Bradenton-based IMG Academy sold in $1.25B deal

IMG Academy, a globally known youth sports campus in west Bradenton that’s both hosted multiple pro sports teams for practice sessions and placed more than 30,000 students into college sports rosters in 2022 alone, has been sold. 

The new owner, according to a statement, is Swedish global private equity group EQT, in partnership with its portfolio company Nord Anglia Education. The all-cash deal, the release states, “reflects an enterprise value of $1.25 billion” for IMG, which, with some 1,000 employees, is a top five Manatee County employer. 

EQT and its partners, including BPEA EQT, acquired IMG Academy from Beverly Hills-based Endeavor Group Holdings. Endeavor is one of the world’s largest entertainment and sports brands. Earlier in April it created a new entity when its mixed martial arts franchise UFC merged with World Wrestling Entertainment to create a $21 billion business. 

Endeavor, EQT and Nord Anglia Education officials anticipate the IMG deal will close in the third quarter of 2023. 

Nord Anglia supports more than 75,000 students across 82 schools in 33 countries, the release states, and has “developed key partnerships with academic organizations including the Massachusetts Institute of Technology and The Juilliard School” to provide specialized curriculum.

“Our purpose is to empower student-athletes to win their future, preparing them for college and for life,” IMG Academy President Brent Richard says in the release. “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.”

Richard will continue as president of IMG Academy, the release states, and Tim Pernetti will remain president of IMG Academy Bradenton. In addition, Lisa Strasman will remain president of NCSA College Recruiting and Ted Sullivan will retain his chief growth officer post. The release didn’t disclose any other information about employee or personnel changes. 

IMG Academy was founded in 1978 as the Nick Bollettieri Tennis Academy. IMG acquired the academy in 1987 and subsequently added golf as its second sport followed by programs for soccer and baseball and ultimately basketball, football, lacrosse, track & field and volleyball. Endeavor acquired IMG in 2014, inclusive of IMG Academy and has since expanded both its on-campus and online offerings. The campus today includes a sports-focused boarding school with 1,400 students, sports camps, online coaching and online college recruiting that serves more than 100,000 student-athletes. Prominent individual athletes who have trained at IMG include tennis stars Venus Williams, Serena Williams and Andre Agassi. 

“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,” Mark Shapiro, President and COO of Endeavor says in the release. “We’re proud to have been stewards of this institution, driving growth and innovation, as well as expanding its facilities and offerings. IMG Academy is in great hands for its next chapter with BPEA EQT.”

Jack Hennessy, partner and co-head of education within BPEA EQT’s Advisory Team, says, “We are deeply impressed by IMG Academy’s unique offering and its world-class sports and wellbeing curriculum. IMG Academy’s brand is globally recognized and we see compelling opportunities in supporting its international expansion, including Asia, and broadening its educational offering, leveraging BPEA EQT’s insights from having led Nord Anglia Education’s growth in the region.”