After a robust period of deal activity in education, peaking in twenty twenty one, twenty twenty two and twenty twenty three saw a significant downturn in M and A activity in education. K-twelve was one of the bright sparks.
A number of key underlying market trends continue to support the growth of K-twelve platforms, growing affordability in developing markets, parental preference to shift away from public schools towards private schools, supportive government regulation in most markets, and the significant consolidation headroom presented to these global K-twelve platforms with more mom and pop operators being available for acquisition. Global K-twelve operators are really valued by investors. They're a scarce asset. These assets have access to capital, both debt and equity.
They're able to buy schools at lower multiples than what they operate at. Their schools are able to benefit from best practice sharing. We saw that very evident during COVID. And because of their scale, they're able to invest in quality control and risk management, unlike single site schools.
The largest groups have continued to acquire schools over the last three years reinforced by very strong M and A capabilities and brilliant deal teams.
In addition to the global K12 platforms, we've seen the emergence of regional K12 platforms, will provide further scope for consolidation.
