caparica, south of Lisbon. Forfar’s first school in Portugal, dated to summer 2024 in Forfar’s April 2025 release. Consideration not disclosed. | Undisclosed | Published deal |
| Dec 2024 | International Schools Partnership / Platon Schools (Greece) · Athens. About 1,500 students; ISP then stood at 93 schools. Announced by ISP, 6 December 2024. Previously recorded here in a combined row with the Hellenic-German school, Ellinogermaniki Agogi, which ISP announced separately in May 2025 and which now has its own entry. Consideration not disclosed. | Undisclosed | Published deal |
| Nov 2024 | Cognita / Doukas School (Greece) · c.1,700 students, Cognita’s first Greek school. Consideration not disclosed. | Undisclosed | Published deal |
| Oct 2024 | International Schools Partnership / Colégio Monte Maior (Portugal) · Loures, north of Lisbon. Established 1996; about 1,400 students. Announced by ISP in October 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Oct 2024 | International Schools Partnership / St George Barcelona (Spain) · Sarrià, Barcelona. 640 students. Announced by ISP in October 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Sep 2024 | Inspired / Moraitis School (Greece) · Athens independent; stake and consideration not disclosed. Accounts to 30 June 2023, as reported from the company’s filings by Greek business press, show turnover of EUR 14.6m and net profit of EUR 0.59m. | Undisclosed | Published deal |
| Sep 2024 | Globeducate / Educational Group Olympion (Cyprus) · Near Nicosia. Established 2003; Greek-language private schools with nearly 450 pupils aged 6 to 18. Sold by the Kritikos family, which kept its higher education institute, Global College. Announced by Globeducate in September 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Sep 2024 | Dukes Education / Verita International School (Romania) · Bucharest. Founded 1982; three sites and more than 600 pupils; the founder stays. Romanian press reports a EUR 40m figure, which is an expansion plan for the school and not the consideration. Consideration not disclosed. | Undisclosed | Published deal |
| Jun 2024 | International Schools Partnership / Szkoła Podstawowa im. A. Einsteina (Poland) · Wilanów, Warsaw. Primary school opened in 2018. Announced by ISP on 17 June 2024. Consideration not disclosed. | Undisclosed | Published deal |
| May 2024 | Dukes Education / International School of Athens (Greece) · Kifissia. Share acquisition of I.S.A. THE INTERNATIONAL SCHOOL OF ATHENS, covering the school and Melina’s Kindergarten. Founded 1972 as TASIS, 700 students, the only IB Continuum World School in Greece. Sold by its founder Vasilis Daskalakis. Recorded in Greek reporting as the first investment by an international school operator in a Greek private school, and the transaction that opened the market. Confirmed on both parties’ own records and by counsel on both sides, Papapolitis & Papapolitis for the buyer and Dryllerakis for the seller; consideration not disclosed. Dated to the month: the buyer release reads June 2024 and the target release May 2024, and the precise day circulating in aggregator databases is not supported by either party. | Undisclosed | Published deal |
| Mar 2024 | Dukes Education / Consilium group (Czech Republic, Croatia, Spain) · Eight settings with more than 1,500 pupils, including the American Academy schools in Prague, Brno and Zagreb. Announced by Dukes, March 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Feb 2024 | Inspired Education Group / Colégio Internacional de Vilamoura (Portugal) · Algarve. Founded 1984; more than 650 pupils. Announced by Inspired, February 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Jan 2024 | International Schools Partnership / Akademeia High School (Poland) · Founded 2016; more than 340 students on the British international curriculum. Announced by ISP on 24 January 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Jan 2024 | Morphosis Capital Fund II and Vybros / Mark Twain International School (Romania) · Bucharest. Controlling stake. Romanian press places the deal in a EUR 7m to EUR 15m bracket, which is a range rather than a price. Morphosis has since built Romania Education Alliance, targeting more than 15 schools by 2028. | EUR 7m to 15m bracket | Reported |
| Jan 2024 | Inspired Education Group / The British College of Gavà (Spain) · Barcelona. Founded 2015, bought with adjacent land for expansion. Announced by Inspired, January 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Jan 2024 | Inspired Education Group / Colegio Ramón y Cajal (Spain) · Madrid. The brand and the Arturo Soria campuses; the Villaverde site was excluded. Announced by Inspired, January 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Dec 2023 | Cognita / FOUR-FOREST Group (Switzerland) · More than 300 students and 60 staff. Announced by Cognita on 7 December 2023. Consideration not disclosed. | Undisclosed | Published deal |
| Nov 2023 | Dukes Education / IEP Group (Spain) · Valencian Community. A Spanish group founded 2018 with about 4,800 pupils and 450 teachers in British and bilingual schools; Dukes’ entry into Spain. Announced by Dukes, November 2023. Consideration not disclosed. | Undisclosed | Published deal |
| Nov 2023 | Orbital Education / Magno International School (Spain) · Monforte del Cid, Alicante. Bilingual school for ages 3 to 18 on more than 33,000 sq m. Orbital bought Docere Servicios Educativos S.L., the owning company, on 29 November 2023 for EUR 11.3m, of which EUR 2.9m was still outstanding in a dispute with the vendors. The price is from Orbital’s audited group accounts for the year to August 2023 and the year after. The later accounts treat the deal as a property purchase rather than a business combination, because land and buildings made up substantially all of the fair value acquired: carried at EUR 2.1m in the seller’s books, they were revalued to between EUR 10.8m and EUR 11.9m (the note gives both figures), and no goodwill was recognised. In its first nine months under Orbital the school earned GBP 1.05m against GBP 1.35m of costs. | EUR 11.3m | Published |
| Oct 2023 | Globeducate / English Gate School (Italy) · Cantù, near Como. Founded 2010; bilingual school for ages one to 14 with about 250 students. Announced by Globeducate in October 2023. Consideration not disclosed. | Undisclosed | Published deal |
| Sep 2023 | International Schools Partnership / St George Madrid (Spain) · Founded 2010; 800 students of 51 nationalities. Announced by ISP on 13 September 2023. Consideration not disclosed. | Undisclosed | Published deal |
| Sep 2023 | Globeducate / International Education Group (shareholding) (Morocco, Netherlands) · Globeducate took a shareholding alongside Saham in a group including the International French School of Amsterdam. Stake size not disclosed. Consideration not disclosed. | Undisclosed | Published deal |
| Aug 2023 | AcadeMedia / Winford College (Netherlands) · All shares. Ten schools specialising in individualised learning and bilingual teaching, about 600 students in 2022/23. Broadened AcadeMedia’s Dutch business from preschool into compulsory and upper secondary education and took the Dutch estate to 20 units. A turnover figure near EUR 2.0m circulates in secondary coverage; it implies roughly EUR 3,300 per student, which does not hold for private Dutch education, and it is not carried here. Consideration not disclosed. | Undisclosed | Published deal |
| Jul 2023 | Orbital Education / Montessori-Albania (World Academy of Tirana and International Montessori School of Albania) · Tirana. One operating company running both schools: the Montessori school, founded 2007, for children from nine months to five, and World Academy of Tirana, opened 2010 and Albania’s first IB continuum school. Orbital bought 80 per cent on 6 July 2023 for GBP 7.09m, with an exclusive five-year option over the remaining 20 per cent; the chief executive, Mirlinda Boshnjaku, stayed on. The price is from Orbital’s audited group accounts for the year to August 2023. Net identifiable assets were GBP 0.10m, so 98.5 per cent of the price was goodwill: the opposite of the Magno purchase, where the buildings carried almost all the value. | GBP 7.1m (80%) | Published |
| Jun 2023 | Dukes Education / Colégio Júlio Dinis (Portugal) · Porto. Announced by Dukes in June 2023. Consideration not disclosed. | Undisclosed | Published deal |
| Jun 2023 | Globeducate / Princess Margaret International School (Spain) · Barcelona. IB school. Escala Capital led the process, with Uría Menéndez and EY advising. Consideration not disclosed. | Undisclosed | Published deal |
| May 2023 | Dukes Education / International Sharing School (Portugal) · Taguspark, west of Lisbon. Announced by Dukes in May 2023. Consideration not disclosed. | Undisclosed | Published deal |
| Mar 2023 | Dukes Education / Copperfield International School (Switzerland) · Verbier. IB school founded 2020, now Verbier International School. Announced by Dukes, March 2023. Consideration not disclosed. | Undisclosed | Published deal |
| Nov 2022 | AcadeMedia / FAWZ (Germany) · Fürstenwalde, Brandenburg. One preschool, seven compulsory schools, three upper secondary schools and adult education. About 40 preschool children, 1,800 compulsory and upper secondary students and 500 adult participants in FY2021, with 320 employees. Financed largely through Brandenburg school vouchers on a model close to the Swedish system, so the earnings are publicly funded rather than fee-driven and do not compare with the fee-paying schools elsewhere in this section. Consideration not disclosed. | Undisclosed | Published deal |
| Nov 2022 | Dukes Education / United Lisbon International School (Portugal) · IB school founded 2020; Dukes’ first international school. Announced by Dukes, November 2022. Consideration not disclosed. | Undisclosed | Published deal |
| Aug 2022 | Globeducate / PASCAL International Education (Cyprus) · The largest group of English and bilingual K-12 schools in Cyprus, with about 3,000 students across 11 schools on three campuses. Joined Globeducate on 10 August 2022, as recorded by G.C. Hadjikyprianou and Associates, which advised on the deal, with Globeducate’s chief executive quoted at announcement. Globeducate’s entry into Cyprus. Consideration not disclosed. | Undisclosed | Published deal |
| Aug 2022 | Nord Anglia Education / Hamelin-Laie International School (Spain) · Montgat, outside Barcelona. Founded 1989; 1,300 students from nursery to Grade 12, trilingual in English, Spanish and Catalan, with the IB Diploma and the Spanish Bachillerato. Nord Anglia’s second school in Spain. Announced by Nord Anglia on 1 August 2022. Consideration not disclosed. | Undisclosed | Published deal |
| May 2022 | Inspired Education Group / La Miranda (Spain) · Barcelona. Founded 1967. Announced by Inspired, May 2022. Consideration not disclosed. | Undisclosed | Published deal |
| May 2022 | Inspired Education Group / Colegio Mestral (Spain) · Ibiza. Bilingual, more than 650 pupils. Announced by Inspired, May 2022. Consideration not disclosed. | Undisclosed | Published deal |
| Mar 2022 | AcadeMedia / Blokkentrein and Le Garage Kinderopvang (Netherlands) · All shares. The platform acquisition that opened the Dutch market for AcadeMedia: two preschools, about 240 children, annual turnover just over EUR 2.7m. Consolidated into the preschool segment from 1 April 2022 and organised under the German operation at the time. Consideration not disclosed. | Undisclosed | Published deal |
| Feb 2022 | Cognita / Colegio Internacional Meres (Spain) · Meres, Asturias. Ages 3 to 18. Announced by Cognita on 3 February 2022. Consideration not disclosed. | Undisclosed | Published deal |
| Sep 2021 | Globeducate / Cambridge House Community College (Spain) · Valencia. About 1,700 pupils; Globeducate’s eleventh school in Spain. Consideration not disclosed. | Undisclosed | Published deal |
| Sep 2021 | International Schools Partnership / Mosaic School (Switzerland) · Geneva. Bilingual French and English school. Consideration not disclosed. | Undisclosed | Published deal |
| Sep 2021 | Globeducate / Bilingual European School and British American Pre-School (Italy) · Milan. More than 500 pupils; Globeducate’s second school in Milan. Consideration not disclosed. | Undisclosed | Published deal |
| May 2021 | Cognita / Obersee Bilingual School (Switzerland) · Cognita’s second school in Switzerland. Announced by Cognita on 4 May 2021. Consideration not disclosed. | Undisclosed | Published deal |
| May 2021 | Cognita / Bilingual School of Florence (Italy) · Kindergarten; Cognita’s first school in Italy. Announced by Cognita, May 2021. Consideration not disclosed. | Undisclosed | Published deal |
| Feb 2021 | Globeducate / Granada College, Mougins School and International Preparatory School (Spain, France, Portugal) · Three British schools in Granada, Mougins and Cascais, announced together. Consideration not disclosed. | Undisclosed | Published deal |
Greek trade press estimates these school acquisitions at EUR 15m to EUR 30m each depending on enrolment, campus and results Reported. The range is included because its circulation makes omission misleading, and it should not be used as a comparable: no party has disclosed a price on any of the ten Greek transactions above.
Dukes moved first, in May 2024, in what Greek reporting records as the first foreign investment in Greek private education. Inspired, Cognita and ISP all followed inside twelve months, against filed school revenues of EUR 14m to EUR 17m. Forfar then took Rhodes and Crete, and the Greek sector body counts the Crete school as the tenth to pass to a foreign fund. Greek reporting puts private-school enrolment at about 125,000 students against roughly 70,000 during the crisis years Reported. One transaction opened this market and nine have followed it, not one of them with a disclosed price. That is the condition in which repeated estimates harden into assumed fact.
The German entry is the smallest school in this section by some margin, and that is the point of recording it. A single site of roughly 230 students, with no disclosed price, is not a comparable. It is evidence that the acquisition floor has moved. Groups backed by institutional capital have historically screened at several hundred students and upwards, on the argument that below that the management overhead cannot be recovered. An owner sitting on a school of that size should now price in a wider buyer universe than the one that existed three years ago. The vendor detail matters as much as the buyer: SBW Haus des Lernens sold this school and kept its other German operations, so this was a portfolio decision rather than an exit, and single-asset carve-outs of that kind are how most small-school owners will meet the market.
AcadeMedia is the counterweight to everything else in this section. It is listed in Stockholm, so it announces by exchange release, names the units it has bought and, in seven of the eleven transactions above, gives the target’s revenue. It has still never disclosed a consideration. Eleven deals across four countries in under five years, twelve with the UK nursery group recorded under UK and Ireland, every one party-published, and not one price. Non-disclosure in this sector is a choice, not a consequence of private ownership.
What the AcadeMedia record does supply is scale. Potsdam and Erfurt carried about EUR 16m of turnover across roughly 1,250 children and students, close to EUR 12,800 each, which sits alongside Globeducate’s EUR 11,000 group average and corroborates the premium European band from an unrelated buyer. Florencius sits at the other end, about EUR 3m against a released capacity of 100 places, which reads far higher per place but rests on capacity rather than enrolment and describes a school built on classes of ten. The two should not be averaged, and neither should be read as a fee level. Taken as a cadence rather than as comparables, the pattern is a listed consolidator moving the Dutch estate from a two-preschool entry in 2022 to more than 100 units in 2026, and buying down to a three-unit school with a hundred places. That reinforces the acquisition-floor point made above from the German carve-out, with a buyer obliged to tell the market what it bought.
