
U.S. Education M&A Landscape: 2024 Roundup and 2025 Outlook
- Article
While the number of transactions has fluctuated in recent years, North America saw significant growth in transaction value in 2024, outpacing the overall M&A market. Investment in education remained strong, with a rise in mega deals.
The overall number of deals remained steady, with some recovery in lower-value segments. This recovery is supported by the four-quarter moving transaction value average, which declined from Q4 2021 through Q3 2023, began rising in late 2023, and continued its upward trend in 2024.
Private equity took a leading role, gaining transaction share from corporate M&A. Corporate training and professional upskilling consistently accounted for the highest share of total transaction volume over the past five years, followed by K-12, higher education and early childhood education (ECE).
Low interest rates, buyer and seller alignment on value expectations, and strong underlying growth drivers — such as demand for upskilling/reskilling, bridging the K-12 learning gap and the need for higher education to diversity revenue — mark positive shifts for 2025. Investors should watch for policy and regulatory changes, as well as deal fatigue following similar transactions in 2023 and 2024.
Our analysis unpacks the trends shaping education M&A and the strategic priorities investors should consider.
Private equity firms played a leading role in education M&A in 2024, capitalizing on the sector’s recession resilience and technological transformation potential. While corporate buyers remained active, PE investors pursued deals in adjacent sectors such as technology and healthcare, with a strong focus on expanding into education.
The return of larger transactions also stood out. Mega deals over $1 billion spanned K-12, higher education and youth enrichment, underscoring sustained investor appetite for scalable opportunities.
Despite a cautious investment environment, three segments led deal activity:
With valuations stabilizing and deal sizes increasing, 2024 set the stage for a more dynamic investment landscape in 2025.
Education remains a resilient and attractive investment sector, with M&A activity poised to accelerate in 2025. As market conditions evolve, investors will need to align their strategies with the shifting demands of learners, institutions and employers.
For a deeper dive into these trends and their strategic implications, please download our full analysis and get in touch.
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