Monthly Market Update July 2025

Education & Training monthly market update

A data-first snapshot of public market trading, sector performance, and M&A activity across Corporate Training, EdTech, PreK-12, Higher Education, and Workforce Development, all as of June 30, 2025.

Education & Training June 2025 data Published July 2025

Navagant Education & Training Monthly Market Update - July 2025

This update is prepared by Navagant’s Education, Training & Workforce Development Practice. For questions, contact Jacob Voorhees or Shawn Keenan.

Sector valuations held a wide band at the June close, with harmonic-mean TEV/EBITDA multiples ranging from 2.7× (EdTech) to 10.1× (Corporate Training). Workforce Development led the coverage group at 88% of 52-week levels, with Higher Education just behind at 87%, while EdTech traded the widest discount at 62%. Laureate Education closed June at 99.0% of its 52-week high, American Public Education at 96.3%, and Lincoln Technical Institute at 95.3%. Chegg was the month’s strongest single move, up 48.2%, with DHI Group adding 24.9%. June’s headline transactions came in Workforce Development and PreK-12, where Bain Capital acquired field workforce platform ARCOS and BDT & MSD Partners took Pansophic Learning.

This monthly update summarizes key trading statistics, historical valuation trends, and notable M&A transactions across our five coverage sub-sectors, Corporate Training, EdTech, PreK-12, Higher Education, and Workforce Development, as of June 30, 2025. Data is sourced from PitchBook.

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Sector Overview Corporate Training EdTech PreK-12 Higher Education Workforce Development

Sector overview

As of June 30, 2025 · Source PitchBook

Trading multiples across all five education and training sub-sectors at month-end, showing TEV/Revenue, TEV/EBITDA, and P/E ranges.

Multiple

TEV / Revenue

Harmonic means. Source: PitchBook.

Multiple

TEV / EBITDA

Harmonic means. Source: PitchBook.

Multiple

P/E Ratio

Harmonic means. Source: PitchBook.

Operating Trading Statistics

Metric	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Development
2025E Revenue Growth	-2%	4%	6%	7%	-1%
2025E EBITDA Margin	-38%	1%	16%	16%	17%
% of 52-Week High	62%	76%	67%	87%	88%
Debt / 2025E EBITDA	0.7×	2.0×	0.2×	0.8×	1.0×

Data as of June 30, 2025. Source: PitchBook.

Top 3 Performers by Stock Price

Period	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Dev.
Last Month	Chegg+48.2% D2L-2.6% Coursera-3.7%	Scholastic+23.7% Bright Horizons-6.1% Nerdy-6.6%	John Wiley & Sons+8.0% Docebo+0.8% FranklinCovey-4.0%	Graham Holdings+1.7% Laureate Education+1.1% Barnes & Noble Education+0.6%	DHI Group+24.9% Korn Ferry+8.3% Randstad+3.7%
Last 3 Months	Chegg+97.2% Coursera+17.1% Nerdy+0.6%	Scholastic+13.0% Stride+11.9% Nerdy+0.6%	Stride+11.9% NIIT+8.1% Wilmington-2.6%	Lincoln Technical Institute+46.2% Perdoceo Education+27.0% American Public Education+26.4%	DHI Group+71.7% Korn Ferry+7.4% Wolters Kluwer+4.9%
Last 12 Months	Coursera+30.9% D2L+27.8% Nerdy-3.7%	Stride+106.3% Bright Horizons+13.5% Nerdy-3.7%	Stride+106.3% NIIT+23.0% SkillSoft+16.4%	Universal Technical Institute+122.7% Lincoln Technical Institute+100.4% Adtalem Global Education+86.7%	DHI Group+14.5% Korn Ferry+10.9% Wolters Kluwer-0.9%

Data as of June 30, 2025. Source: PitchBook.

Corporate Training

Comp set 10 companies · Harmonic mean 1.9× TEV/Rev, 11.7× TEV/EBITDA

Corporate Training closed at 67% of 52-week highs while carrying the coverage group’s richest EBITDA multiple at an 11.7× harmonic mean. Stride (89.5%), Wilmington (83.8%), John Wiley & Sons (82.7%), and Pearson (82.3%) led the group into month-end, while SkillSoft (46.4%), Thinkific (47.5%), and FranklinCovey (51.3%) traded at the deepest discounts. John Wiley & Sons was the only meaningful gainer on the month at 8.0%, with Docebo up 0.8%. Stride holds the strongest twelve-month return in the set at 106.3%, ahead of NIIT at 23.0% and SkillSoft at 16.4%. June M&A was led by Alpha Leonis Partners’ acquisition of human capital software developer Talana and Morson Group’s purchase of 3B Training.

