M&A Deal Summary

EQT, CPP Investments and NB Private Equity Partners Acquire Nord Anglia Education

On October 21, 2024, private equity firm EQT, pension CPP Investments and asset manager NB Private Equity Partners acquired education company Nord Anglia Education from Baring Private Equity Asia and CPP Investments for 14.5B USD

Acquisition Highlights
  • This is EQT’s 8th, CPP Investments’ 4th and NB Private Equity Partners’ 2nd transaction in the Education sector.
  • This is EQT’s , CPP Investments’ 3rd and NB Private Equity Partners’ largest (disclosed) transaction.
  • This is EQT’s 18th, CPP Investments’ 6th and NB Private Equity Partners’ 3rd transaction in the United Kingdom.

M&A Deal Summary
Date 2024-10-21
Target Nord Anglia Education
Sector Education
Buyer(s) EQT
CPP Investments
NB Private Equity Partners
Sellers(s) Baring Private Equity Asia
CPP Investments
Deal Type Secondary Buyout
Deal Value 14.5B USD
Advisor(s) Goldman Sachs
J.P. Morgan Securities
Morgan Stanley
Lazard
Deutsche Bank Corporate & Investment Banking
HSBC Global Banking and Markets (Financial)
Latham & Watkins (Legal)

Target

Nord Anglia Education

London, United Kingdom
Nord Anglia Education is an international operator of premium schools, serving students from kindergarten through the end of secondary school (K-12). Together, they educate more than 37,000 students from kindergarten through to the end of secondary education. Providing education to both expatriates and local students in the markets where it operates, Nord Anglia attracts top teaching talent globally and has established collaborations with leading post-secondary institutions, including The Juilliard School, the Massachusetts Institute of Technology and King's College London. Nord Anglia Education was formed in 1972 and is based in London.

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Buyer(S) 3

Buyer

EQT

Stockholm, Sweden

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 242.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

EQT is a global private equity group that purses a variety of investment strategies around the world. EQT is divided into several investment disciplines, including private capital, real assets, credit, and venture. The Firm's private capital group targets large, market-leading enterprises (investment size of €125 to €1.5 billion) across Europe and the US, as well as mid-market, growth companies (investment size of €40 to €125 million) across the US, Europe, China, and Southeast Asia. The Firm's real assets group seeks to identify control or co-control equity investments (investment size of €500 to €1 billion) in medium-sized infrastructure companies that provide an essential service to society, are recession resilient, and have secure cash flows. EQT's credit group provides flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. EQT was established in 1994 and is headquartered in Stockholm, Sweden.

DEAL STATS #
Overall 312 of 316
Sector (Education) 8 of 8
Type (Secondary Buyout) 95 of 98
Country (United Kingdom) 18 of 19
Year (2024) 19 of 22
Size (of disclosed) 1 of 47
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-08 OX2

Stockholm, Sweden

OX2 develops, builds, finances and manages renewable energy plants in the Nordic countries. Company strive towards a 100 % sustainable and renewable energy sector. Company has generated approximately 1,200 MW of wind power. OX2 was founded in 2004 and is based in Stockholm, Sweden.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-31 PageUp

Melbourne, Australia

PageUp is a manufacturer of cloud based, enterprise talent management software. Its tools and services empower organizations to optimize their human resources investment processes, enhance workforce performance, and deliver a personalized experience to candidates and employees. PageUp was established in 1997 and is based in Melbourne, Australia.

Buy -
Buyer

CPP Investments

Investor Investor Investor Investor Investor

Category Pension
Founded 1997
Size Mega
Type Sector Agnostic
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.

DEAL STATS #
Overall 51 of 51
Sector (Education) 4 of 4
Type (Secondary Buyout) 11 of 11
Country (United Kingdom) 6 of 6
Year (2024) 4 of 4
Size (of disclosed) 3 of 26
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-04 AirTrunk

North Sydney, Australia

AirTrunk is an Asia Pacific data center platform operating 800MW of capacity committed to customers and owns land that can support over 1GW of future growth across the region. AirTrunk is based in North Sydney, Australia.

Buy AU$24.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-10 Calpine

Houston, Texas, United States

Calpine is a generator of electricity from natural gas and geothermal resources with operations in competitive power markets. Calpine was founded in 1984 and is based in Houston, Texas.

Sell $26.6B
Buyer

NB Private Equity Partners

Investor Investor Investor Investor Investor

Category Asset Manager
Size Large
Type Sector Agnostic
DESCRIPTION

NB Private Equity Partners is a publicly traded asset manager focused on acquiring direct investments in privately held companies. The Firm principally targets businesses in the US and looks to invest alongside other private equity managers when considering opportunities. NB Private Equity Partners is headquartered in the UK, with an additional office in the US.

DEAL STATS #
Overall 27 of 27
Sector (Education) 2 of 2
Type (Secondary Buyout) 14 of 14
Country (United Kingdom) 3 of 3
Year (2024) 1 of 1
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-08 Biolchim

Bologna, Italy

Biolchim is a company focused on the production and commercialization of biostimulants, whose function is to stimulate natural processes to enhance nutrient uptake, nutrient efficiency, tolerance to abiotic stress, and crop quality in full respect of sustainable agriculture values and practices. Biolchim was founded in 1973 and is based in Bologna, Italy.

Sell -

Seller(S) 2

SELLER

Baring Private Equity Asia

Hong Kong, China

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 17.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Baring Private Equity Asia is an Asia-focused private equity group specializing in growth equity investments and buyouts of companies valued between $300 million and $1.5 billion. Baring looks for companies that require capital for organic expansion, recapitalizations, or to fund acquisitions. The Group's geographic coverage spans China, India, Japan, Singapore, Hong Kong, and Taiwan. Baring Private Equity Asia was formed in 1997 and is based in Hong Kong.

DEAL STATS #
Overall 29 of 30
Sector (Education) 4 of 4
Type (Secondary Buyout) 9 of 9
Country (United Kingdom) 6 of 6
Year (2024) 1 of 2
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-28 Tricor

Hong Kong, China

Tricor is a corporate services provider across 20 markets globally, with a strong presence in 13 markets in the APAC region. It offers a range of services across accounting and payroll for MNCs and SMEs, corporate governance and secretarial services for both listed and unlisted companies, and investor and share registry services. Tricor was founded in 2000 and is based in Hong Kong, China.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-24 Horizon Robotics

Beijing, China

Horizon Robotics is a provider of energy-efficient computing solutions for advanced driver assistance systems (ADAS) for consumer vehicles, and NETA Auto. Horizon Robotics was founded in 2015 and is based in Beijing, China.

Sell -
SELLER

CPP Investments

Investor Investor Investor Investor Investor

Category Pension
Founded 1997
Size Mega
Type Sector Agnostic
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.

DEAL STATS #
Overall 15 of 16
Sector (Education) 1 of 1
Type (Secondary Buyout) 1 of 1
Country (United Kingdom) 3 of 3
Year (2024) 3 of 3
Size (of disclosed) 3 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-04 AirTrunk

North Sydney, Australia

AirTrunk is an Asia Pacific data center platform operating 800MW of capacity committed to customers and owns land that can support over 1GW of future growth across the region. AirTrunk is based in North Sydney, Australia.

Buy AU$24.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-10 Calpine

Houston, Texas, United States

Calpine is a generator of electricity from natural gas and geothermal resources with operations in competitive power markets. Calpine was founded in 1984 and is based in Houston, Texas.

Sell $26.6B
Mergr

Product

Company

Legal