Asia, Americas and Africa
Including the regulatory event that repriced more K-12 equity value than any transaction in this directory.
The Double Reduction policy of 24 July 2021 barred K-12 curriculum-subject operators from for-profit operation and from raising capital on public markets. Chinese education equities lost more than USD 100bn of market value over 2021 Strong estimate, with New Oriental falling around 40% in a single Hong Kong session and China Maple Leaf down 16% the same day. Maple Leaf subsequently deconsolidated schools and pivoted toward high-school and overseas operations, and now trades at a small fraction of its pre-2021 capitalisation. Bright Scholar, which raised USD 190m at USD 19.00 per ADS in 2018, trades at a token price today. Four years on, the discount is quantifiable: BDA’s July 2025 snapshot prices Greater China listed K-12 operators at 8.8x to 9.2x LTM EBITDA against 10.7x to 13.4x for global peers, on the same basis and percentile method.
No school EBITDA multiple survives a change in whether the school is permitted to earn one. Every multiple in this directory is a price paid for a regulated cash flow, and the regulator is a counterparty that never signs the agreement. GSE catalogues no Chinese K-12 control transactions in this window, because the policy closed the market to the buyers who would have made them.
| Date | Transaction | Value | Grade |
|---|---|---|---|
| Oct 2026 | ADvTECH / St George’s School campus, Gqeberha (South Africa) · Property of a 90-year-old school that Curro said in May 2026 it would close at the end of the year. It reopens in January 2028 as the first Eastern Cape campus of The Bridge School, ADvTECH’s school for neurodivergent learners, with 450 places. One listed operator buying a closing school from another to repurpose it for special needs. Announced 14 October 2026. Consideration not disclosed. | Undisclosed | Published deal |
| Oct 2026 | W. P. Carey / British International School of Chicago, South Loop campus (United States) · A 98,000 sq ft school building at 901 South Clark Street, let to the Nord Anglia school, sold by EPR Properties. About USD 720 per sq ft (GSE derived). Single-sourced from a transaction database; neither REIT has published the figure, so the grade will rise only if it appears in their quarterly filings. | USD 70.6m | Reported |
| Oct 2026 | Ariston Education / Merited Alliance of Schools (Mexico) · Five bilingual and trilingual schools on the Mexican national curriculum, with more than 4,000 students: Colegio Reina Isabel in Tijuana, Colegio Baden Powell in Atizapán de Zaragoza, Escuela Anne Sullivan in Naucalpan, Instituto Mexicano Americano in Veracruz and Colegio Buena Tierra in Metepec. Each keeps its name and leadership. Ariston describes Merited as joining its network and gives no structure, stake or seller; Merited’s general director, Emilio Malpica, was quoted. Takes Ariston to 20 schools and more than 10,800 students. Announced by Ariston on 19 October 2026. Consideration not disclosed. | Undisclosed | Published deal |
| Sep 2026 | Taylor’s Schools / St Andrews International School (Thailand) · Four campuses bought from Cognita: Sathorn, Dusit and Sukhumvit 107 in Bangkok, and Green Valley on the Eastern Seaboard. Taylor’s first market outside Malaysia and Singapore, taking it to 10 schools and about 10,000 students. A separate school from the Nord Anglia-owned St Andrews International School Bangkok. Reported by Tes and EducationInvestor Global. Consideration not disclosed. Taylor’s counsel confirmed closing in September 2026. | Undisclosed | Published deal |
| Aug 2026 | International Schools Partnership / Cedar Crest Academy (United States) · Seattle’s Eastside, Washington. Founded 2003; pre-primary and elementary from Young Preschool to Grade 4 across four campuses: Park Highland, Northup, Redmond and Bellewood. ISP’s third school in the Seattle area, alongside Bellevue Children’s Academy and Willows Preparatory School. Executive Director Heather Carpenter remains in post. Announced by ISP on 31 August 2026. The Bellewood campus property was sold separately earlier the same month with the operator lease in place; see the property entry below. Consideration and enrolment not disclosed. | Undisclosed | Published deal |
| Aug 2026 | Undisclosed Miami-based buyer / Cedar Crest Academy Bellewood campus, Bellevue WA · PropCo acquisition with the operator lease in place; 22,625 sq ft on 1.52 acres. Sold for just under USD 17m. Seller DSD Holdings LLC, which bought the building in 2013 for USD 4.1m and converted it from offices. Rent and cap rate not disclosed. The operator, Cedar Crest Academy, joined International Schools Partnership on 31 August 2026; see the entry above. | USD 17.0m | Published |
| Aug 2026 | SEB / Escola Cidade Jardim PlayPen (Brazil) · São Paulo. 100 per cent of a bilingual school founded 1981, from early years to high school, sold by Cognita after owning it since 2012. SEB is the Brazilian group behind the Maple Bear network. Subject to Cade approval at announcement. Consideration not disclosed. | Undisclosed | Published deal |
| Jul 2026 | Grupo Salta / ULBRA basic education network (Brazil) · five schools in Rio Grande do Sul and Goiás, sold out of ULBRA’s judicial recovery and the buyer’s first entry into Rio Grande do Sul. The stated figure covers both the schools and rent on the properties, which remain with the seller, so it is not a clean price for five operating schools. No student numbers, earnings or multiple disclosed. The only reporting that names the schools lists three in Rio Grande do Sul: Colégio Cristo Redentor in Canoas, Colégio Ulbra Martinho Lutero in Guaíba and Colégio São Lucas in Sapucaia do Sul. | R$55m | Reported |
| Jul 2026 | Lighthouse Learning / Pathways Gurgaon · premium IB school on a 10-acre site with about 4.5 lakh sq ft built, roughly 1,600 students at average fees near INR 10 lakh. Business Standard, the only outlet meeting this directory’s sourcing standard, reports the deal as agreed at about INR 1,500cr and publishes no multiple. The widely repeated 13x and the INR 110cr EBITDA behind it appear only in secondary coverage and are not treated as citable here. Structurally unusual for India: the school sits under Sarla Holdings as a company rather than a trust or society, which is what permitted a clean equity sale, and reporting indicates the transaction covers assets held by one promoter rather than the whole brand. See the reconciliation note below the table. Completed on 12 October 2026, when Lighthouse took ownership and renamed the school PSG Clifton International School under a partnership with Clifton College announced on 6 October. Completion terms not disclosed. | ~INR 1,500cr | Reported (completed) |
| Jul 2026 | Vitruvian / K12 Techno Services (India) · takes about 16 per cent of the Orchids International Schools operator, INR 150cr of it new capital and the balance bought from existing investors, with Peak XV Partners selling part of its holding at about 12 times its money. Business Standard reports about INR 1,159cr for the stake, valuing the business near INR 7,200cr. ICRA’s May 2026 rating rationale names the buying entity as Eko Tanno Pte Ltd, puts the holding at 16.33% acquired through primary infusion and secondary purchases in FY2026, and records provisional FY2026 revenue of INR 523cr, up 33% year on year. | ~INR 7,200cr (implied) | Published (stake) |
| Jul 2026 | Lighthouse Learning (India) · market reports in July 2026 described a plan to acquire two school groups in Hyderabad and Bengaluru, named as Meru International and Millennium World School. GSE has located no reporting that meets this directory’s sourcing standard, no confirmation that anything has completed, and no reconciliation of which Meru campuses would be in scope. Mint, as summarised by Venture Intelligence on 21 July 2026, reports about INR 600cr in total: INR 450cr to 500cr for Meru and about INR 100cr for Millennium. That is single-sourced reporting of a deal still in negotiation, so no value is entered. The entry is carried as an open process for transparency, not as evidence. | Not published | Reported (process); unverified |
| Jun 2026 | International Schools Partnership / Aspen Academy (United States) · Denver, Colorado. Independent school from early learning to Grade 8, founded more than twenty years ago by Kristina Scala and Lynda Sailor, and selected as an ISP LabSchool. As the school joined ISP, an independent charitable organisation, the Aspen Endowment, was created with an initial sum of about USD 38m and further scheduled funding. The release does not say the endowment is the consideration, so no value is entered. Announced by ISP on 30 June 2026, when the network stood at 120 schools in 26 countries. | Undisclosed | Published deal |
| Jun 2026 | International Schools Partnership / Woodlands School (Uruguay) · Carrasco, Montevideo. Bilingual PreK to Grade 12 school, opened 1995. ISP’s second school in Uruguay, following Woodside in Punta del Este. Announced by ISP on 1 June 2026. Consideration not disclosed. | Undisclosed | Published deal |
| Jun 2026 | International Schools Partnership / Heathfield International School of Bangkok (Thailand) · Saphan Sung, Bangkok. Founded 2007, almost 400 students, British curriculum to A level. ISP’s fourth school in Thailand, taking the network to 119 schools. Reported by ISP and EducationInvestor Global, 22 June 2026. | Undisclosed | Published deal |
| Jun 2026 | Inspired Education Group / Island Primary and Island Montessori (Cayman Islands) · Grand Cayman. Island Primary, founded 2023, teaches Reception to Year 6 on a British curriculum, and the acquisition includes Island Montessori. Inspired frames it as a step in its Caribbean expansion. Announced by Inspired on 5 June 2026. Consideration not disclosed. | Undisclosed | Published deal |
| Jun 2026 | EduFund / Generation Education Group (South Africa) · JSE-listed Trematon is selling its 87% interest in Generation Schools, the PropGen property business and Si Institute to the Education Investment Impact Fund managed by Old Mutual Alternative Investments. Five Western Cape campuses and one in Gauteng, founded 2016. Competition Tribunal approval in July 2026 and Trematon shareholder approval, at 98 per cent, on 14 October 2026; not yet completed. The price covers equity and shareholder loan claims of ZAR 190m, against aggregate net liabilities of ZAR 48.8m, and Trematon put it close to the board’s view of net asset value. It is not an equity value for a six-campus group and no multiple is derived. | ZAR 172m | Published agreed |
| May 2026 | Nord Anglia Education / Mont’Kiara International School (Malaysia) · Kuala Lumpur. Founded 1994, more than 700 students of over 45 nationalities, full IB continuum plus the US High School Diploma. Legal entity Mont’Kiara International School Sdn. Bhd. Sold by its founding chairman after more than 25 years. Nord Anglia’s second Kuala Lumpur school, taking the group to 15 in Southeast Asia and 90 worldwide. Announced 25 May 2026, effective August 2026. Reported by Nord Anglia, the school and Tes. The school publishes its own fee schedule, RM35,110 at Pre-K rising to about RM125,000 at high school; against reported enrolment of more than 700 that puts gross tuition revenue in the region of RM60m to RM75m, roughly USD 13m to 17m, a GSE-derived scale only. | Undisclosed | Published deal |
| May 2026 | Dukes Education / MacLachlan College (Canada) · Oakville, Ontario. Founded 1978, more than 400 students across two campuses, IB PYP and MYP with Advanced Placement. Dukes’ first school in Canada and its entry into North America. Announced 29 May 2026 by the school, with a corrected release issued the following day. Reported by EducationInvestor Global and Tes, the latter carrying the founder’s stated ambition to match the group’s European scale in North America. | Undisclosed | Published deal |
| May 2026 | Inspired Education Group / International School of Querétaro (Mexico) · Juriquilla. Founded 1999; bilingual, with more than 1,100 students of over 30 nationalities. Clairfield advised the seller and describes a strategic partnership, so the stake acquired is not confirmed. Consideration not disclosed. | Undisclosed | Published deal |
| May 2026 | Hektar REIT / KYS KL East International School, Kuala Lumpur · Agreed, not completed: Bursa approved the consideration units on 5 August 2026, unitholders vote on 16 November 2026 and completion is expected by the end of February 2027. The price is RM106.55m in cash and RM18.45m in new units, and Sime Darby Property (KL East) holds the freehold as master lessor. Leasehold interest in the existing buildings plus a secondary block still to be constructed, sold by KYS College Sdn Bhd on a triple-net sale-leaseback. Party-published 6.7 per cent initial net yield on MYR 8.2m of net rent on completion, and 8.87 per cent average across the initial 30-year term, with rent at MYR 3.30 per sq ft per month stepping 10 per cent every three years. The sub-lease runs 30 years, extending to 99. The valuer adopted the income approach at MYR 125m over a cost approach at MYR 100m. GSE derived: about MYR 96,154 per designed place across 1,300 places, and MYR 6,308 of occupancy cost per place per year. | MYR 125m | Published |
| Apr 2026 | International Schools Partnership / Woodside School (Uruguay) · Punta del Este, three campuses. Founded 1998; bilingual all-through with 981 students, 80 per cent of them local, on the Uruguayan programme with Cambridge and the IB Diploma. The four founders remain as campus heads. ISP’s first school in Uruguay. Consideration not disclosed. | Undisclosed | Published deal |
| Mar 2026 | Cognita / The English Institute (Chile) · Providencia, Santiago. K-12 bilingual school founded 1976; Cognita’s 18th school in Chile. Announced by Cognita, 5 March 2026. Consideration not disclosed. | Undisclosed | Published deal |
| Mar 2026 | XCL Education / Mooltripakdee International School (Thailand) · Chonburi, in the Eastern Economic Corridor. About 1,000 students on a Cambridge curriculum. XCL calls it a partnership; its counsel describes due diligence, structuring and closing. XCL is itself subject to KKR’s pending purchase recorded below. Consideration not disclosed. | Undisclosed | Published deal |
| Mar 2026 | Lighthouse Learning / Early Learning Village, Gurugram (India) · Business transfer of an early-years school. Recorded because the buyer is a K-12 operator. Cyril Amarchand Mangaldas advised the buyer. Consideration not disclosed. | Undisclosed | Published deal |
| Feb 2026 | International Schools Partnership / Godoi Educacional Group (Brazil) · São Paulo. Three schools, Colégio Albert Sabin, Escola AB Sabin and Colégio Vital Brazil, with 3,814 students and a 33-year history. Announced by ISP on 4 February 2026. Consideration not disclosed. | Undisclosed | Published deal |
| Feb 2026 | KKR / XCL Education · majority stake from TPG; Singapore, Malaysia, Thailand, Vietnam platform built on the former GEMS Asia schools (see historical benchmarks). Pending approvals; no party has published the value. Still pending in October 2026. Bloomberg reported in March 2026 that KKR was raising a USD 500m five-year loan to fund the purchase. XCL has since added Mooltripakdee International School in Thailand. | ~USD 1.3bn | Strong estimate |
| Feb 2026 | STORE Capital / Spring Education campus, 8000 Jones Branch Drive, Tysons (United States) · Three buildings and 244,466 sq ft occupied by BASIS Independent since 2016, sold by Spring. Whether BASIS stays on a lease was not reported. The second Spring property sold to STORE within weeks, after the Silicon Valley campus below. | About USD 103m | Strong estimate |
