1、Education&Training M&A UpdateQ3 2025For more information on R.L Hulett or this report please visit our website at ,call us at(314)721-0607,or contact a professional listed on this page.REPORT HIGHLIGHTS In Q3,the Education Services Industry Index increased 0.3%,but was outperformed by a 7.9%increase

2、 in the S&P over the same period.The median EV/Revenue multiple for reported private equity deals in the Education&Training sector decreased to 1.0 x in YTD 2025 from 1.1x in 2024,and decreased for strategic deals to 1.2x from 2.0 x in the prior year.M&A deal volume in the sector increased 18.7%in Q

3、3 to 222 deals from 187 in Q2,and increased 13.3%from 196 in Q3 of the prior year.Europe was the most active region in Q3 with 94 deals.Most notable in Europe was Workdays$1.1 billion acquisition of Sana,a Swedish developer of an AI learning platform,in September 2025.Total capital invested in M&A t

4、ransactions increased 500.0%in Q3 to$1.8 billion from$0.3 billion in Q2,primarily due to Workdays$1.1 billion acquisition of Sana,mentioned above.Comparatively,the largest reported transaction in Q2 was Alta Capitals$100.0 million acquisition of Hartland International School in May 2025.Education&Tr

5、aining M&A UpdateQ3 2025REPORT CONTRIBUTORSTrevor HulettManaging DRyan HartmanSenior ACONTENTS3 Global Deal Analytics7 Valuation Multiples10 Leading M&A Deals13 Industry Outlook14 About R.L.Hulett16 Selected Transactions18 Our M&A TeamDax KugelmanAEducation&Training M&A Update|Q3 2025|Page 3Source:P

6、itchBook DataGlobal Deal Analytics64942611Of the 222 deals in the Education&Training(“E&T”)sector in Q3,Europe was the most active with 94.A notable European deal(in addition to the Sana deal mentioned on the previous page)was NIITs$26.0 million acquisition of MST Group,a German provider of comprehe