The future of study abroad & experiential learning
The U.S. study abroad and experiential learning market is projected to reach approximately three billion dollars by academic year twenty thirty, with strategic and sponsor-backed buyers increasingly active as industry growth and fragmentation create attractive consolidation opportunities.
The study abroad and experiential learning sector is experiencing robust growth as U.S. colleges and universities continue to normalize post-pandemic program offerings and families increasingly seek differentiated educational experiences. Over two hundred eighty-one thousand U.S. students studied abroad in academic year twenty twenty-three — a forty-nine percent increase from the prior year and the strongest recovery signal since the COVID-19 disruption.
The U.S. study abroad total addressable market was approximately $1.9 billion in academic year 2023 and is projected to reach $3.0 billion by academic year 2030, growing at a 6.6% compound annual growth rate. By academic year 2024, enrollments had already recovered to 81% of pre-pandemic levels, and 86% of U.S. colleges and universities anticipate increased or stable student participation in the coming academic year.
In this sector update, we examine the forces shaping M&A activity in study abroad and experiential learning — from the sector’s post-pandemic recovery and the steady rise in faculty-led programs to the consolidation strategies being pursued by strategic and sponsor-backed platforms like CEA CAPA Education Abroad.
SAEL sector at a glance
Study abroad and experiential learning opportunities provide valuable cultural immersion and personal awareness development for students of all ages. The SAEL market encompasses international study abroad programs and experiential learning opportunities, with a recent emphasis on career-focused skill development. These experiences target a wide swath of ages — from middle school to undergraduates and beyond to more advanced degree-seeking learners. As the college and graduate admissions processes become more competitive, students are seeking new ways to showcase distinct perspectives and experiences, leading to earlier interest in SAEL offerings.
The COVID-19 pandemic had a severe impact on the U.S. study abroad market for the 2020–2022 academic years, with the number of students studying abroad declining by over 90% in AY2021. However, study abroad programs have made a strong comeback. In AY23, more than 281,000 U.S. students studied abroad — a 49% increase from AY22 — and AY24 enrollments reached 81% of AY19 levels. Europe remains the most sought-after destination, attracting over 64% of students in AY23, with Italy, Spain, France, and the United Kingdom consistently ranking as the top four destinations. Within study abroad, most key players are third-party providers, as universities typically outsource their study abroad ventures to these firms given their specialized expertise.
Leading majors and destinations
STEM programs accounted for the largest share of U.S. students abroad in AY23 at 36.5%, representing over one-third of all enrollments. Business & Management followed at 25.6%, reflecting steady demand across global study abroad programs. Social Sciences represented 20.3%, with the remaining 17.6% distributed across other academic disciplines. Among destinations, Italy led at 14.9% of students, followed by the United Kingdom at 12.5%, Spain at 11.6%, and France at 6.1%, with 54.9% of students distributed across other countries primarily in Europe and Asia.
M&A trends & drivers
The SAEL market is poised for continued significant growth after working through the backlog of COVID-affected student demand. IIE’s Spring 2024 Report concluded that the vast majority of U.S. colleges and universities are continuing to shift back to pre-pandemic, in-person study abroad programs, as 89% of institutions reported offering in-person study abroad programs for the fall 2024 semester. This shift, combined with strong consumer demand and growing faculty participation, is translating directly into deal activity.
Strategics and sponsor-backed strategics are increasingly active in the SAEL sector, as the industry’s growth and fragmentation present attractive consolidation opportunities. The clearest example is CEA CAPA Education Abroad — backed by Infinedi Partners — which has executed a rapid platform roll-up, completing five acquisitions in 2024 and 2025 alone, including Navagant-advised transactions for Atlantis and the Global Educators portfolio (CIS Abroad, CISaustralia, Barcelona SAE, and Performing Arts Abroad). Additional strategic buyers like Alliance Abroad, Educatius, Keystone Education Group, and Markel Ventures are actively acquiring, while financial sponsors including Infinedi Partners, Waterland, Mata Capital, AIM Equity Partners, and ASPAC III have completed SAEL investments over the past twelve months.
Key drivers of M&A activity
The high level of M&A activity is driven by several fundamental, structural factors: a highly fragmented provider market, with universities typically outsourcing study abroad programs to specialized third-party providers, creating consolidation opportunities for well-capitalized acquirers; strong post-pandemic tailwinds, with participation projected to continue rising as institutions and students return to in-person, international programming; expanded demand beyond traditional college populations, as non-college students increasingly use SAEL programs to differentiate themselves in competitive admissions processes; and the shift toward experiential learning, with career-focused, pre-professional programs (such as Atlantis’s pre-health and pre-law experiences) commanding premium pricing and building recurring relationships with universities.
Emerging trends reshaping study abroad
Study abroad and experiential learning are being reshaped by evolving student expectations, institutional partnerships, and the consolidation of third-party providers into scaled platforms. Several emerging trends are influencing both organic growth strategies and M&A investment theses across the sector.