| Feb 2026 | Curro / CAPMAC and Meridian Operations Company (South Africa) · The remaining 35 per cent of the Meridian schools property company and the non-profit operating company. The Competition Commission recommended unconditional approval in February 2026; Tribunal approval and completion have not been confirmed. Consideration not disclosed. | Undisclosed | Reported |
| Jan 2026 | International Schools Partnership / American Academy Casablanca (Morocco) · Founded 1996; more than 1,000 students from Pre-K to Grade 12 on the US Common Core curriculum, accredited by Cognia and the Moroccan Ministry of Education, with the IB Diploma and Advanced Placement in high school. ISP’s second school in Morocco. Announced by ISP on 13 January 2026. Consideration not disclosed. | Undisclosed | Published deal |
| Jan 2026 | Store Capital / BASIS Silicon Valley · PropCo sale-leaseback of the San Jose campus; prior 2020 purchase price USD 77.7m. Rent and cap rate not disclosed. STORE bought a second Spring property, in Tysons, Virginia, the following month (see the Tysons entry). | USD 62.6m | Strong estimate |
| Jan 2026 | Jannie Mouton Stigting / Curro Holdings (South Africa) · Scheme of arrangement at R13 per share, paid mostly in Capitec and PSG Financial Services shares with about 6.6 per cent in cash, a 60 per cent premium to the last close. Implemented 12 January 2026; Curro left the JSE the next day after almost 15 years and is converting to a non-profit public benefit organisation. About R6.9bn across the scheme shares (GSE derived). The largest K-12 operator in Africa has left the public market, and the directory’s only listed multiple with it. | R13 per share | Published |
| 2025 | Brookfield / Spring Education (US) · structured investment; not confirmed by the parties. | ~USD 825m | Reported |
| Dec 2025 | International Schools Partnership / Collage Day School (United States) · Jacksonville, Florida. Founded 2017; infants to Grade 5 on an eight-acre campus. Took ISP to 112 schools in 25 countries. Announced by ISP on 5 December 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Nov 2025 | Inspired Education Group / Picacho McGregor School (Mexico) · San José del Cabo. Founded 1991; K-12 bilingual school on an American curriculum, on a campus of about 15,200 sq m. Announced by Inspired on 21 November 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Nov 2025 | Inspired Education Group / Newton’s Grove School (Canada) · Mississauga, Ontario, with an early years campus in Etobicoke; Ontario curriculum with Advanced Placement. Inspired’s entry into Canada. The release describes a partnership and welcomes the school to the group; the stake acquired is not disclosed. Announced by Inspired on 4 November 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Nov 2025 | KKR and PSP Investments / Lighthouse Learning (India) · further investment with KKR retaining majority; PSP joins as a new investor. Over 1,850 preschools and 60 K-12 schools, more than 190,000 students daily. KKR first invested in 2019. Amounts not disclosed. | Undisclosed | Published deal |
| Nov 2025 | Blackstone / Globetrotters Educational Innoventions (Jaipur) · The Economic Times reported on 18 November 2025 that Blackstone was in talks for a majority stake, with initial conversations centred on USD 150m to 200m as the base of a planned USD 600m to 700m India education platform. Not completed. Globetrotters operates Jayshree Periwal International School and six preschools. Filings with the Registrar of Companies give FY25 operating revenue of INR 135.2cr, up 16%, and net profit of INR 22.5cr against INR 10.7cr. Two further family schools sit under an educational society and are expected to fall outside the deal, because private equity cannot invest directly in Indian educational societies. | ~USD 150-200m (proposed) | Reported (process); not completed |
| Nov 2025 | Grupo Salta (Brazil) · Opportunity and Gera Capital buy the whole of Warburg Pincus’s 26% holding. Reported at an enterprise value of about BRL 5.8bn against net debt of BRL 1.2bn at end-September, so an equity value of about BRL 4.6bn. Nine-month revenue BRL 2.1bn and EBITDA BRL 517m; 232 schools and over 160,000 students at Q3. Warburg entered in 2017 as the first institutional investor, over which period group EBITDA rose more than fifteenfold. Brazilian business press gives the cap table after the trade as Gera 23.5 per cent, Opportunity 18.5 per cent, Atmos 17.5 per cent, Mission 11 per cent and GIC 10 per cent. No IPO had been filed by the 4Q25 results. | ~BRL 5.8bn EV c.8.4x GSE derived | Strong estimate |
| Oct 2025 | Inspired Education Group / Modern Montessori School (Jordan) · Founded 1985; K-12 school combining Montessori in the early years with the full IB continuum, among the first IB schools in Jordan. Announced by Inspired on 21 October 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Sep 2025 | Globeducate / The Clover School (Canada) · Toronto. Founded 1996; Montessori school for toddlers to age 12, with nearly 300 children across two campuses, sold by its two founders. Globeducate’s first Montessori school. Announced by Globeducate on 11 September 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Aug 2025 | Nord Anglia Education / Trewhela’s School (Chile) · Santiago. Founded 1937 and led by three generations of the founding family; more than 2,000 students across the Providencia and Chicureo campuses, on the Chilean national curriculum with Cambridge IGCSE and A level. Nord Anglia’s first school in Chile and, by its own count, its 16th in Latin America. Announced by Nord Anglia on 27 August 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Aug 2025 | Nord Anglia Education / Regent’s International School Bangkok (Thailand) · Founded 1999; more than 800 students aged 2 to 18 on the English National Curriculum and the IB Diploma. Sister school of Regents Pattaya, a Nord Anglia school since 2012. The founding Techavijit family stays on as a long-term partner, with the founder continuing as chairman; the stake acquired is not disclosed. Kudun and Partners advised the family. Announced by Nord Anglia on 15 August 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Aug 2025 | Nord Anglia Education / Rochester School (Colombia) · Bogotá. Founded 1959; CIS-accredited, combining national, international and bilingual curricula. Nord Anglia’s first school in Colombia. Announced by Nord Anglia on 12 August 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Aug 2025 | ADvTECH / Regis Runda School, Nairobi. | ~ZAR 172m | Published |
| Jul 2025 | Hektar REIT / 41.8 acres at Durian Tunggal, Melaka · Leasehold land adjacent to Kolej Yayasan Saad, land only, triple-net. Reported 5.3 per cent net rental yield. GSE derived: MYR 21.97 per sq ft across 1,820,808 sq ft of site area, corroborating the MYR 22 per sq ft published by Hong Leong Investment Bank against a 2025 median near MYR 28. | MYR 40m | Published |
| Jul 2025 | International Schools Partnership / Tara Pattana International School (Thailand) · Pattaya. Founded 2011; more than 345 students. Announced by ISP, 8 July 2025. Consideration not disclosed. | Undisclosed | Published deal |
| May 2025 | International Schools Partnership / Summit-Questa Montessori (United States) · South Florida. Montessori school established 1991. Took ISP to 106 schools in 25 countries. Announced by ISP on 21 May 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Apr 2025 | Nord Anglia Education / International College (Uruguay) · Punta del Este. Founded 2017; 550 students from Pre-K to Grade 12 on the national curriculum, IGCSE and the IB, on a 50,000 sq m campus. Nord Anglia’s first school in Uruguay and 14th in Latin America. Announced by Nord Anglia on 28 April 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Apr 2025 | Grupo Salta / Colégio Antares (Brazil) · Grande Fortaleza. A network of ten units with about 5,000 students, and Salta’s only acquisition of 2025 according to its own results presentation. Consideration not disclosed. | Undisclosed | Published deal |
| Apr 2025 | Maria Claudia Amaro / Escola Mais network (Brazil) · São Paulo. A school network sold by Bioma Educação, the listed comparable recorded below, as it shrank. The sale is confirmed in Bioma’s filings; the buyer is named in press reporting only. Consideration not disclosed. | Undisclosed | Published deal |
| Mar 2025 | International Schools Partnership / Colégio Progresso (Brazil) · Six schools in Campinas, Indaiatuba, Vinhedo, Itu and Santos, founded 1900, with more than 5,500 students; ISP then stood at 104 schools. Sold by Atmo Educação, whose adviser records signing in December 2024. Announced by ISP, 11 March 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Feb 2025 | Nord Anglia Education / Kipling School (Mexico) · Mexico City. Founded 1963; more than 2,500 students across three campuses on the Mexican national curriculum and the IB. Nord Anglia’s fourth school in Mexico. Announced by Nord Anglia on 6 February 2025. Consideration not disclosed. | Undisclosed | Published deal |
| Jan 2025 | Enko Education · growth round led by Africa Capitalworks with Adiwale; buy-and-build strategy across 10 African countries. | USD 24m | Published |
| 2024 | Stirling Education / International Hope School Bangladesh (Bangladesh) · Dhaka. Founded 1996; English-medium school on the British curriculum. Recorded on Stirling’s own history page as acquired in 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Dec 2024 | International Schools Partnership / three US schools: Rancho Solano Preparatory, Lake Mary Preparatory and Henderson International · Scottsdale, Arizona; Lake Mary, Florida; and Henderson, Nevada. Rancho Solano, established 1954, has more than 900 students. Announced together by ISP on 12 December 2024, taking the network to 96 schools in 25 countries. Consideration not disclosed. | Undisclosed | Published deal |
| Nov 2024 | ADvTECH / Ethiopian school group (Flipper, five campuses). | USD 7.5m | Published |
| Nov 2024 | International Schools Partnership / The Indian Public Schools Group (India) · Schools in Erode, Salem and Tiruchirappalli, Tamil Nadu, on Cambridge, IB and CBSE curricula. Announced by ISP on 5 November 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Nov 2024 | Nord Anglia Education / Escola Móbile (Brazil) · São Paulo. Founded 1975; Brazilian national curriculum, more than 3,800 students aged 2 to 18. Agreement announced 19 August 2024 and completed on 1 November 2024 after regulatory approval. The founder, Maria Helena Bresser, and Daniel Bresser remain as partners and general directors; Brazilian press describes a partial stake, which Nord Anglia has not confirmed. Consideration not disclosed. | Undisclosed | Published deal |
| Nov 2024 | Hillhouse Investment / Education in Motion (Dulwich College International) (Asia) · Investment in the operator of the Dulwich College International schools across Asia, confirmed by the company in November 2024 without terms. Reuters had reported a figure of about USD 600m in August 2024. Recorded as ownership of an operator, not a brand licence. | About USD 600m | Strong estimate |
| Oct 2024 | International Schools Partnership / Alexander Montessori School (United States) · Four campuses in Miami-Dade; more than 540 students from preschool to Grade 5. Announced by ISP on 22 October 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Oct 2024 | International Schools Partnership / Manthan International School (India) · Hyderabad. Founded 2009. Recorded on ISP’s own school listing, October 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Sep 2024 | International Schools Partnership / Pinnacle Schools (United States) · Two Northern California campuses, including Hilldale School in the Bay Area, with more than 400 students. Announced by ISP on 5 September 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Sep 2024 | Dymon Asia Private Equity / TUSK Asia (Thailand) · Investment in a Thai K-12 group; stake not disclosed. Reported by DealStreetAsia, September 2024. | Undisclosed | Reported |
| Aug 2024 | AmanahRaya REIT / School building, Shah Alam (Malaysia) · Shah Alam building let to a private school operator. Price as announced by the Bursa-listed REIT. A fourth Malaysian REIT school data point, alongside Hektar and Alpha REIT. | RM 31.4m | Published |
| Aug 2024 | Inspired Education Group / British International School of Barranquilla (Colombia) · Announced by Inspired, August 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Jul 2024 | Hektar REIT / Kolej Yayasan Saad, Melaka · Quadruple-net sale-leaseback from KYS College Sdn Bhd, at a party-published 8 per cent average net yield across the 30-year lease tenure. | MYR 148.5m | Published |
| Jul 2024 | International Schools Partnership / Escola Internacional de Alphaville (Brazil) · Alphaville, outside São Paulo. Founded 1999; more than 800 children from Pre-K to Grade 12. ISP’s third school in Brazil. Announced by ISP on 8 July 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Jun 2024 | Grupo Salta / Colégio Ábaco (Brazil) · Four units in São Paulo and São Bernardo do Campo, confirmed in Salta’s results presentation as a 2024 acquisition. Consideration not disclosed. | Undisclosed | Published deal |
| Mar 2024 | International Schools Partnership / Groupe Scolaire Charles Péguy (Morocco) · Casablanca. Founded 2012; more than 1,500 students on the Moroccan curriculum. ISP’s first school in Morocco. Announced by ISP on 11 March 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Feb 2024 | Grupo Salta (Brazil) · Atmos Capital and Mission Co. buy in while Warburg Pincus tops up, acquiring 32% from Gera Capital’s first fund. Brazilian business press reports the trade at more than 10x EBITDA, against roughly 15x for comparable private transactions outside Brazil, and values it at about BRL 1bn. Post-deal: Gera 23%, Warburg 28%, Atmos 19%, Mission 11%, management 9%. Gera’s fund returned about 10x capital at roughly 35% a year. | ~BRL 1bn over 10x EBITDA | Strong estimate |
| Feb 2024 | International Schools Partnership / Brazil International School (Brazil) · São Paulo. Founded 1999; 644 children from Pre-K to Grade 12. Announced by ISP on 15 February 2024. Consideration not disclosed. | Undisclosed | Published deal |
| Feb 2024 | IGC Group (Navis) / Hong Duc School (Vietnam) · Hanoi. Private K-12 school. Reported by DealStreetAsia, February 2024. Consideration not disclosed. | Undisclosed | Reported |
| Jan 2024 | Heri Holdings / Nova Pioneer (Kenya) · confirmed PropCo sale-leaseback of the Tatu City property company; Nova Pioneer remains tenant. Consideration undisclosed. | Undisclosed | Published structure |
| Nov 2023 | Nord Anglia / Avenues · New York and Sao Paulo campuses added to the group. Neither party disclosed a price. | Undisclosed | Published deal |
| Oct 2023 | International Schools Partnership / CS Academy (India) · Coimbatore, Tamil Nadu. More than 2,800 students on Cambridge and CBSE curricula, on a 12-acre site. Announced by ISP on 31 October 2023. Consideration not disclosed. | Undisclosed | Published deal |
| Aug 2023 | International Schools Partnership / Bangkok Prep, Berda Claude International School and Aubrick (Thailand, Brazil) · Bangkok Prep in Bangkok, Berda Claude in Phuket and Aubrick in São Paulo, announced together and taking ISP to 74 schools in 21 countries. Baker McKenzie advised on the Thai schools. Consideration not disclosed. | Undisclosed | Published deal |
| Mar 2023 | Nord Anglia Education / Saint George School (Dominican Republic) · Santo Domingo. Founded 1965; more than 600 K-12 students on a British foundation with the IGCSE and IB Diploma. Nord Anglia’s first school in the Caribbean; the owner, Anton Tejeda, was quoted at announcement. Announced by Nord Anglia on 30 March 2023. Consideration not disclosed. | Undisclosed | Published deal |