TEV / Revenue

1.9×

TEV / EBITDA

11.7×

2025E Rev. Growth

2025E EBITDA Margin

16%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (6/30/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Accenture	NYS: ACN	$298.89	75.0%	186,000	198,000	68,000	32.1%	11,000	16.9%	6.2%	2.9×	17.6×
Docebo	TSE: DCBO	28.85	53.2%	855	785	223	80.8%	22	9.9%	16.8%	3.6×	31.9×
FranklinCovey	NYS: FC	22.82	51.3%	296	374	286	77.9%	35	12.3%	2.5%	1.3×	9.8×
John Wiley & Sons	NYS: WLY	44.63	82.7%	2,387	3,233	1,678	74.3%	344	20.5%	-10.4%	1.9×	9.1×
NIIT	BOM: 500304	1.53	55.4%	208	104	42	25.8%	10	23.2%	17.8%	2.5×	12.7×
Pearson	LON: PSON	14.70	82.3%	9,596	12,322	4,538	50.9%	981	21.6%	-3.3%	2.8×	9.4×
SkillSoft	NYS: SKIL	15.97	46.4%	137	647	527	74.9%	52	9.8%	-3.3%	1.2×	10.3×
Stride	NYS: LRN	145.19	89.5%	6,319	5,352	2,286	39.1%	520	22.7%	14.9%	2.4×	11.2×
Thinkific	TSE: THNC	1.51	47.5%	103	76	69	74.9%	-0.5	-0.7%	12.9%	1.1×	NM
Wilmington	LON: WIL	4.66	83.8%	415	356	129	NM	29	22.5%	6.8%	2.8×	10.2×
Harmonic Mean											1.9×	11.7×

$USD in millions. NM = not meaningful. Data as of June 30, 2025. Source: PitchBook.

Recent M&A Transactions

Date	Target	Acquirer	Description
26-Jun-2025	Talana	Alpha Leonis Partners	Developer of human capital management software designed to reduce operating costs dedicated to the daily processes of human resources.
23-Jun-2025	Pondera Advisors	Sleeping Giant Capital	Provider of leadership consulting services intended to serve corporate industries, family-owned businesses, and non-profit organizations.
19-Jun-2025	IED Training Solutions	AquaTerra Training	Provider of training and consultancy services intended for workplace resilience and wellbeing.
18-Jun-2025	David Forman	The Icehouse	Operator of a learning and development organization intended to help individuals and businesses grow capabilities and achieve their business goals.
12-Jun-2025	Quality Transport Training	Hercules	Operator of a training academy designed to provide skills and knowledge that are essential to employers.
03-Jun-2025	3B Training	Morson Group	Operator of a health and safety training company offering a range of online, classroom, eLearning, and NVQ courses.
01-Jun-2025	Kallibr Training	Aspire2 Group	Provider of work training, competency assessment, and safety courses intended for the construction, building, mining, and utility industries.

Source: PitchBook.

EdTech

Comp set 3 companies · Harmonic mean 0.7× TEV/Rev, NM TEV/EBITDA

EdTech was the most discounted sub-sector at 62% of 52-week highs, on a 0.7× TEV/Revenue harmonic mean and no meaningful EBITDA multiple across the three-company set. Nerdy closed strongest at 74.7% of its high, with D2L at 68.2% and Chegg at 31.7%. Chegg was nonetheless the month’s standout, up 48.2%, and added 97.2% over three months, though it carried a -114.6% LTM EBITDA margin on a 19.7% revenue decline. D2L is the only name in the set with positive EBITDA, at an 8.1% margin on 12.3% growth, and leads the twelve-month window at 27.8% behind Coursera at 30.9%. June deal flow leaned toward curriculum and coding platforms, headlined by the Gates Foundation’s acquisition of Carnegie Learning and August Equity’s purchase of Qintil.

TEV / Revenue

0.7×

TEV / EBITDA

2025E Rev. Growth

-2%

2025E EBITDA Margin

-38%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (6/30/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Chegg	NYS: CHGG	$1.21	31.7%	129	256	565	66.6%	-647	-114.6%	-19.7%	0.4×	NM
D2L	TSE: DTOL	10.17	68.2%	557	418	210	68.8%	17	8.1%	12.3%	2.1×	NM
Nerdy	NYS: NRDY	1.63	74.7%	195	138	184	64.9%	-66	-35.9%	-7.0%	0.7×	NM
Harmonic Mean											0.7×	NM

$USD in millions. NM = not meaningful; maximum EBITDA multiple capped at 30×. Data as of June 30, 2025. Source: PitchBook.