STEM and business dominate student demand
STEM programs now account for the largest share of U.S. students abroad at 36.5% — a shift that reflects growing demand for internationally embedded technical education and pre-professional training. Business and management programs follow at 25.6%, and together with social sciences, these three fields make up over 82% of all U.S. study abroad enrollments. The rise of STEM participation has been a particular focus for providers like Atlantis, whose pre-health, pre-law, pre-business, and STEM experiential education programs command premium positioning with pre-professional students preparing for graduate school applications.
Earlier engagement and admissions differentiation
Non-college students are increasingly participating in study abroad and experiential programs to differentiate themselves in the college admissions process. This shift has expanded the addressable market beyond traditional college populations and has led providers to design programs targeting middle school and high school students — lengthening the customer lifecycle and increasing customer lifetime value. Providers that successfully engage students earlier can build multi-program relationships that persist through graduate school.
Platform consolidation and sponsor-backed roll-ups
The SAEL sector is undergoing rapid consolidation as sponsor-backed strategics pursue platform-building strategies. CEA CAPA Education Abroad, backed by Infinedi Partners, has emerged as a leading consolidator — acquiring Atlantis in October 2024 and then completing a four-brand acquisition of Global Educators (CIS Abroad, CISaustralia, Barcelona SAE, and Performing Arts Abroad) in July 2025. These platform transactions reflect the broader appeal of SAEL as a fragmented services market with recurring, institutional customer relationships and strong secular growth tailwinds.
Notable transactions
Four representative transactions from the past year illustrate the major themes driving SAEL consolidation: sponsor-backed multi-brand roll-ups, strategic expansion into pre-professional experiential programming, private equity entry into international student recruitment, and tech-enabled enrollment platform acquisitions.
In July 2025, CEA CAPA Education Abroad — a portfolio company of Infinedi Partners — acquired Global Educators, the parent company of four distinct SAEL brands: CIS Abroad, CISaustralia, Barcelona Study Abroad Experience, and Performing Arts Abroad. Navagant advised Global Educators on the transaction.
Global Educators and its brands collectively empowered over 50,000 students with international education experiences through 160+ programs in 30+ countries and 300+ university partners. The transaction cemented CEA CAPA’s position as the leading consolidator in the U.S. study abroad market and reflects the broader private-equity appetite for scaled SAEL platforms with diverse program offerings and strong institutional relationships.
In October 2024, CEA CAPA Education Abroad acquired Atlantis, the leading provider of pre-health, pre-law, pre-business, and STEM experiential education abroad. Navagant advised Atlantis on the transaction. Atlantis has developed a robust network of 200+ hospital partners, 100+ law firm partners, and 10+ other partners primarily in Europe and the U.S.
The deal marked CEA CAPA’s first major expansion into pre-professional experiential programming and laid the foundation for the Global Educators transaction that followed nine months later. The transaction reflects how strategic acquirers are paying premium valuations for career-focused programs that serve pre-professional students preparing for graduate school applications.
In July 2025, 360 ONE Equity Opportunity Fund invested in Crizac, a B2B education platform specializing in international student recruitment from India to the United Kingdom. The transaction reflects rising private equity interest in cross-border student mobility and the technology platforms that enable institutional recruitment at scale.
With India emerging as one of the largest sources of international students globally, platforms like Crizac are positioned to benefit from both rising outbound demand and tightening institutional budgets that reward efficient student acquisition. The deal signals that financial sponsors are expanding their SAEL footprint beyond traditional program providers into the underlying recruitment and enrollment infrastructure.
In May 2025, Ecctis acquired Enroly, a developer of a process automation platform designed to help universities modernize and standardize the enrollment experience for international students. The deal reflects the growing role of technology in the SAEL value chain, as institutions increasingly seek to streamline the historically manual and fragmented processes around international student recruitment, admissions, and enrollment.
The transaction mirrors the broader trend of strategic acquirers building integrated platforms that combine program delivery, recruitment, and enrollment technology. Tech-enabled SAEL assets command premium valuations given their scalability, defensibility, and ability to serve as the operating backbone for larger program providers.
Buyer universe
Navagant has long-standing relationships with many of these firms through recent transactions in the study abroad and experiential learning industry. We have also tracked buyers that have been highly acquisitive in the international education consulting and educational travel sector, particularly those that have completed notable M&A transactions. Our sector expertise and network provide us with unique insights into this buyer universe and the growth drivers of the companies within it.
Navagant case studies
Representative transactions from Navagant’s study abroad and experiential learning practice, showcasing our expertise across multi-brand roll-ups, pre-professional experiential programs, and cross-border outbound study abroad platforms.
Global Educators
Background
Global Educators and its brands have been leaders in study abroad, empowering over 50,000 students with transformative international education experiences through 160+ programs in 30+ countries and 300+ university partners. The Company represents four distinct brands: CIS Abroad, Barcelona Study Abroad Experience, CISaustralia, and Performing Arts Abroad.
Process Highlights
The individual companies under Global Educators truly operated independently with four different management teams, ERP and accounting systems, with separate entities in the US, Australia, and Spain.
Navagant engaged with the Global Educators team informally for over five years and formally for over 18 months to prepare the company to market while it grew into valuation expectations. Navagant successfully negotiated an offer without running a full process.
