Neuberger Berman, EQT, CPP Investments Buy Nord Anglia Education

Neuberger Berman Private Markets, a leading global private equity investor, Europe-based investment firm EQT, and Canada Pension Plan Investment Board (CPP Investments), together with global institutional investors have agreed to acquire the UK’s Nord Anglia Education for an enterprise value of $14.5 billion.

The existing owners EQT and CPP Investments will remain shareholders in the company through a new fund investment and reinvestment, respectively.

Nord Anglia is a leading international schools’ organisation, operating over 80 schools in 33 countries and educating more than 85,000 students from ages 2 to 18.  Its students consistently achieve excellent academic results, with Year 12 graduates frequently accepted into the world’s top 100 universities.

The announced agreement to acquire Nord Anglia further extends EQT’s longstanding relationship with the Company, which began with its initial investment in 2008. In 2017, EQT strengthened its commitment by increasing its stake in the Company and welcoming CPP Investments as a partner. EQT is investing in Nord Anglia through its BPEA Private Equity Fund VIII while CPP Investments will reinvest a portion of its stake in support of the acquisition.

NB’s Role

Neuberger Berman will play an integral role in strengthening the consortium’s commitment to supporting Nord Anglia’s continued growth through both organic and inorganic strategies.

Alongside Neuberger Berman, EQT, and CPP Investments will continue their close collaboration with Nord Anglia to guide the Company into its next phase and enhance its ability to deliver world-class education in key global markets.

Goldman Sachs, J.P. Morgan, and Morgan Stanley are serving as lead financial advisors to Nord Anglia, Lazard is serving as private capital advisor to Nord Anglia, and Deutsche Bank and HSBC are serving as financial advisors to Nord Anglia. Latham & Watkins is acting as legal advisor to Nord Anglia. Debevoise & Plimpton and Ropes & Gray are acting as legal advisors to EQT.

With this transaction, BPEA Private Equity Fund VIII is expected to be 80%-90% invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on target fund size and subject to customary regulatory approvals.

Neuberger Berman Private Markets has managed over $115 billion of commitments since inception through June 2024 across primary funds, co-investments, secondary investments, private credit and specialty strategies.

EQT is a purpose-driven global investment organization with $265.42 billion in total assets under management ($144.58 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets.

CPP Investments is a professional investment management organisation that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. As at 30 June 2024, the Fund totalled $467.8 billion.

As a leading international schools organisation, Nord Anglia is shaping a generation of creative and resilient global citizens who graduate from our schools with everything they need for success.