Recent M&A Transactions

Date	Target	Acquirer	Description
25-Jun-2025	Qintil	August Equity	Operator of an e-learning platform intended to deliver education to people.
18-Jun-2025	Ellipsis Education	Qubits Learning	Operator of a computer science curriculum platform designed for building confidence in educators and students.
17-Jun-2025	Tomorrow Education Group	Naxicap Partners	Operator of an e-learning upskilling education platform intended to make adults fit for the challenges of tomorrow.
05-Jun-2025	Tynker	CodeHS	Operator of an online creative coding platform designed to provide every child with a solid foundation and to prepare them for their careers.
04-Jun-2025	Campus Skills	Bpifrance	Developer of publishing software intended for monitoring the training of learners.
03-Jun-2025	Sanako	Shape Robotics	Developer of language teaching software designed to assist people to teach and learn languages.
01-Jun-2025	Atabeg	ICU Venture Capital Trust	Provider of a personalized mobile exam preparation platform designed to centralize study resources such as audio lectures, quizzes, flashcards, mock exams, and news feeds.
01-Jun-2025	Carnegie Learning	Gates Foundation	Developer of an education technology platform intended for regional schools.

Source: PitchBook.

PreK-12

Comp set 4 companies · Harmonic mean 0.9× TEV/Rev, 9.4× TEV/EBITDA

PreK-12 closed at 76% of 52-week highs with a 0.9× TEV/Revenue and 9.4× TEV/EBITDA harmonic mean, on the coverage group’s thinnest estimated EBITDA margin at 1%. Stride (89.4%) and Bright Horizons (87.1%) finished near their highs, while Scholastic trailed at 54.1% despite gaining 23.7% on the month, the sector’s best single move. Stride leads the set over twelve months at 106.3%, with Bright Horizons at 13.5%, and Bright Horizons carries the widest revenue multiple in the group at 3.3× on 9.7% growth. Nursery and early childhood consolidation dominated June, with Busy Bees Nurseries, International Schools Partnership, Brookfield Corporation, and Quad Partners all adding operators.

TEV / Revenue

0.9×

TEV / EBITDA

9.4×

2025E Rev. Growth

2025E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (6/30/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Bright Horizons	NYS: BFAM	$123.59	87.1%	7,076	8,957	2,729	23.4%	361	13.2%	9.7%	3.3×	26.0×
Nerdy	NYS: NRDY	1.63	74.7%	195	138	184	64.9%	-66	-35.9%	-7.0%	0.7×	NM
Scholastic	NAS: SCHL	20.98	54.1%	560	843	1,592	55.8%	92	5.8%	-3.1%	0.5×	12.0×
Stride	NYS: LRN	145.19	89.4%	6,319	5,352	2,286	39.1%	520	22.7%	14.9%	2.4×	11.2×
Harmonic Mean											0.9×	9.4×

$USD in millions. NM = not meaningful. Data as of June 30, 2025. Source: PitchBook.

Recent M&A Transactions

Date	Target	Acquirer	Description
30-Jun-2025	Rascals Party and Play Centre	24 Indoor	Operator of a play center intended for kids and babies.
30-Jun-2025	Sunshine Day Nursery	Busy Bees Nurseries	Operator of a childcare nursery center intended to serve children across all age groups, babies, toddlers, and preschoolers.
20-Jun-2025	Associe International	GlobalKids	Operator of childcare nursery schools based in Tokyo, Japan.
18-Jun-2025	Pansophic Learning	BDT & MSD Partners	Operator of a network of schools and educational institutions across the United States, Switzerland, and the Middle East.
16-Jun-2025	Smallworld Nursery	Undisclosed	Provider of early childhood education and care services based in Brechin, Scotland.
10-Jun-2025	Smart Vision Schools	International Schools Partnership	Provider of British curriculum-based early years and primary education intended to foster a love of learning and empower students to reach their full potential.
09-Jun-2025	Nordiqus	Brookfield Corporation	Two newly built preschools located in Finland.
01-Jun-2025	Nord Anglia Education	Quad Partners	Operator of educational schools intended to offer academic courses to children.

Source: PitchBook.