| 2022 | Nguyen Hoang Group (Vietnam) · appointed an adviser to seek a buyer for a minority stake; sector sources indicated no certainty the process would proceed and no transaction has been confirmed. Separately took an undisclosed HSBC Vietnam financing package for school construction and expansion. | Undisclosed | Reported process |
| Dec 2022 | Paramount / XCL Education Malaysia · Bursa-listed Paramount disposes of its remaining stakes (30.3% of Paramount Education, 20% each of Sri KDU and Sri KDU Klang), completing its exit from K-12. Priced at a stated 25% discount to the RM160m call-option floor after pandemic-weakened performance. | RM120m cash | Published |
| Dec 2022 | EQuest (KKR-backed) / Khoi Nguyen Education Group (Vietnam) · Ho Chi Minh City. Controlling stake in four schools with about 3,000 students, including the Canadian International School. Consideration not disclosed. | Undisclosed | Published deal |
| Sep 2022 | Nord Anglia Education / Amman Academy (Jordan) · West Amman. Founded 1991; bilingual IB school from Pre-K to Grade 12. Nord Anglia’s first school in Jordan. Announced by Nord Anglia on 4 September 2022. Consideration not disclosed. | Undisclosed | Published deal |
| Aug 2022 | Orbital Education / Britt Academy (Mexico) · Playa del Carmen. Bilingual school for ages 3 to 18 on the Knotion platform. Orbital bought the whole of the operating company, Britt Academy S.C., and its property company, Construcciones y Suministros del Caribe AM, S.A. de C.V., in August 2022, the last month of its financial year, according to Orbital’s audited group accounts for the year to August 2023; Orbital announced the purchase in June 2023. Goodwill on the Mexico unit stood at GBP 4.39m in August 2023. The consideration sits in the 2022 accounts, which have not yet been inspected. Now part of Ariston Education. | Undisclosed | Published deal |
| Jun 2022 | Nord Anglia Education / Greengates School (Mexico) · Naucalpan, Mexico City. Founded 1951; more than 1,000 K-12 students on IPC, IGCSE and the IB Diploma. Nord Anglia’s third school in Mexico. Announced by Nord Anglia on 22 June 2022. Consideration not disclosed. | Undisclosed | Published deal |
| May 2022 | Inspired / Eleva Global Schools (Brazil) · the premium segment carved out of Eleva Educação: seven premium schools and two early-learning schools under the Escola Eleva, Gurilandia, Batutinhas and Leonardo da Vinci brands. Neither party disclosed the price; Brazilian business press reports about BRL 2bn, and Gera Capital returned capital to its investors on the proceeds. Eleva rebranded as Grupo Salta after the carve-out. BDA Partners research prices the same transaction at USD 396m and 26.0x, recorded in the version 1.2 table below; one transaction, counted once. | ~BRL 2bn Strong estimate | Published deal |
| May 2022 | Cognita / Dunalastair Schools (Chile) · Santiago. Founded 1937. Announced by Cognita on 3 May 2022. Consideration not disclosed. | Undisclosed | Published deal |
| Jan 2022 | International Schools Partnership / Sancta Maria International School (India) · Hyderabad. Majority of the school’s services company, as structures for Indian schools usually require. Novistra Capital advised the school. Consideration not disclosed. | Undisclosed | Published deal |
| Nov 2021 | KKR / Taylor’s Schools (Malaysia) · Minority stake in the K-12 division of Taylor’s Education Group, which kept control. Six schools at the time: Garden International School, Nexus International School in Singapore and Malaysia, Australian International School Malaysia, and Taylor’s International School in Kuala Lumpur and Puchong. Announced by KKR and Taylor’s on 24 November 2021. Consideration not disclosed. | Undisclosed | Published deal |
| Oct 2021 | International Schools Partnership / Straits International Education Group (Malaysia) · Malaysian school group with campuses in Rawang and Penang. Grant Thornton advised. Consideration not disclosed. | Undisclosed | Published deal |
| Sep 2021 | Nord Anglia Education / Colegio Peruano Británico (Peru) · Lima. Announced by Nord Anglia on 2 September 2021. Consideration not disclosed. | Undisclosed | Published deal |
| May 2021 | KKR / EQuest (Vietnam) · Global Impact Fund growth investment. | ~USD 120m | Reported |
| May 2021 | Lighthouse Learning / Centre Point Group of Schools and Mother’s Pet Kindergarten (India) · Nagpur. Four K-12 schools and four preschools with about 8,000 students. Consideration not disclosed. | Undisclosed | Published deal |
| May 2021 | International Schools Partnership / Lynn-Rose School (Canada) · Mississauga, Ontario. Reported by Our Kids, May 2021. Consideration not disclosed. | Undisclosed | Reported |
| Mar 2021 | Nord Anglia Education / Eton School (Mexico) · Mexico City. Bilingual school with 140 teachers; Nord Anglia’s 70th school and its second bilingual school in Mexico, after San Roberto in Monterrey. Announced by Nord Anglia on 3 March 2021. Consideration not disclosed. | Undisclosed | Published deal |
| Feb 2021 | Cogna (Saber) / Eleva (Brazil) · agreement for Saber to sell up to all of its owned K-12 schools to Eleva, disclosed by Vasta as part of the same package as the Editora Eleva purchase. School consideration not separately disclosed, and the release states only that Saber agreed to sell up to all of its owned K-12 schools. Cogna’s K-12 portfolio was documented at around 45 schools at the time. | Undisclosed | Published deal |
| Feb 2021 | Cognita / Escola Villare (Brazil) · Announced by Cognita in February 2021. Consideration not disclosed. | Undisclosed | Published deal |
| Jan 2021 | Cognita / The Greenland School (Chile) · Santiago. Announced by Cognita on 6 January 2021. Consideration not disclosed. | Undisclosed | Published deal |
| Jan 2020 | Doğa Koleji (Turkey) · distressed transfer of Asist Education Institutions, owner of the Doğa brand, to the Istanbul Technical University development foundation, registered in Istanbul Chamber of Commerce trade records on 20 January 2020. Nearly 100 schools and around 60,000 students. Followed months of unpaid salaries and teacher protests through 2019. The founding family exited. Consideration not disclosed. | Undisclosed | Published transfer |
| May 2019 | Inspired / ACG Schools (New Zealand) · six independent schools across New Zealand, Indonesia and Vietnam carved out of ACG Education, with the tertiary division retained by Pacific Equity Partners and renamed UP Education. Completed 31 May 2019 after Overseas Investment Office approval; consideration not disclosed. Bloomberg reported about USD 500m for the schools division ahead of announcement. | ~USD 500m Strong estimate | Published deal |
| Aug 2017 | Alpha REIT / Sekolah Sri KDU and Sri KDU International School, Kota Damansara · Land and buildings sold by Paramount Corporation Berhad to RHB Trustees Berhad for Alpha Real Estate Investment Trust, triple-net, on a ten-year lease with two ten-year renewal options. Cap rate not disclosed. Jones Lang Wootton valued the property at MYR 165m on the investment method, against MYR 87m net book value at 31 December 2016 and about MYR 102m of cumulative investment since 2002, so 1.90x book and 1.62x cost (GSE derived). | MYR 165m | Published |
| Dec 2011 | Carlyle / Bahçeşehir Koleji (Turkey) · 48% stake, with the Yücel and Karataş groups retained as significant investors. At the time 20 primary and 11 secondary schools and about 12,000 students; the group now operates 143 campuses. Terms not disclosed. The clearest instance of global private equity entering Turkish K-12. | Undisclosed | Published deal |
Taken as reported, 1,600 students at about INR 10 lakh implies revenue near INR 160cr. A price of INR 1,500cr is therefore close to 9.4x revenue, roughly double what Globeducate transacted at, and the stated 13x operating profit would require an operating margin close to 70%, which no school operation earns. The most probable explanation is that the consideration capitalises the 10-acre Gurgaon site alongside the operating business. GSE publishes no multiple for this transaction. It is a clean illustration of the directory’s central warning: a price that includes land is not comparable to a price that does not, and a reported multiple that implies an impossible margin is telling you the denominator has been misdescribed.
Historical benchmark transactions
Pre-window deals with disclosed values, kept separate because their analytical value is the re-rating arc they reveal, not comparability with current pricing.
| Date | Transaction | Value | Grade |
|---|---|---|---|
| Late 2020 | GEMS Asia exit · GEMS World Academy (Singapore) and the two GEMS Malaysia schools acquired by TPG-backed XCL Education (Temasek a shareholder); rebranded XCL World Academy and XCL schools in 2021. The origin of the platform KKR agreed to buy in 2026. | Undisclosed | Published deal; value undisclosed |
| Feb 2020 | Paramount / Prestigion (now XCL) · first and larger tranche of the Malaysian K-12 exit: Sri KDU Schools and the R.E.A.L. Education Group majority. Announced June 2019 at RM540.5m; Paramount’s Bursa announcement records RM569,198,750 received on completion, with a pro forma disposal gain estimated at RM487.8m. | RM569.2m | Published |
| 2019-20 | NCLE (Tadawul) · Saudi Arabia’s first listed private-education company acquires Al-Ghad National Schools (SAR 36.7m) and Al-Khwarizmi Educational (SAR 30m), funded partly from IPO proceeds. Both considerations are taken from Tadawul disclosures; GSE publishes no multiple for either, as the underlying earnings have not been re-verified against the filings. | SAR 66.7m | Published |
| 2019 | GEMS Education / CVC · reported USD 1bn or more for a 25% to 30% stake at a valuation above USD 4bn, per Bloomberg and Reuters citing people familiar; representatives for GEMS and CVC declined to comment. CVC exited via the 2024 Brookfield transaction, with the majority stake itself reported at about USD 2bn against the USD 4bn enterprise value. | ~USD 4bn EV | Strong estimate |
| 2018 | Spring Education / Nobel Learning Communities (US) · more than 25,000 students from preschool to high school, sold by Investcorp. Consideration not disclosed. The transaction that built the Spring platform later backed by Brookfield. | Undisclosed | Published deal |
| 2018 | Cognita / Jacobs Holding · acquired from Bregal and KKR at a reported value of about GBP 2bn. | ~GBP 2bn | Reported |
| Apr 2017 | Nord Anglia take-private · CPP Investments and Baring Private Equity Asia acquire all shares at USD 32.50 each; purchase price USD 4.3bn including repayment of debt, equity about USD 3.4bn. 43 schools, 15 countries. | USD 4.3bn | Published |
| Feb 2016 | W. P. Carey / three US schools · Windermere Preparatory, North Broward Preparatory and The Village School sold and leased back by Nord Anglia Education on a 25-year triple-net structure. Pre-window reference transaction. PropCo only; the operating schools were not part of the sale. | USD 167m | Published |
| 2015-16 | Pacific Equity Partners / Academic Colleges Group (New Zealand) · agreed September 2015 for an undisclosed sum, with the Australian Financial Review reporting a price near NZD 530m. ACG then had over 10,000 enrolled students across schools and tertiary. PEP subsequently separated schools from tertiary and sold the schools to Inspired in 2019. | ~NZD 530m Reported | Published deal |
| Jun 2015 | Nord Anglia / Meritas · six schools (four North America, College du Leman in Switzerland, one in China; about 8,625 students). Agreement at USD 575m cash; completed at net cash consideration of USD 534m plus USD 25m deferred. | USD 575m | Published |
| May 2013 | Nord Anglia / WCL Group · UK-based operator acquired from Sovereign Capital; the widely cited value of about USD 222m has not been re-verified against a primary source. | ~USD 222m | Reported |
Nord Anglia moved from USD 4.3bn in 2017 to USD 14.5bn in 2025, a 3.4x re-rating in eight years, both endpoints party-published, though the 2025 mark was struck between two EQT funds rather than with an unrelated buyer. ISP moved from EUR 1.9bn to a reported EUR 7bn in four years. Cognita, bought at about GBP 2bn in 2018, was marketed toward GBP 5bn without completing. Platform capital has repriced premium K-12 education far faster than school earnings have grown.
Across an abandoned 2017 London IPO at about USD 4bn, the 2019 CVC stake above USD 4bn, 2022 sale talks around USD 6bn and the 2024 Brookfield transaction, every GEMS valuation figure in circulation traces to unnamed sources Strong estimate or to single reports Reported, and the parties have declined to confirm a single one of them. What GEMS does publish is the debt side. Rated-debt documentation and bondholder reporting support a Fitch estimate of 2024 EBITDA around USD 380m on revenue of about USD 1.4bn Strong estimate, an agency estimate built on issuer disclosure rather than a figure GEMS has published itself. Earnings semi-public, enterprise value never disclosed. Repetition is not disclosure, and no figure in this directory is graded as though it were.
Education real estate yields
Where school property trades separately from the operating business, published yields exist. They anchor every OpCo/PropCo valuation split.
| Market | Evidence | Yield | Grade |
|---|---|---|---|
| UAE net-lease REIT | Al Mal Capital REIT: triple-net school assets, 100% occupancy, ~20-year WAULT; 7.0% distributed since 2023, annualised 7.5% for FY2025 on a portfolio now including its first healthcare assets. Reference deals: AED 300m for two Al Shola campuses; Kent College Dubai freehold on a 25-year lease. | 7.0% to 7.5% | Published |
| UAE (Emirates REIT) | Education portfolio USD 178m at end-2024, all triple-net, 25% of contracted income; per-school WALEs 18.8, 20.2 and 6.7 years. Implied net yield derived by GSE from the disclosed income share; the REIT publishes no education-specific yield. | ~9.5% to 11% | GSE derived |
| US early education | Net-lease cap rates: 6.91% average (B+E, mid-2025); ~7.11% median across a 600+ transaction dataset. | 6.9% to 7.1% | Strong estimate |
| Saudi REITs | Fund-level yields for education-inclusive portfolios: Jadwa REIT Saudi 7.8%, Al Rajhi 6.5%, Taleem 6.3%, Riyad 5.3%. Fund yields, not asset-level school yields. | 5.3% to 7.8% | Strong estimate |
| UK nurseries | A marketed six-asset portfolio on 27-year WAULT FRI leases implied a going-in yield of about 8.8% on asking, derived by GSE from published rent and price. | ~8.8% | GSE derived |
| Malaysia | Hektar REIT, KYS KL East International School: 6.7% initial net yield on MYR 8.2m net rent, 8.87% average across the initial 30-year term, both party published. Rent MYR 3.30 per sq ft per month on a triple-net sub-lease, rising 10% every three years. The income approach valued the asset at MYR 125m against MYR 100m on the cost approach, so a quarter of the price is the lease rather than the buildings. Alpha REIT paid MYR 165m for the Sri KDU property in 2017 on an investment-method valuation against MYR 87m of net book value. | 6.7% to 8.9% | Published |
Occupancy cost is the figure operators actually negotiate against. KYS KL East is the only entry where rent, designed capacity and price are all published: MYR 8.2m of net rent across 1,300 designed places is MYR 6,308 per place per year, about USD 1,560, before a single lesson is taught. Escalation compounds harder than it reads. Ten per cent every three years is 3.23% a year, so rent in the final period of a thirty-year initial term reaches MYR 7.78 per sq ft per month, more than double the entry level, and the operator carries all of it.
