Colton Underwood and Jordan C. Brown are officially married, after tying the knot in Napa Valley, Calif.
25.04.2023 - 16:45 / variety.com
Jennifer Maas TV Business Writer Endeavor has struck a deal to sell Florida-based sports education institution IMG Academy to private equity firm BPEA EQT for $1.25 billion. The all-cash transaction, done in partnership with Nord Anglia Education, is expected to close in Q3. Located in Bradenton, Florida, IMG Academy was founded in 1978 as the Nick Bollettieri Tennis Academy. The academy was purchased by IMG in 1987 and eventually expanded its offerings to include golf, soccer, baseball, basketball, football, lacrosse, track & field and volleyball. Endeavor acquired IMG in 2014, with ownership of IMG Academy included as part of that deal.
IMG Academy currently boasts a sports-focused boarding school, sports camps, online coaching and online college recruiting that serve in total more than 100,000 student-athletes.
As part of BPEA EQT’s acquisition, Brent Richard will continue as president of IMG Academy, Tim Pernetti as president of IMG Academy Bradenton, Lisa Strasman as president of NCSA and Ted Sullivan as chief growth officer. “Our purpose is to empower student-athletes to win their future, preparing them for college and for life,” Richard said. “We are constantly trying to raise the bar in pursuit of that purpose through our on-campus and online experiences. Simultaneously, our staff is passionate about growing the impact we have on the world, reaching more families and helping them on their journey. BPEA EQT and Nord Anglia are ideal partners to achieve and accelerate those goals, and we are excited for that future.” “IMG Academy is in a category of one for its combination of elite athletics and academics, as well as its legacy of developing superstar competitors in the game of life,” Endeavor president and COO
Colton Underwood and Jordan C. Brown are officially married, after tying the knot in Napa Valley, Calif.
Cynthia Littleton Business Editor Endeavor has big financial plans for the rest of the year as the company announced Tuesday it will declare its first dividend and begin its first stock buyback program as it awaits its acquisition of WWE and sale of IMG Academy. Endeavor delivered solid first quarter results on Tuesday, powered by growth in its owned sports properties unit which is about to grow substantially as Endeavor closes its $21 billion takeover of WWE later this year. Endeavor’s events and experiences unit also was in positive territory for the quarter. But the hangover of the January 2022 sale of the Endeavor Content production unit put a dent in the representation unit’s quarterly numbers.
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Endeavor Group Holdings is selling global sports education institution IMG Academy to BPEA EQT, a unit of private equity firm EQT, in an all-cash deal valued at $1.25 billion. The transaction, which is expected to close in the third quarter of 2023, will see Endeavor partner with BPEA EQT’s portfolio company Nord Anglia Education, which operates some of the world’s leading premium international schools.
Endeavor Group Holdings has sold sports educational institution IMG Academy to a division of private equity firm EQT.
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