Higher Education

Comp set 13 companies · Harmonic mean 1.2× TEV/Rev, 9.0× TEV/EBITDA

Higher Education traded at 87% of 52-week highs, the second-narrowest discount in our coverage, on a 1.2× TEV/Revenue and 9.0× TEV/EBITDA harmonic mean and the group’s strongest estimated 2025 revenue growth at 7%. Laureate Education closed June at 99.0% of its high, American Public Education at 96.3%, Lincoln Technical Institute at 95.3%, and Perdoceo Education at 94.5%, while D2L (68.3%) and Strategic Education (70.4%) trailed. Universal Technical Institute leads the set over twelve months at 122.7%, with Lincoln Technical Institute at 100.4% and Adtalem Global Education at 86.7%. Lincoln also led the three-month window at 46.2%, ahead of Perdoceo at 27.0% and American Public Education at 26.4%. June M&A skewed toward vocational and professional programs, with Activa Capital acquiring apprenticeship provider Institut NEMO and byDesign Ventures taking the Association for Advanced Training in the Behavioral Sciences.

TEV / Revenue

1.2×

TEV / EBITDA

9.0×

2025E Rev. Growth

2025E EBITDA Margin

16%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (6/30/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Adtalem Global Education	NYS: ATGE	$127.23	90.8%	4,571	4,421	1,741	56.6%	423	24.3%	13.1%	2.6×	11.2×
American Public Education	NAS: APEI	30.46	96.3%	549	510	635	53.0%	58	9.2%	4.9%	0.8×	9.7×
Barnes & Noble Education	NYS: BNED	11.77	81.7%	401	759	1,568	22.4%	-3	-0.2%	-0.3%	0.5×	NM
Coursera	NYS: COUR	8.76	74.6%	1,414	350	705	53.8%	-74	-10.4%	7.3%	0.5×	NM
D2L	TSE: DTOL	10.17	68.3%	557	418	210	68.8%	17	8.1%	12.3%	2.0×	38.6×
Graham Holdings	NYS: GHC	946.17	93.2%	4,125	4,473	4,804	30.8%	1,358	28.3%	5.9%	0.9×	3.4×
Grand Canyon Education	NAS: LOPE	189.00	93.4%	5,363	4,754	1,048	52.8%	316	30.2%	6.3%	4.6×	15.2×
Laureate Education	NAS: LAUR	23.38	99.0%	3,479	3,419	1,527	25.9%	508	33.3%	1.3%	2.7×	6.5×
Lincoln Technical Institute	NAS: LINC	23.05	95.3%	728	620	454	59.0%	31	6.8%	15.2%	1.4×	23.4×
Pearson	LON: PSON	14.70	82.3%	9,596	12,322	4,538	50.9%	981	21.6%	-3.3%	2.8×	9.4×
Perdoceo Education	NAS: PRDO	32.69	94.5%	2,142	1,222	726	80.8%	202	27.8%	6.4%	1.8×	6.5×
Strategic Education	NAS: STRA	85.13	70.4%	2,057	2,011	1,233	47.2%	196	15.9%	5.7%	1.6×	10.2×
Universal Technical Institute	NYS: UTI	33.89	93.3%	1,844	1,510	783	49.2%	131	16.8%	14.7%	1.9×	12.1×
Harmonic Mean											1.2×	9.0×

$USD in millions. NM = not meaningful. Data as of June 30, 2025. Source: PitchBook.

Recent M&A Transactions

Date	Target	Acquirer	Description
24-Jun-2025	Institut NEMO	Activa Capital	Provider of professional apprenticeship training in transport and logistics designed to ensure job placement for graduates.
12-Jun-2025	Yude Education	Undisclosed	Operator of vocational and professional education institutions intended to support the operational and instructional needs of educational institutions.
01-Jun-2025	Association for Advanced Training in the Behavioral Sciences	byDesign Ventures	Provider of behavioral sciences licensing exam preparation and continuing education services intended to help mental health professionals.
01-Jun-2025	Hartsdown Academy	Lifestyle Fitness	Operator of an educational institution intended to help students pursue their ambitions.
01-Jun-2025	Hochschule der Wirtschaft fur Management	Global Education Network	Operator of a private university based in Mannheim, Germany.

Source: PitchBook.

Workforce Development

Comp set 5 companies · Harmonic mean 0.9× TEV/Rev, 8.9× TEV/EBITDA

Workforce Development led the coverage group at 88% of 52-week highs, on a 0.9× TEV/Revenue and 8.9× TEV/EBITDA harmonic mean, and carried the widest estimated 2025 EBITDA margin at 17% against revenue growth of -1%, the only negative growth reading in our coverage. Korn Ferry (90.9%), Randstad (90.6%), and DHI Group (89.6%) all finished within eleven points of their highs, with Wolters Kluwer at 88.4% and HealthStream at 80.8%. DHI Group was the month’s standout at 24.9%, the three-month leader at 71.7%, and also leads over twelve months at 14.5%. June M&A centered on workforce software and staffing, headlined by Bain Capital’s acquisition of field workforce platform ARCOS and Beeline’s purchase of MBO Partners.