The widely quoted benchmark of school rent at 8% to 12% of revenue is a market rule of thumb. No published source verifies it, and GSE labels it accordingly. The wider yield evidence is set out in the GSE comparison of cap rates and yield in education real estate.
The listed comparables
Nine listed vehicles give the sector a continuous public mark. They are the only school valuations that reprice daily, which makes them the natural sanity check on any private multiple.
| Operator | Exchange | Market | What it benchmarks |
|---|---|---|---|
| SISB PCL | SET (Bangkok) | Thailand | The only listed pure-play K-12 operator in Southeast Asia; six campuses. Its sharp de-rating from the 2022 to 2024 growth peak, after enrolment missed guidance, is the clearest public evidence that school valuations turn on student-number delivery rather than sector narrative. |
| Taaleem Holdings | DFM (Dubai) | UAE | Listed premium GCC K-12; the paired comparison against SISB frames the GCC-versus-Southeast-Asia rating gap. |
| NCLE | Tadawul | Saudi Arabia | Saudi Arabia’s first listed private-education company; capital SAR 430m across 43m shares. |
| Ataa Educational | Tadawul | Saudi Arabia | Listed Saudi K-12 consolidator with a filed acquisition history, so its trading multiple can be read against the prices it actually paid. |
| Almasar Alshamil | Tadawul | Saudi Arabia | Specialist education and SEN; listed December 2025 at a SAR 1,997m market capitalisation. |
| CIRA Education | EGX (Cairo) | Egypt | The largest integrated private education provider in Egypt: 30 schools and more than 37,000 K-12 students for 2025/26, alongside three universities. Unusually, CIRA publishes segmental K-12 capacity, utilisation and pupil-to-teacher ratios, disclosure no other operator in this directory matches. |
| G8 Education | ASX (Sydney) | Australia | Australia’s largest listed early childhood provider: over 430 centres across some 21 brands, around 50,000 children weekly and close to 10,000 employees, on revenue of about A$901m. Exited Singapore in 2020 to focus domestically. |
| Bioma Educação (formerly Bahema) | B3 (São Paulo) | Brazil | The only listed K-12 pure-play in Brazil, and a caution rather than a comparable. Market capitalisation of roughly R$88m against loss-making results, with the shares down about 62% over one year and 77% over three. It prices scarcity and distress, not the sector. |
| Amanat Holdings | DFM (Dubai) | GCC | Not an operator; useful as a listed proxy for GCC education investment returns, with its Taaleem and Almasar outcomes both disclosed. |
Curro, listed on the JSE until its take-private in January 2026, also supplies the sector’s clearest published affordability signal. Its expected credit loss provision rose to 42% of gross receivables in FY2024 from 32%, with total bad-debt costs at 4.3% of turnover against 3.3% the prior year, and enrolment fell 1.4% at the start of 2025. Fee-paying schools carry consumer credit risk that rarely appears in a transaction multiple, and Curro is one of the few operators anywhere that publishes it. Any underwriting model built on enrolment growth should be tested against these disclosures.
One name to watch is absent from this table for a reason. Grupo Salta Educação, Brazil’s largest K-12 operator, holds listed-company registration on the B3 and is bound by the same governance rules as a public company, but has not completed an IPO and its shares do not trade. It is a registered issuer awaiting a window, not a listed comparable, and it is recorded under Asia, Americas and Africa with its private transaction evidence instead.
How GSE treats multiples for these names. Market data providers disagree on EV/EBITDA and P/E for listed school operators depending on lease treatment, minority interests and the earnings period used, so GSE does not republish provider figures. Where a company publishes enough to derive a multiple, GSE derives it and shows the working. Curro was the only name with all the required inputs published, at roughly 9x on its listed mark, until its take-private in January 2026 removed it from this table. The take-private now supplies a transaction mark in its place: R13 a share, about ZAR 6.9bn of equity, against net debt of about ZAR 3.2bn to 3.5bn and FY2024 EBITDA of ZAR 1.2bn, which is about 8.5x GSE derived, close to where the market had priced it. Taaleem’s FY2025/26 results, published on 8 October 2026, give EBITDA of AED 334.3m on revenue of AED 1,312.9m and net debt of AED 1,239.0m, so a Taaleem multiple will be derived on the same basis once struck against a dated market capitalisation. The remaining names are derived once their results are published, on the same basis as the private transactions above.
Enterprise value per student
The metric practitioners reach for when EBITDA is undisclosed, which in this sector is most of the time. It is also the fastest way to see that a single global multiple range does not exist.
| Transaction | Enterprise value | Students | EV per student | Indicative USD |
|---|---|---|---|---|
| Nord Anglia (Mar 2025) · premium international, 33 countries | USD 14.5bn | 90,000+ | ~USD 161,000 | ~USD 161,000 |
| Globeducate (Oct 2024) · premium and mid-premium, 11 countries | EUR 2.0bn | ~40,000 | ~EUR 50,000 | ~USD 54,000 |
| Grupo Salta (Nov 2025) · Brazilian mid-market, single country | BRL 5.8bn Strong estimate | 160,000+ | ~BRL 36,000 | ~USD 6,600 |
| Curro Holdings (last listed mark, 2025; taken private January 2026) · South African mid-market, single country | ~ZAR 11.1bn GSE derived | 73,000+ | ~ZAR 152,000 | ~USD 8,400 |
The same asset class prices at about USD 161,000 per student at the premium international end and under USD 7,000 per student in the Brazilian mid-market. Anyone quoting a single EV per student benchmark for schools, or a single EBITDA multiple, is averaging across businesses that share a label and little else. What a buyer pays for is fee level, currency, margin durability and the defensibility of the catchment, and none of those travel across these rows. The corroboration matters as much as the spread: two emerging-market mid-market operators on different continents, one priced by a private secondary and the other by a daily public market, land within about USD 2,000 per student of each other. That band is real. The gap to the premium international platforms reflects a different business rather than a valuation anomaly.
Three caveats govern this table. Student counts are as reported at announcement and are not audited, so they move with the enrolment cycle. Enterprise values include IFRS 16 lease liabilities where the party reported on that basis, which inflates both the EV and the per-student figure against a freehold-owning peer. The USD column applies indicative rates at announcement rather than a fixed date, so it is directional and should not be used for precise cross-deal arithmetic. The Curro row is the last listed mark before the January 2026 take-private, not a transaction price: enterprise value is derived by GSE from market capitalisation of about ZAR 7.6bn plus net debt of about ZAR 3.5bn at the reference date, and published market capitalisation figures for Curro vary by source between roughly ZAR 5bn and ZAR 7.6bn depending on the date, so the derived figure should be read as an order of magnitude. GSE publishes this as a screening tool, not a valuation.
Operating benchmarks, fee levels and leverage
What sits underneath a multiple. Prices are the visible layer; the cost structure, the fee level and the debt capacity are what determine whether a price was sensible.
Revenue per student, and why it beats EBITDA for screening
Revenue is disclosed far more often than earnings, so revenue per student is available where a multiple is not. Paired with enterprise value per student it also yields an implied EV to revenue multiple, which is the most widely available comparison in this sector.
| Operator | Revenue | Students | Revenue per student | EV / revenue |
|---|---|---|---|---|
| Globeducate (FY to Aug 2025, at the Wendel transaction) | EUR 440m | ~40,000 | ~EUR 11,000 | ~4.5x |
| Curro Holdings (FY2024, last listed mark before the 2026 take-private) | ZAR 5,098m | 73,000+ | ~ZAR 70,000 (~USD 3,900) | ~2.2x |
| Grupo Salta (9M 2025 annualised, at the Warburg exit) | ~BRL 2.8bn | 160,000+ | ~BRL 17,500 (~USD 3,200) | ~2.1x |
Curro and Salta realise roughly USD 3,200 to USD 3,900 per student a year and trade near 2x revenue. Globeducate realises about EUR 11,000 and trades near 4.5x. The premium platforms are not valued differently because they are better run; they are valued differently because each student pays several times more, in a harder currency, with more durable pricing power. When a vendor cites a platform multiple for a mid-market asset, the fee line is where the argument should be tested.
The global fee ladder
Fee level is the variable that explains most of the valuation spread in this directory, so it is worth setting out at its full range. These are published or reported annual fees, not derived figures, and they are not adjusted for discounting.
| School or operator | Market | Annual fee | Indicative USD |
|---|---|---|---|
| Institut auf dem Rosenberg · c.300 students, family owned since 1889 | Switzerland | reported over USD 200,000 | 200,000+ |
| Institut Le Rosey · c.400 students, boarding and tuition, four students per teacher | Switzerland | CHF 167,200 | ~190,000 |
| Pathways School Gurgaon · premium IB, at acquisition. Fee is not school-published and rests on secondary reporting only; treat as indicative | India | ~INR 10 lakh | ~11,500 |
| Globeducate · group average, derived from revenue | Europe, 11 countries | ~EUR 11,000 | ~12,000 |
| Curro Holdings · group average, derived from revenue | South Africa | ~ZAR 70,000 | ~3,900 |
| Grupo Salta · group average, derived from revenue | Brazil | ~BRL 17,500 | ~3,200 |
The Swiss boarding schools at the top of this ladder charge more per year than the Brazilian and South African operators earn per student over a decade and a half. That is the reason a single global multiple range for schools cannot exist, and the reason the two Swiss names have never traded: at roughly 300 to 400 students each, family owned for over a century, with no need for capital, there is no transaction for a directory to record. Swiss press reports international groups moving into the market, but the established names are not the assets changing hands.
The practical test when a vendor cites a comparable: ask what the target charges, in what currency, with what discount rate, and how much of that fee is boarding rather than tuition. Two schools on the same multiple with a ten-fold difference in fee are not comparable businesses.
Cost structure
Few operators publish a cost breakdown. Curro is the useful exception, and its disclosures give the clearest published anchor for a school P&L. Staff costs run at roughly 70% of operating costs, described elsewhere in its reporting as about two thirds of operating expenses Published. Head office costs have been held at 6% to 7% of revenue over five years. Revenue is roughly 92% school fees and 8% ancillary, with ancillary income led by boarding at about a quarter, after-care at about a sixth and transport at about a seventh. Around 13.6% of learners receive a discount of some form, covering staff children, bursaries and affordability concessions.
Wendel’s Globeducate disclosure adds a second set of party-published operating benchmarks, this time at the premium end: roughly 35% of the school portfolio is owned freehold with the balance on long-term leases, maintenance capex runs near 2% of revenue, the FY25e EBITDA margin is about 27% including IFRS 16 and 22% excluding it, tuition is largely prepaid before each term giving negative working capital, and average student tenure is 8.2 years. The same documents record Providence’s hold from 2017 to 2024 taking the group from 21 schools and about 11,000 students in four countries to 65 schools and more than 40,000 students in eleven, through 21 bolt-on acquisitions, the most completely documented buy-and-build in this directory.
BDA’s July 2025 snapshot of listed operators, on Capital IQ data and a pre-IFRS 16 basis, adds a seven-name margin ladder: SISB in Thailand at 43.9% LTM EBITDA margin, NCLE at 35.6%, Taaleem at 26.4%, Overseas Education at 24.4%, Curro at 23.1%, Ataa at 22.8% and Al Faleh at 19.2%. SISB sits well above the 20 to 35% band usually quoted for well-run schools; a point-in-time LTM margin on a smaller listed name can flatter, and it is recorded as an outlier to interrogate rather than a benchmark to underwrite. The same snapshot marks the low end of the listed spectrum: Overseas Education at 5.3x LTM EBITDA with earnings in decline, and Al Faleh at 9.7x. A comparables set that keeps only the interesting names overstates the sector.
CIRA in Egypt reports on a different basis again, with an adjusted EBITDA margin of about 56% in an earlier reporting period and around 41% more recently Strong estimate, against Curro nearer the mid-twenties. Before treating Egyptian margins as evidence of superior economics, note that they are struck in a currency that has devalued heavily against the dollar over the same period, so local-currency margin expansion and hard-currency return can move in opposite directions. CIRA also publishes two operating metrics almost nobody else does: K-12 capacity utilisation, which stood at about 91% in the period reported, and a pupil-to-teacher ratio of about 11.3. Utilisation is the single most useful operating number in a school model, because it tells you whether growth requires capital or simply fills existing seats.
Two implications for underwriting. First, a school is a payroll business with a property attached, so a model that flexes revenue without flexing teacher cost at the learner-to-teacher ratio is not a model. Second, the discount rate matters as much as the headline fee: a published fee schedule overstates realised revenue per student wherever bursary and affordability concessions are material, and Curro is the only operator in this directory that quantifies it.
Leverage
| Operator | Debt | Earnings reference | Implied | Grade |
|---|---|---|---|---|
| Curro Holdings (FY2024, before the 2026 take-private) | Net debt ~ZAR 3.2bn | EBITDA ZAR 1.2bn | ~2.7x net leverage | GSE derived from published figures; GCR national scale ratings A(ZA) and A1(ZA), stable Published |
| Grupo Salta | Net debt BRL 1.2bn at end-Sep | EBITDA ~BRL 690m annualised | ~1.7x net leverage | GSE derived from reported figures |
| GEMS Education | USD 3.25bn facility | EBITDA ~USD 380m (Fitch estimate) | Facility ~8.5x EBITDA | GSE derived; see caveat |
| Taaleem Holdings | AED 968m package, incl AED 730m for the KFG acquisition | Not disclosed against EBITDA | Not computable | Published |
The GEMS line requires care and is the reason GSE publishes the input rather than a leverage ratio. The USD 3.25bn facility refinanced existing debt and funded minority shareholder exits including CVC, so the quantum is not net debt struck against operating earnings in the way the Curro and Salta figures are. What it does show is the scale of debt a GCC school platform could raise against roughly USD 380m of estimated earnings, which is the more useful fact for anyone sizing a facility.
