Q2 2025

Education & Training M&A Update

In Q2, the Education & Training sector index increased by 15.9% and outperformed the S&P 500, which increased by 10.2% over the same period.
The median EV/Revenue multiple for reported strategic deals in the Education & Training sector decreased to 0.7x in 1H 2025 from 2.0x in 2024.
M&A deal volume in the sector increased 10.7% in Q2 to 187 deals from 169 in Q1, and increased 10.0% from 170 in Q2 of the prior year.
As a % of total capital invested in M&A transactions, PE participation decreased in 1H to 50.8% from 90.3% in 2024.
North America was the second most active region, behind Europe, in Q2 with 47 deals. Most notably in North America was Tal Education Group’s $95.0 million acquisition of Epic! Kids, a California-based developer of a digital reading platform designed to help users to read a wide range of books online, in June 2025.