Atlantis
Background
Atlantis is the leading provider of pre-health, pre-law, pre-business, and STEM experiential education abroad. The Company’s solutions help pre-professional students obtain real-world experience crucial for successful graduate school applications. Atlantis has developed the most impactful, career-enhancing experiential education programs on the market via a robust network of 200+ hospital partners, 100+ law firm partners, and 10+ other partners located primarily in Europe and the U.S.
Process Highlights
To maximize value, Navagant ran a broad process. Ultimately, CEA CAPA Education Abroad, backed by Infinedi Partners, acquired Atlantis after multiple rounds of negotiations between Atlantis and several other parties.
Navagant successfully leveraged the competitive dynamics of the process, culminating in an extremely successful transaction.
World Education Program (WEP)
Background
Headquartered in Brussels, Belgium with subsidiaries in Italy, France, Spain, and Australia, World Education Program (WEP) is one of the world’s largest outbound study abroad organizations. WEP offers numerous high school programs and other educational and intercultural experiences such as volunteering, language courses, higher education, family immersion, and internships, handling over 10,000 students annually. The introduction to WEP came through another former client, Educatius, who was one of WEP’s larger competitors, headquartered in Sweden.
Process Highlights
Discussions with e-Capital, a Belgian family office, began for the acquisition of WEP in November 2020 and came to an agreement in April 2021. Key points were valuing the business off 2019 adjusted EBITDA given the 2020 and 2021 COVID downturn.
Meet the team behind this report
With over two decades of experience, Jacob is the Managing Director of Navagant, having been a key contributor since its inception. Leading as Managing Director and Co-Founder, he has played a vital role in establishing Navagant’s strong brand presence, building relationships with clients and servicing them with integrity. Demonstrating a remarkable talent for deal-making and unwavering dedication to his clients, Jacob has earned recognition as a leader in various industries, most prominently the Education and Training industry. He began his career at Rabobank International and later focused on software and direct marketing industries with Andersen Corporate Finance LLC. In 2003 he founded Capstone Partners and led their Education and Training Practice, until 2023 when he co-founded Navagant.
Shawn is a Founding Member and Managing Director of Navagant and brings over 18 years of experience to the firm. Shawn has led execution efforts on 70+ transactions resulting in over $3.5 billion of proceeds for clients. He assists owners of middle-market companies in achieving their strategic growth objectives, exit strategies, and liquidity goals. Formerly, he served as a Managing Director of Capstone Partners in the Education and Training practice. His investment banking career began with Raymond James, where he focused on deal execution and client development for both public and private companies. Shawn’s previous experience includes serving as an officer in the US Navy where he served as a destroyer navigator and communications officer, student naval aviator, and fleet Tomahawk cruise missile officer.
Jeff is a Director at Navagant with over 16 years of Capital Markets, M&A, and Corporate Finance experience across Consumer & Retail, Diversified Industrials, Energy, Logistics & Transportation, Business Services, and Specialty Finance industries. Prior to joining Navagant as a Founding Member, Jeff was a Vice President in Capstone Partners’ Education and Training practice and a Senior Vice President in BB&T Capital Markets’ Debt Capital Markets Origination team, where he was integral in expanding the Bank’s Corporate Banking initiative by helping originate over $500 billion in corporate bonds. He began his career as an Analyst in the BB&T Capital Markets M&A team serving a wide variety of industries.
Sachin is a Vice President at Navagant. Prior to Navagant, he was an Associate in Capstone Partners’ Education and Training practice and an Analyst at DC Advisory in the industrials group, focused on sell-side and buy-side M&A advisory. He also interned at Sagent Advisors in Chicago, IL.
Endnotes & sources
- Institute of International Education. Spring 2025 Snapshot on International Education Exchange. IIE, July 2025.
- Institute of International Education. Fall 2024 Snapshot on International Student Enrollment. IIE, November 2024.
- Institute of International Education. Spring 2024 Snapshot on International Education Exchange. IIE, 2024.
- Open Doors. All Destinations Data. Open Doors Data, November 2024.
- Open Doors. Fields of Study Data. Open Doors Data, November 2024.
- Open Doors. Leading Destinations Data. Open Doors Data, November 2024.
- Open Doors. U.S. Students Studying Abroad, 1989/90–2022/2023. Open Doors Data, November 2024.
- Institute of International Education. Meeting Demand in the STEM Field: Current International Student Trends at U.S. Higher Education Institutions. IIE, 2024.
- NAFSA: Association of International Educators. Community College Data 2024. NAFSA, 2024.
- PitchBook transaction data.
- Infinedi Partners. Infinedi-Owned CEA CAPA Education Abroad Acquires CIS Abroad, CISaustralia, and Barcelona SAE. July 16, 2025.
- CEA CAPA Education Abroad. CEA CAPA Education Abroad Acquires Atlantis — Enhancing Global Learning Opportunities for Health and Law Students. October 1, 2024.
- International Trade Administration. Education Service Exports. U.S. Department of Commerce, 2024.