Listed mid-market operators run at under 3x net debt to EBITDA and carry investment-grade national-scale ratings. Sponsor-owned platforms carry materially more. A buyer paying nineteen times earnings is not making a different judgement about schools from one paying nine; in most cases they are working with a different debt package, a different currency of earnings and a different exit assumption.
The multiples framework
Of the 313 entries in this directory, 64 carry a party-published financial figure of any kind: a consideration, a revenue or earnings figure, or a disclosed return. Six disclose an EBITDA amount. Of those six, one is a process that never completed, one is a listed operator reference rather than a transaction, one carries an enterprise value graded as an estimate rather than a party disclosure, and one is a preschool purchase whose price was never released. That leaves two completed acquisitions of operating schools in this file disclosing both a price and an EBITDA amount on party-published evidence: Globeducate in 2024 and the Curro take-private in January 2026. The second was a scheme by a buyer linked to Curro’s long-standing anchor shareholder, paid mostly in listed shares, so it reads as a related-party mark rather than an auction price.
The near miss is worth naming. Grupo Salta discloses nine-month revenue and EBITDA and the transaction completed, but the enterprise value against which a multiple would be struck is a GSE estimate rather than a figure either party released. The reason it falls short is the same reason the count is this low.
Sixteen entries carry a multiple. This is a directory of prices, not of multiples, because the sector does not disclose earnings. Every range set out here rests on roughly ten observations, several of which are GSE derivations rather than party disclosures, spread across markets that price schools from USD 7,000 to USD 161,000 per student.
Definitions used in the counts above, fixed so they can be reproduced from the CSV. A party-published financial figure is any consideration, revenue, earnings or return figure released by a transaction party or filed in a public register. A consideration is the price paid. An EBITDA amount is a stated earnings figure in currency, not a margin percentage and not revenue or net profit. From v41 the CSV carries three flag columns, counts_published_value, counts_no_price and has_party_financial_figure, and each headline count on this page is the number of rows flagged Y. A party-published value is a figure in the value column graded Published, excluding listed references and the Wesgreen consideration; a figure graded Strong estimate or Reported does not count, even where the deal itself is party-confirmed. A party-confirmed deal without a disclosed price is one confirmed by a party where no party has released a price, whatever estimates circulate.
Wendel’s deal presentation adds the only party-published view of the market as a whole: eleven anonymised K-12 transactions from 2018 to 2023, charted on EV to forward EBITDA excluding IFRS 16, with an average through the cycle of roughly 19 times, against which Wendel set its own entry at 19.4 times. The eleven are numbered rather than named, so no individual figure can be verified, and Wendel published the chart to show its own price was in line. It is recorded here as party-published market commentary rather than transaction evidence.
The thinness is a condition of the market rather than a gap in the compilation. Anyone presenting a tight, confident multiple range for international schools is either working from proprietary deal access they cannot cite, or extrapolating from the same handful of public data points set out below. GSE publishes ranges because clients need a starting position, and publishes the count of underlying observations because they deserve to know how thin it is.
Read together, the verified evidence supports the following working ranges. Scaled premium global platforms transact in the high teens to low twenties on EBITDA, with Globeducate’s published 16.7x to 19.4x pair as the cleanest anchor and Nord Anglia and ISP’s headline values consistent with the top of that band on estimated earnings. Individual schools and established groups have historically transacted at 8x to 14x, with premium single assets and regional platforms in supply-constrained markets now underwritten at 12x to 17x. Mid-market schools sit in the high single digits to low teens, nurseries at roughly 3x to 7x, and SEN commands a premium supported by structural demand. No Indian multiple is carried in these ranges. The 13x widely reported on the Pathways transaction is not verified here: the reported earnings imply an operating margin close to 70%, and the price appears to capitalise the Gurgaon site alongside the operating business. The frameworks behind these ranges are set out in the GSE guide to how to value an international school.
Two adjustments must precede any use of these ranges. Establish the IFRS 16 treatment of both EV and EBITDA, and establish whether the price includes freehold property. A freehold-included deal attaches a 6% to 9% property yield play to an operating multiple, and will always print higher than a leasehold operator of the same quality. The structural logic is explained in the GSE guide to the PropCo/OpCo model in school development.
One further disclosed multiple is worth recording even though it falls outside school operations. In February 2021 Vasta Platform (Nasdaq: VSTA) agreed to acquire Editora Eleva, a K-12 learning-systems provider, from Eleva Educação for BRL 580m payable over five years, and stated in its own release that this corresponded to 16.6x Editora Eleva’s FY2020 EBITDA Published. Curriculum and education-services businesses are adjacent to school operations and are excluded from this directory’s ranges, but a party-stated multiple is rare enough in this sector to note.
The same caution applies to franchise systems. Reuters sources put Primrose Schools at close to USD 2bn against roughly USD 85m of EBITDA on about USD 120m of revenue, an EBITDA margin near 70% and a target above 20x. Those are franchisor royalty economics rather than school operating economics, and the two are not comparable: an operator carries the teaching payroll, the property and the enrolment risk that a franchisor does not. Franchise multiples in the low twenties should never be cited as evidence for what an operating school is worth.
Brazil now supplies the directory’s clearest mid-market anchor. Grupo Salta traded at more than 10x EBITDA on a 32% minority in February 2024 and at an enterprise value of about BRL 5.8bn in November 2025. Annualising the reported nine-month EBITDA of BRL 517m gives roughly BRL 690m, which puts the 2025 trade near 8.4x GSE derived. The annualisation is a GSE assumption, not a disclosed figure, and Brazilian school groups do not earn evenly across the year. Read against the high-teens-to-low-twenties platform range, the gap is the price of scale, premium positioning and hard-currency earnings rather than any difference in education quality.
Frequently asked questions
What EBITDA multiple do international schools sell for?
Party-published evidence puts scaled premium platforms in the mid-teens to low twenties: Globeducate transacted at roughly 16.7x including IFRS 16 (about 19.4x excluding it) on figures disclosed by Wendel, while Nord Anglia’s USD 14.5bn and ISP’s reported EUR 7bn are consistent with the top of that band on estimated earnings, though neither party has disclosed EBITDA and this directory enters no multiple for either. Premium single assets and regional platforms are generally underwritten at 12x to 17x. Sub-scale and mid-market schools trade lower, and nurseries at roughly 3x to 7x.
Do published school sale prices include the property?
Often, and this is the largest source of confusion in the sector. A freehold-included price capitalises both the operating business and the real estate, so it prints a higher headline multiple than a leasehold operator of identical quality. The Alpha Plus sale to Inspired, at over GBP 230m, explicitly excluded several freeholds and the three Colleges, which the seller retained. Always confirm which properties transfer before treating a headline price as a comparable.
How reliable are reported school deal values?
It varies widely, which is why every figure here carries a grade. Nord Anglia’s USD 14.5bn, Globeducate’s EUR 2bn and the GEMS USD 3.25bn financing are published by parties. Others repeated constantly in the press, including ISP’s EUR 7bn, Brookfield’s roughly USD 2bn into GEMS and Cognita’s GBP 5bn target, have never been party-confirmed and are labelled as estimates or reported figures.
What yield does school real estate produce?
The cleanest published evidence is from GCC net-lease REITs: Al Mal Capital REIT delivered 7.0% distributed since 2023 on triple-net school assets, rising to an annualised 7.5% for FY2025. US early-education net-lease cap rates cluster around 6.9% to 7.1%. GSE derives an implied 9.5% to 11% net yield on Emirates REIT’s education portfolio from its audited disclosures, labelled as a derivation.
Why do IFRS 16 lease rules change school valuation multiples?
IFRS 16 moves rent below the operating line, inflating reported EBITDA, and adds lease liabilities to net debt. Wendel’s Globeducate disclosure shows the effect precisely: about EUR 2bn EV including IFRS 16 against EUR 1.86bn excluding it, and EBITDA of about EUR 120m against EUR 96m. The same deal reads as 16.7x on one basis and 19.4x on the other.
The open dataset
The full transaction dataset is free to download, reuse and cite under CC BY 4.0. Attribution: Global Services in Education (GSE), International School M&A Transaction Dataset. Current version v44, compiled 20 October 2026, 313 transactions. This release is archived at Zenodo under CC BY 4.0 with the permanent identifier 10.5281/zenodo.23524930, which resolves to that exact release. The previous release, v41, remains at 10.5281/zenodo.22928900. The identifier 10.5281/zenodo.22168905 always resolves to the latest deposited release. The earlier v30 release remains at 10.5281/zenodo.22168906. Every row carries its version, compile date and this page’s address, so any downloaded copy identifies itself and points back to the current file.
The dataset is the record of account. A few table rows describe more than one dataset entry where the transactions were announced together, so the number of visible rows is slightly lower than the entry count. The CSV always carries them separately.
Dataset versions. The current file is v44, compiled 20 October 2026, covering 313 transactions. Earlier numbered files remain reachable so that anything already cited keeps working, but they are superseded and were compiled against fewer transactions. If you are holding a copy, check the dataset_version and compiled columns against the figures above before relying on it.
Download the dataset (CSV)For the interpretive companion, the GSE School Valuation Briefing covering underwriting ranges, OpCo/PropCo structuring and negotiation benchmarks, contact GSE to request a copy.
Entries added, version 1.2
BDA Partners, a sector investment bank, published a Southeast Asia K-12 report in August 2025 whose transaction comparables put scaled platforms at 14.8x to 18.1x LTM EBITDA and single schools at 10.6x to 12.0x, on 40th to 60th percentiles. That is a second independent professional source arriving at the same scale-tier structure this directory argues from, alongside Wendel’s through-the-cycle chart, and the same report attributes 19.0x to the 2021 OMERS stake in International Schools Partnership. Two qualifications travel with all of it: BDA is a sell-side advisor marketing the sector it is describing, and its figures are sourced to MergerMarket and Capital IQ, so every number taken from it is graded Reported. The report cites Global Services in Education among its sources. It also records a third policy repricing alongside China 2021 and the UK VAT: Malaysia introduced a 6% sales tax in June 2025 on annual fees above MYR 60,000 for non-Malaysian students.
Eleven entries follow from this material and from Cognita’s announced Chile acquisition.
| Date | Target | Buyer | Stake | Value | EV/EBITDA | Grade | Note |
|---|---|---|---|---|---|---|---|
| Sep 2020 | Internationella Engelska Skolan, Sweden | Peutinger AB | 100% take-private | USD 502m / EV USD 712m | 7.8x (2.2x revenue) | Reported | Voucher-funded model explains the discount to premium peers |
| Jan 2020 | Kingsley Edugroup, Malaysia | China Maple Leaf | 100% | USD 56m / EV USD 68m | 32.2x, excluded | Reported | BDA excludes the headline multiple as land-driven: the price bought long-term control of the adjacent land, not the earnings |
| Jun 2020 | Canadian International School, Singapore | China Maple Leaf | 100% | EV USD 487m | 13.5x (5.5x revenue) | Reported | Buyer is HKEX-listed; the filing has not been inspected by GSE |
| May 2022 | Eleva Global Schools, Brazil | Inspired Education | 100% | USD 396m | 26.0x | Reported | The highest platform multiple in this record; mid-market Brazil at scale. Same transaction as the May 2022 Inspired entry under Asia, Americas and Africa, recorded there at about BRL 2bn; counted once |
| Jun 2019 | REAL Schools and Sri KDU, Malaysia | TPG, forming XCL Education | Majority | USD 130m | Not published | Reported | XCL’s formation point, against the later reported USD 1.3bn ask for the platform. Same transaction as the February 2020 Paramount disposal recorded under historical benchmarks, announced June 2019 at RM540.5m and completed at RM569.2m; counted once |
| Jun 2024 | HELP International, Malaysia | Founding family | 70% | USD 64m / EV USD 91m | Not published | Reported | Founder buy-back from public markets |
| Mar 2024 | Singapore Intercultural School, Indonesia | Adivira Capital | 75% | USD 30m / EV USD 40m | Not published | Reported | |
| Apr 2025 | Indochina Academy, SE Asia | Navis and TPG NewQuest | Majority | USD 230m | Not published | Reported | Continuation-fund structure: the sellers’ own successor vehicles stand on the buy side |
| 2026 | The English Institute, Santiago | Cognita | 100% | Not disclosed | Not published | Published deal | Cognita’s 18th Chilean school; consideration not disclosed |
| Jan 2020 | Colegio Joyfe, Madrid | Internationella Engelska Skolan | 100% | USD 18m | 6.4x | Reported | Single-school low anchor; buyer was Stockholm-listed at the time, so the figure may be verifiable to a filing |
| Apr 2025 | Nord Anglia Education | Mubadala | Minority | USD 600m | Not published | Reported | Separate from the March 2025 change of control; adds a Gulf sovereign to the register |
Entries added, version 1.3
One entry added on 19 August 2026. It carries no price, no stake and no multiple, so it changes none of the ranges in this directory. It is recorded because the transaction evidences a shift in the size of school that institutional buyers will now transact, and because the vendor side is unusually well documented for a private European deal.
| Date | Target | Buyer | Stake | Value | EV/EBITDA | Grade | Note |
|---|---|---|---|---|---|---|---|
| Aug 2026 | International School Westpfalz GmbH, Landstuhl, Germany | Dukes Education | Not disclosed | Not disclosed | Not published | Published deal | Carve-out from SBW Haus des Lernens AG, which confirms the sale on its own record and retains its other German schools. Dukes’ first German school and tenth continental European country. About 220 to 240 students. The school does not publish fees, so no revenue scale is derivable |
Methodology, corrections and disclaimer
Every figure is traced to its earliest identifiable source; a number repeated across twenty outlets counts as one source, not twenty. Figures claiming party disclosure are checked against the primary document itself: the filing, release or prospectus. Figures that fail the check are downgraded or removed, and the entry records the change. Two multiples in circulation have been withdrawn on verification, on Alpha Plus and on NCLE. Structural facts, including OpCo/PropCo treatment, IFRS 16 basis and which properties transferred, are recorded wherever determinable, because they change what a headline number means.
