BRADENTON, Fla. — The world-renowned IMG Academy, known for producing elite athletes, is now under new ownership.
The school has been sold to Chinese private equity group, BPEA EQT for $1.25 billion. While news of the sale was announced this spring, it was just made official earlier this month.
10 Tampa Bay was the first news outlet to speak with IMG's president about the sale and what it means for the school's future.
"Because we built [IMG Academy] in a so specific way, and because it evolved the way it did, we were very particular about who we would partner with. The brand is very powerful, and it's also very valuable to us," IMG Academy President Tim Pernetti said. "So as conversations came up about acquisition, I think everybody's instinct would be, well, what are people willing to pay or what are they willing to do with us? But for us, it was always about fit."
Pernetti said BPEA EQT was the right fit because of its long history of working with boarding schools.
"The new ownership is a global private equity firm, and with it, it brings an unbelievable resource to us, which is they own a massive world-leading global education system called Nord Anglia," Pernetti said.
Nord Anglia oversees more than 80 boarding schools around the world, presenting possibilities Pernetti says IMG is eager to explore.
"We're already talking about where are the schools where we should be infusing IMG Academy sports camps," Pernetti said. "Does there become an exchange program?"
While many people are resistant to change, Pernetti insists that under the new ownership, the school's character will remain.
"There is nothing changing our trajectory — how we program the products that we deliver in boarding school, in sports camps, and all those other areas. Nothing's changing," Pernetti said.
We asked IMG Academy whether the sale will impact tuition rates. They said the 2023-2024 rates were posted prior to the acquisition and there have not been any decisions made about tuition rates in the future.