TEV / Revenue

0.9×

TEV / EBITDA

8.9×

2025E Rev. Growth

-1%

2025E EBITDA Margin

17%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (6/30/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
DHI Group	NYS: DHX	$2.97	89.6%	145	107	138	85.0%	13	9.5%	-7.2%	0.8×	4.4×
HealthStream	NAS: HSTM	27.67	80.8%	845	900	292	66.2%	65	22.3%	3.4%	3.1×	14.5×
Korn Ferry	NYS: KFY	73.33	90.9%	3,807	2,951	2,761	88.6%	446	16.1%	-1.2%	1.1×	6.7×
Randstad	AMS: RAND	45.97	90.6%	8,055	9,179	25,592	19.3%	780	3.1%	-4.0%	0.4×	14.6×
Wolters Kluwer	AMS: WKL	166.46	88.4%	38,479	42,231	6,402	72.5%	2,032	31.7%	5.9%	6.8×	21.3×
Harmonic Mean											0.9×	8.9×

$USD in millions. NM = not meaningful. Data as of June 30, 2025. Source: PitchBook.

Recent M&A Transactions

Date	Target	Acquirer	Description
24-Jun-2025	Athlete Network	Gravyty	Developer of a digital engagement and career transition platform designed for current and former athletes.
16-Jun-2025	Porta Personeel	Beech Tree Investments	Provider of employment agency services intended for connecting certified technical professionals in the metal and industrials sectors with employers.
16-Jun-2025	MBO Partners	Beeline	Provider of independent workforce services intended to optimize compliant engagement of contract talent for global enterprises.
11-Jun-2025	CS Opleidingen	Certify 360	Provider of professional training programs in absenteeism management and reintegration for case managers and HR professionals.
11-Jun-2025	Target Recruitment	Concreto Group	Provider of workforce recruitment and talent developer services supporting sustainable career growth and matching professionals with companies in the manufacturing and process industry.
10-Jun-2025	ARCOS	Bain Capital	Developer of a field workforce management platform intended for electric and gas utilities, power plants, and mutual assistance groups.
04-Jun-2025	Uptick	PSG	Developer of digital health software intended to provide validated tools to facilitate early and accurate screening of cognitive status, assess, and train everyday functional skills.

Source: PitchBook.

Navagant Senior Team

Contact our investment banking team

Jacob Voorhees

Managing Director

jacob@navagant.com · 617-216-1543

Member of the M&A Hall of Fame and 40+ Deal of the Year Nominations & Awards · 2021 Investment Banker of the Year

Shawn Keenan

Managing Director

shawn@navagant.com · 312-550-5304

18+ years of IB experience · Led execution on 70+ transactions resulting in over $3.5 billion of proceeds for clients

Jeff Bache

Director

jeff@navagant.com · 804-627-2848

20+ years advising large public and private corporate clients on financial transactions · 2024 M&A Atlas Rising Star Dealmaker

Jorge Quinteros

Vice President

jorge@navagant.com · 703-618-1070

13+ years of financial advisory and banking experience · 2024 M&A Advisor Emerging Leader

Sachin Raval

Vice President

sachin@navagant.com · 248-469-5786

6+ years of financial advisory experience · 2025 M&A Advisor Emerging Leader

Disclosure: This report is a periodic compilation of certain economic and corporate information, as well as completed and announced merger and acquisition activity. Information contained in this report should not be construed as a recommendation to sell or buy any security. Any reference to or omission of any reference to any company in this report should not be construed as a recommendation to buy, sell or take any other action with respect to any security of any such company. We are not soliciting any action with respect to any security or company based on this report. The report is published solely for the general information of clients and friends of Navagant. It does not take into account the particular investment objectives, financial situation or needs of individual recipients. Certain transactions, including those involving early-stage companies, give rise to substantial risk and are not suitable for all investors. This report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Prediction of future events is inherently subject to both known and unknown risks and other factors that may cause actual results to vary materially. We are under no obligation to update the information contained in this report. Opinions expressed are our present opinions only and are subject to change without notice. Additional information is available upon request. The companies mentioned in this report may be clients of Navagant. The decisions to include any company in this report is unrelated in all respects to any service that Navagant may provide to such company. This report may not be copied or reproduced in any form or redistributed without the prior written consent of Navagant. The information contained herein should not be construed as legal advice.