What this directory does not yet cover. Coverage is strongest where disclosure is compelled: listed sellers, rated debt, exchange filings and REIT reporting. It is correspondingly thin where private and family ownership dominates. Known gaps, stated so that no reader mistakes silence for absence: Australian K-12 beyond the listed early-years sector; Indian transactions beyond those recorded above, where reported values are plentiful and party confirmations are rare; Swiss transactions beyond Inspired’s 2026 purchase of Geneva English School and Cognita’s acquisitions of Obersee Bilingual School and the FOUR-FOREST Group, noting that the established boarding schools are family held and do not trade, so that part of the gap is likely structural rather than temporary; Turkish transactions beyond the two recorded above; Japan and Korea, where no priced K-12 transaction surfaced and where school ownership sits largely with non-profit educational corporations, a structural explanation GSE has not yet verified against the statutes; Egyptian transactions beyond the CIRA disclosures; Vietnamese transactions beyond the EQuest investments, the IGC purchase of Hong Duc School and the ACG schools, with the Nguyen Hoang process unresolved; central and eastern Europe beyond the Polish, Czech, Croatian, Romanian and Lithuanian schools now recorded; South African transactions beyond the ADvTECH and Curro disclosures; and Chinese K-12 beyond the regulatory event recorded above.
Acquisitions by the large school groups are recorded from each group’s own announcements. For International Schools Partnership, Nord Anglia, Inspired, Cognita, Dukes, Globeducate, Forfar, Redshift, AcadeMedia, Outcomes First Group, Wishford, Taylor’s, GEMS, Bloom, Ashmore and Stirling Education, those records were searched back to 2021 in September 2026. A second sweep in October 2026 added Inspired Learning Group, Alpha Schools, The Aurora Group, XCL Education and SEB as buyers, together with Taaleem’s DFM filings and the Tadawul filings of Ataa and NCLE. ISP’s announcements before September 2023 are only partly recorded, because they no longer appear on its own site. On ISP’s own counts the network grew from about 50 schools in May 2021 to 84 by July 2024; about 25 of those additions were missing from earlier versions. Eight of them were dated from ISP, adviser and trade records in October 2026 and added; about 17 remain unrecorded, and around 30 schools in ISP’s current portfolio still have no dated acquisition source. GEMS and Bloom grow mainly through new schools, brand partnerships and management contracts, and neither announced the purchase of an operating school in the window. Outcomes First Group, now OFG Education, has its specialist-school purchases before 2025 still to be itemised. Group acquisitions completed before 2021 with no disclosed price fall outside the core window and are not recorded.
What this directory records. The scope is fee-paying K-12 schools and school groups, together with special educational needs provision, school property where it trades separately from the operating business, and listed operators carried as comparables. Early-years and childcare businesses are recorded where an operator in scope bought them, because the same buyers are active in both. Universities and tertiary education are excluded as adjacent, which is why Permira and Universidad Europea do not appear and why the AcadeMedia acquisition of IVA Business School was checked and not added. Curriculum and learning-systems businesses are excluded on the same basis and appear in prose only.
From v27 every row in the dataset carries a segment value, so the file can be filtered rather than read as a single population. The 313 entries divide as 262 K-12 fee-paying, 25 school property, 11 early years, 6 special educational needs, 3 listed references, 3 mixed platforms spanning school and either early-years or tertiary operations, and 3 publicly funded voucher operators. Early-years businesses are recorded only where a school operator was the buyer, which is why the AcadeMedia preschool acquisitions, Chestnut Nursery Schools and Kids First Group appear and why childcare bought by childcare groups does not. The headline count is therefore closer to a count of school transactions than it was, but it is still not identical to one: school property and listed references are counted too.
The directory deliberately excludes three things: estimated prices for undisclosed deals, valuations attributed to unnamed advisory sources, and any multiple where either the value or the earnings figure fails verification.
The dataset is licensed CC BY 4.0. Cite as: Global Services in Education (GSE), International School M&A Transactions Directory, dataset v44, https://www.gsineducation.com/school-investment/international-school-ma-transactions-directory#dataset (release v44 archived at Zenodo, https://doi.org/10.5281/zenodo.23524930), with the access date. When quoting a figure, quote its grade with it. GSE welcomes corrections supported by documentation via the GSE contact page; corrections are acknowledged to the submitter and reflected in the record.
Two limitations. A Published grade means the figure traces to a party release, filing or exchange announcement. For the larger transactions GSE has opened the source document; for some smaller entries the grade rests on the primary source being named and quoted in reliable reporting rather than on GSE having retrieved the filing itself. Where that distinction matters to an entry, the entry says so. Separately, the dataset records values in the currency of the transaction with no normalised column, because a single conversion date across fifteen years and nine currencies would create a false precision; anyone modelling from the CSV should apply their own rates at their own reference date.
This directory is provided for information only. It is not investment advice, and GSE accepts no liability for decisions made in reliance on it. Figures marked as estimates or reported should be independently verified before use in any valuation or investment decision.
Version history
Cite the dataset by its permanent identifier, 10.5281/zenodo.23524930, which resolves to file version v44; 10.5281/zenodo.22168905 always resolves to the latest deposited file. The numbers below are releases of this page, not versions of the dataset.
- Version 2.25 · 21 Oct 2026 · Dataset file v44 deposited at Zenodo under CC BY 4.0 as a new version of the existing record. The v44 release carries its own identifier, 10.5281/zenodo.23524930; 10.5281/zenodo.22168905 now resolves to v44. Citation guidance and the machine-readable dataset markup updated to match.
- Version 2.24 · 20 Oct 2026 · Orbital Education’s audited group accounts for the years to August 2023 and August 2024, filed at Companies House, added to the Ariston and Orbital entries from Version 2.23. Three prices are now party-published: Magno International School (EUR 11.3m, November 2023, accounted for as a property purchase with no goodwill), Montessori-Albania, operator of World Academy of Tirana and the International Montessori School of Albania (GBP 7.1m for 80 per cent, July 2023), and CEDES (EUR 13.9m, July 2025). The Orbital change-of-control entry now carries the group’s FY2024 turnover, operating profit and pupil numbers. Britt Academy redated from June 2023 to August 2022, when the accounts record completion; the Tirana entry redated from May 2023 to July 2023 for the same reason. No entries added. Counters recomputed from the CSV flags: 313 entries, 45 party-published values, 229 party-confirmed deals without a disclosed price, 64 party-published financial figures. Dataset v44, not yet deposited at Zenodo; it supersedes v43, which was not deposited. 313 entries.
- Version 2.23 · 20 Oct 2026 · Sweep of Ariston Education and its predecessor, Orbital Education, prompted by Ariston’s purchase of the Merited Alliance of Schools in Mexico on 19 October. Ten entries added, taking the file from 303 to 313: Merited; Ariston’s three other announced additions in Seville, Gondomar and Lagos; the February 2026 change of control of Orbital, evidenced by Companies House filings, with Ariston identified as buyer from a director appointment and its own launch release rather than named in the filings; and five Orbital purchases from 2023 to 2026 in Tirana, Playa del Carmen, Alicante, Albacete and Seville. Every Ariston release describes schools as joining its network, so structure is recorded as undetermined. All ten are party-confirmed with no disclosed price. Counters recomputed from the CSV flags: 313 entries, 42 party-published values, 232 party-confirmed deals without a disclosed price, 60 party-published financial figures. Dataset v43, not yet deposited at Zenodo; it supersedes v42, which was not deposited. 313 entries.
- Version 2.22 · 18 Oct 2026 · Research sweep across acquirers’ own announcements, exchange filings and trade press. 96 entries added, taking the file from 207 to 303: four transactions announced since the last update (OFG Education in Madrid, Ajman and Abu Dhabi; ADvTECH in Gqeberha; W. P. Carey in Chicago); the Curro take-private; and backfill from 2021 to 2026, including Inspired Learning Group, Alpha Schools, Dukes, Inspired, Globeducate, Cognita and ISP schools previously missing, and priced Saudi deals from Tadawul filings (NCLE, Ataa, Taleem REIT). Curro is removed from the listed comparables after delisting on 13 January 2026, and its rows elsewhere are relabelled as its last listed mark. ISP’s Platon and Hellenic-German schools, previously one row, are split into the two announcements they were. Corrected: the Geneva English School date (January 2026, not May), the Orchids stake (a partial Peak XV exit, not a buy-out), and the Greek and AcadeMedia counts in the Continental Europe narrative. Status updated: Pathways Gurgaon completed; KKR / XCL, Hektar / KYS KL East and EduFund / Generation still pending. Checked and not added: announcements that never reached a binding agreement, a Saudi share swap that lapsed in June 2025, and partnerships with no stated equity. Counters recomputed from the CSV flags: 303 entries, 42 party-published values, 222 party-confirmed deals without a disclosed price, 60 party-published financial figures. Dataset v42, not yet deposited at Zenodo. 303 entries.
- Version 2.21 · 24 Sep 2026 · Dataset file v41 deposited at Zenodo under CC BY 4.0 as a new version of the existing record. The v41 release carries its own identifier, 10.5281/zenodo.22928900; 10.5281/zenodo.22168905 now resolves to v41, and v30 remains at 10.5281/zenodo.22168906. Citation guidance, the open dataset section and the Dataset markup now point to v41. No change to entries or counts. Dataset v41. 207 entries.
- Version 2.20 · 24 Sep 2026 · File audit under Decision 24. Two transactions that the page described as counted once were carried as two rows each in the dataset: Inspired / Eleva Global Schools and the 2019 to 2020 XCL formation. Each is merged into its stronger-graded row, with the second figure kept in the source note and the Eleva 26.0x multiple moved across, so the entry count falls from 209 to 207 and the multiple count is unchanged. Three flag columns are added to the CSV so that every headline count can be reproduced as a filter, and the counting rules are written out in the multiples framework. On those rules the party-published value count is 35, not 37: five values graded Strong estimate or Reported had been counted, and Wesgreen is excluded as the definition already stated. Party-confirmed deals without a disclosed price are 140, not 134, because deals whose only price is an estimate are now counted as the wording requires. Party-published financial figures reproduce at 49. All transaction tables are re-sorted by date, newest first. Two row wordings are tightened to what the sources state: Durham School for Girls is placed in Qatar, and the Repton schools are no longer named individually. Dataset v41. 207 entries.
- Version 2.19 · 24 Sep 2026 · Four entries added from party records: Cognita / Dasman Bilingual School, Kuwait, a majority stake announced in January 2024; and Forfar / Springmead School, St. Helen’s College and Finborough School, UK, 2023 to 2024. The Horris Hill and Prenton entries now note that Forfar still listed both in mid-2025. The coverage paragraph now quantifies the ISP gap from ISP’s own school counts: about 25 additions between May 2021 and July 2024 are not yet recorded. Party-confirmed deals without a disclosed price rise from 130 to 134. Dataset v40. 209 entries.
- Version 2.18 · 24 Sep 2026 · The acquirer search extended to the seven remaining groups. Ten entries added: TA Associates / AlephYa Education, with Ashmore exiting; Ashmore / Al Nobala Schools, the Education Investment Fund’s first acquisition; Izdihar Real Estate Fund / the GEMS School of Research and Innovation campus, a school-property investment; Outcomes First Group / five Blenheim schools from Chatsworth, Oxford Montessori Schools, twelve Cognita UK schools and Mount House School; Wishford / St Mary’s Preparatory School from Cognita; KKR / a minority stake in Taylor’s Schools; and Stirling Education / International Hope School Bangladesh. The two Cognita UK disposals were previously described only in the Cognita entry and now have their own rows. GEMS and Bloom announced no purchase of an operating school in the window. The coverage paragraph now lists all sixteen groups searched. Party-confirmed deals without a disclosed price rise from 120 to 130; school property rises from 14 to 15; the value count stays at 37. Dataset v39. 205 entries.
- Version 2.17 · 24 Sep 2026 · Three entries added from party announcements: Nord Anglia / Hamelin-Laie International School, Spain, August 2022; Aldar Education / Al Shohub Private School, Abu Dhabi, February 2022; International Schools Partnership / Star International Schools, Dubai, August 2022, a majority stake with the seller keeping a minority. The coverage statement in the methodology is rewritten: the Swiss and central European gaps are narrowed to reflect entries now recorded, and a new paragraph names the school groups whose own announcements have been searched back to 2021, those not yet searched, and the treatment of pre-2021 acquisitions. Party-confirmed deals without a disclosed price rise from 117 to 120. Dataset v38. 195 entries.
- Version 2.16 · 24 Sep 2026 · Acquirer-source sweep, remaining items. Seventeen entries added, each confirmed by a party’s own release, listing or adviser record: Nord Anglia / Kipling School, Mexico, and International College, Uruguay, both 2025, and Saint George School, Dominican Republic, 2023; Cognita / The Greenland School and Dunalastair Schools, Chile, Escola Villare, Brazil, Obersee Bilingual School and the FOUR-FOREST Group, Switzerland, Colegio Internacional Meres, Spain, Al Ain English Speaking School, and the Repton UAE schools, the last recorded with structure undisclosed because Cognita describes a strategic partnership with Excella and Repton; Forfar / Park School, Horris Hill School, Prenton Preparatory School and Colégio do Vale; Globeducate / PASCAL International Education and Educational Group Olympion, Cyprus. Horris Hill and Prenton rest on Forfar’s chief executive quoted in the trade press and no longer appear among Forfar’s schools. Ranches Primary School is now dated to September 2021 from Cognita’s own release. Nord Anglia’s other Latin American schools were acquired between 2015 and 2019 with no disclosed price and fall outside the core window. Party-confirmed deals without a disclosed price rise from 100 to 117; the value count stays at 37 and party-published financial figures stay at 49. Dataset v37. 192 entries.
- Version 2.15 · 24 Sep 2026 · One entry added: Taaleem / Jebel Ali School with its land and buildings at Akoya, bought from Emirates REIT in May 2022 for an aggregate consideration of AED 233.5m disclosed by the REIT, which also states a total return of 1.4 times its investment over the hold. The consideration includes settlement of the school’s liabilities to the REIT, so it is recorded as disclosed and not compared as a price with the 2015 cost basis. The 2015 Akoya entry now points to its realised outcome, and the North London Collegiate School Dubai entry no longer describes itself as the only published round trip. The value count rises from 36 to 37 and party-published financial figures from 48 to 49; party-confirmed deals without a disclosed price stay at 100. Dataset v36. 175 entries.
- Version 2.14 · 24 Sep 2026 · Acquirer-source sweep, 2021 to 2024 transactions and remaining 2025 items. Thirty entries added, each confirmed by a party’s own release: sixteen International Schools Partnership acquisitions from September 2023 to May 2025 across the United States, Poland, Spain, Portugal, Brazil, Morocco, India and Qatar, one of them a three-school US announcement; six Nord Anglia acquisitions, Eton School and Greengates in Mexico, Colegio Peruano Británico in Peru, Amman Academy in Jordan, Swiss International Scientific School Dubai and Escola Móbile in Brazil; four Cognita transactions, Horizon English School, Ranches Primary School and Horizon International School in Dubai, and the August 2025 transfer of five EduReach schools in Saudi Arabia, Oman and Qatar, whose structure Cognita has not disclosed; three Dukes acquisitions, Colégio Júlio Dinis, International Sharing School and Hove Village Nurseries; and Globeducate / English Gate School in Italy. Held for further verification: Taaleem’s 2022 acquisition of Jebel Ali School with its land and buildings from Emirates REIT, which is the exit of the 2015 Akoya development already recorded and awaits the REIT’s own disclosure before any price is entered; Forfar’s UK and Portuguese acquisitions before 2025; Globeducate’s earlier Cyprus businesses; Aldar Education / Al Shohub; ISP / Star International Schools; Nord Anglia / Hamelin Laie; and further Cognita transactions from 2021. Party-confirmed deals without a disclosed price rise from 70 to 100; the value count stays at 36 and party-published financial figures stay at 48. Dataset v35. 174 entries.
- Version 2.13 · 24 Sep 2026 · Acquirer-source sweep, 2025 transactions. Seventeen entries added, each confirmed by a party’s own release or statement: Nord Anglia / Etqan Global Academy, Qatar; Nord Anglia / Trewhela’s School, Chile; Nord Anglia / Regent’s International School Bangkok; Nord Anglia / Rochester School, Colombia; ISP / Smart Vision School, Dubai; ISP / St. Dominic’s International School, Cascais; ISP / Collage Day School, Jacksonville; Dukes / Colégio Luso Internacional de Braga; Inspired / Picacho McGregor School, Mexico; Inspired / Newton’s Grove School, Canada; Inspired / Modern Montessori School, Jordan; Globeducate / The International School of Paphos; Globeducate / The Clover School, Toronto; Forfar / The English International College, Marbella; Forfar / Escola Internacional de Torres Vedras; Forfar / The British College of Andorra; Redshift / Long Close School and Polam School. Long Close and Polam, checked and not added at v2.11, qualify on the party-release rule. Newton’s Grove and Regent’s Bangkok are framed by the parties as partnerships and are recorded with the stake undisclosed. Checked and NOT added: the Alleyn’s Regent’s Park and Alleyn’s Hampstead arrangement, under which Cognita keeps ownership of the two North Bridge House schools and licenses the Alleyn’s name; and the 2025 combination of Copperfield and Verbier International School, which the release does not describe as an acquisition. Party-confirmed deals without a disclosed price rise from 53 to 70; the value count stays at 36 and party-published financial figures stay at 48. Dataset v34. 144 entries.
- Version 2.12 · 24 Sep 2026 · Acquirer-source sweep. Six entries added, each confirmed by the buyer’s own dated release: International Schools Partnership / Cedar Crest Academy, Washington; ISP / Aspen Academy, Denver; ISP / Woodlands School, Montevideo; ISP / Godoi Educacional Group, São Paulo; ISP / American Academy Casablanca; Inspired / Island Primary and Island Montessori, Grand Cayman. Inclusion rule clarified: a dated release by a party to the transaction is sufficient for a deal entry with undisclosed consideration, and the two-source requirement applies where an entry rests on press reporting. On that basis Woodlands, checked and not added at v2.11, is now added. The Aspen Endowment figure is recorded as a party-published fact and is not counted as a consideration or financial figure. The Bellewood property entry now cross-refers to the Cedar Crest operator entry, which followed it by three weeks. Party-confirmed deals without a disclosed price rise from 47 to 53; the value count stays at 36 and party-published financial figures stay at 48. Dataset v33. 127 entries.
- Version 2.11 · 23 Sep 2026 · Acquisitions sweep. Fifteen entries added, all dated 2026, each with at least two named sources of which one is a party or its adviser: Dukes Education / Jules Verne Campus, Munich; Taylor’s Schools / four St Andrews campuses in Thailand, from Cognita; Lesha Bank / 51% of Sharaka Education Holdings, Qatar, at a party-published QAR 192.5m; EduFund / Generation Education Group, South Africa, at a party-published ZAR 172m, agreed and not completed; AcadeMedia / Chestnut Nursery Schools, UK; Redshift Education / four Cognita UK schools; Inspired / Geneva English School; Inspired / International School of Querétaro; Dukes / CLIP, Porto; ISP / Woodside School, Uruguay; Ashmore Investment Saudi Arabia / Matrix International and Wahat Al Alson, Riyadh; AcadeMedia / Prolympia, Sweden; Cognita / St. Gilgen International School, Austria; Outcomes First Group / Colegio Areteia, Madrid, from Globeducate; Dukes / The British School of Lisbon. Checked and NOT added: Intellego Education’s September CEO appointment, which involves no transaction; ISP / Woodlands School, Montevideo, and Redshift / Long Close and Polam, each found in one outlet only; Almasar Alshamil / Al Qalam, at memorandum stage. Header counters recomputed from the file. At v2.10 the header had not moved and still read 105 entries and 39 party-published values, and that entry’s reference to a value count of 44 described the financial-figure count. The value counter could not be reproduced from the file under any written rule, so it is now defined: an entry whose value column carries a figure graded Published, excluding listed references and the Wesgreen consideration, which rests on an adviser’s record. On that definition v31 stood at 34 and v32 stands at 36. Party-confirmed deals without a disclosed price are counted on the same basis, excluding listed references: 34 at v31 and 47 now. Party-published financial figures rise from 44 to 48 with Generation, Sharaka, Prolympia and Chestnut. Cognita narrative corrected: Redshift has bought six Cognita schools across two transactions, Cognita is at about 16 UK schools, and it has now sold in Thailand. Swiss coverage note amended. Dataset v32. 121 entries.
- Version 2.10 · 1 Sep 2026 · US school property. One entry added: the Cedar Crest Academy Bellewood campus, Bellevue, Washington, sold in August 2026 for just under USD 17m. Seller DSD Holdings LLC, which acquired the building in 2013 for USD 4.1m and converted it from offices. Both prices are from King County records, reported by the Seattle Daily Journal of Commerce on 7 Aug 2026 and The Registry on 11 Aug 2026. The buyer is undisclosed beyond being Miami-based and no rent is disclosed, so no cap rate is derived. Takes the party-published value count to 44 and school property to 14. Dataset v31. 106 entries.
- Version 2.9 · 30 Aug 2026 · Dataset file version v30. Permanent identifier added. The v30 file is deposited at Zenodo under CC BY 4.0 and carries the DOI 10.5281/zenodo.22168906, which resolves to that exact release; 10.5281/zenodo.22168905 resolves to the latest deposited release. Citation guidance, the open dataset section and the machine-readable Dataset markup all now carry the identifier. No rows changed and no counters moved.
- Version 2.8 · 29 Aug 2026 · Evidence-count correction. The passage stating that twelve entries carried financial disclosure, of which five gave an EBITDA amount, was recomputed against the live v30 file. Both figures were wrong. The twelve was derived at 93 entries and predated the AcadeMedia revenue rows, the Amanat NLCS return set and the property yield data; the correct count of entries carrying a party-published financial figure is 43. The five became four when the Primrose row was removed at v29 and the sentence was not adjusted. The passage now states 43, four, and a single completed acquisition of operating schools disclosing both a price and an EBITDA amount on party-published evidence, names Grupo Salta as the near miss and why it falls short, and carries fixed definitions so the counts can be reproduced from the CSV. The multiple count was corrected from fourteen to fifteen. No rows changed and the dataset remains at v30. Page release only.
- Version 2.7 · 29 Aug 2026 · Reconciliation release. A row-by-row comparison of the published tables against the dataset found nine entries recorded in the file but never given a visible table row. Eight were the school-property transactions added at v2.2, which entered the dataset and were described only in this version history. The ninth was the 2016 W. P. Carey sale-leaseback of three Nord Anglia schools. All nine now have rows: four in GCC transactions, four in Asia, Americas and Africa, one in historical benchmarks. No entry was added or removed and the count stands at 105; these were already counted, they were simply not visible. The dataset is republished as v30 with no row changes so that the file and the page carry the same version stamp. Remaining known difference: some table rows describe more than one dataset entry, for example the single Aldar row covering Kent College Dubai and Virginia International Private School, and the single Ataa row covering Naba’a, Al-Alson and Al Yasmin. The dataset splits them; the tables do not. That is a presentation choice, not an error, and is now stated in the open dataset section.
- Version 2.6 · 29 Aug 2026 · Scope correction release. Five entries removed for failing the inclusion rule published earlier the same day, under which early-years and childcare transactions are recorded only where a school operator was the buyer. Removed: Busy Bees / BrightPath Early Learning (2017), the KinderCare IPO (2024), the Primrose Schools sale process (2024), Sycamore Partners / Goddard Systems (2022), and Vasta / Editora Eleva (2021). The first four involve no school and no school operator on either side; the fifth is a learning-systems business, which the scope statement already places in prose rather than in the ledger. The Primrose and Editora Eleva figures remain in the multiples framework above as external reference points, where they do the work of showing why franchisor and curriculum multiples are not school multiples. No row was re-valued and no grade changed. Party-published values fall from 42 to 39 and party-confirmed deals without a disclosed price from 35 to 34. Earlier dataset files remain reachable, so anyone citing v28 can still see what they cited. 105 entries.
- Version 2.5 · 29 Aug 2026 · GCC release, first tranche of a listed-operator sweep. One entry added: Amanat’s sale of the North London Collegiate School Dubai real estate, verified against Amanat’s own completion release of 21 August 2025. It is the only school property transaction in this file with entry price, capital expenditure, exit price, hold period and return all party-published, and it takes the party-published value count to 42. Segment: school property. 110 entries.
- Version 2.4 · 29 Aug 2026 · Segmentation release. A segment column added to the dataset and populated for all 109 rows, inserted after region; anyone parsing by column position rather than by header name should re-read the header. No rows added, removed or re-valued, and no grade changed. Scope statement added to the methodology, recording that fee-paying K-12, SEN, school property and listed comparables are in scope and that tertiary and learning-systems businesses are not. Segment counts published so the entry total is not read as a count of school transactions. 109 entries.
- Version 2.3 · 29 Aug 2026 · AcadeMedia release. Eight transactions added for the Stockholm-listed operator, running from the two-preschool Dutch platform entry in 2022 to Florencius in August 2026, and including FAWZ, International School Potsdam and Erfurt, and Docemus-Privatschulen in Germany. Every row traced to an AcadeMedia exchange release. No consideration is disclosed on any of the eight, so no value and no multiple enters the ledger and the party-published value counter is unchanged at 41. IVA Business School was checked and NOT added, tertiary education being excluded from this directory as adjacent. The Winford turnover figure circulating in secondary coverage was checked and excluded: it implies about EUR 3,300 per student, which does not hold. 109 entries.
- Version 2.2 · 26 Aug 2026 · School property release. Eight PropCo transactions added: Hektar REIT / KYS KL East (agreed, not completed), Kolej Yayasan Saad Melaka, Durian Tunggal land, Alpha REIT / Sri KDU property 2017, Al Mal Capital REIT / Wesgreen, Emirates REIT / Akoya build-to-suit, and the two 2013 GEMS sale-leasebacks to Emirates REIT and PineBridge. The Al Shola Ajman transaction was checked and NOT added, as it already sits in the file. The Sri KDU property row cross-references the existing Paramount operating-business rows: the same schools with property and operating business priced separately. Wesgreen’s consideration rests on transaction counsel’s record rather than a party release, so it is excluded from the party-published counter. Two 2013 rows carry year-only dates pending confirmation from Emirates REIT’s own annual report. 101 entries.
- Version 2.1 · 26 Aug 2026 · Athens re-sourced. The Dukes acquisition of the International School of Athens was carried at Reported on aggregator sourcing, which fails this directory’s own inclusion standard. Both parties publish the transaction on their own records and counsel on both sides has confirmed it, so the entry moves to Published (deal) and is split out of the combined Greek row. The date drops from a precise day to the month, because the day appears only in aggregator databases and the two party releases disagree. Greek section prose rewritten around the first-mover point. 93 entries.
- Version 2.0 · 26 Aug 2026 · File audit release. Every row checked against its source. EQuest Vietnam and the 2018 Cognita transaction downgraded from Strong estimate to Reported, neither naming an outlet. The XCL formation and Eleva Global Schools duplicate records now carry a not-counted-separately cross-reference inside the CSV as well as on this page. The Meru row earnings column relabelled, since those figures are the acquirer’s and not the target’s. Nord Anglia minority stake note corrected to March 2025. Party-published values corrected from 37 to 36. 93 entries.
- Version 1.9 · 21 Aug 2026 · India sourcing correction. Four Indian entries re-sourced and re-graded against the inclusion standard. Pathways Gurgaon moves to Reported (agreed) on Business Standard, with the 13x multiple and the INR 110cr EBITDA excluded as non-citable secondary coverage. K12 Techno moves to Published on the stake, corroborated by an ICRA rating rationale. Blackstone / Globetrotters re-dated to November 2025 and sourced to the Economic Times, with the proposed range published. Meru and Millennium carried as an unverified open process with no value published. Process rows now declare non-completion in the status column. 93 entries.
- Version 1.8 · 19 Aug 2026 · Six verified additions from a lead-list review: Globeducate / Peleteiro, Forfar / Pagkrition, Forfar / Rodion Pedia, Nord Anglia / Mont’Kiara, ISP / Heathfield Bangkok, Dukes / MacLachlan. Every row carries at least two named sources. 93 entries.
- Version 1.7 · 19 Aug 2026 · One entry added: Dukes / International School Westpfalz, Germany. Section prose on the acquisition floor added. 87 entries.
- Version 1.6 · 6 Aug 2026 · Bioma Educação added to the listed comparables, taking that table to ten names. No change to the entry count.
- Version 1.5 · 6 Aug 2026 · One entry added: Grupo Salta / ULBRA, Brazil. 86 entries.
- Version 1.4 · 6 Aug 2026 · Correction release. Five internal inconsistencies resolved. 85 entries.
- Version 1.3 · 29 Jul 2026 · Correction release. Pathways entry corrected and expanded. 85 entries.
- Version 1.2 · 27 Jul 2026 · Eleven entries added; usable multiples rise from 10 to 14. 85 entries.
- Version 1.1 · 27 Jul 2026 · Operating benchmarks, fee ladder, leverage and revenue-per-student sections added; listed comparables extended to ten names. 74 entries.
- Version 1.0 · 26 Jul 2026 · First publication. 74 entries.
Entries and corrections are made as evidence arrives. The next full refresh is scheduled for October 2026.
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