Bain Capital Credit / ICG acquires Study Group (2025)

Deal facts

Buyer: Bain Capital Credit / ICG
Target: Study Group
Deal value: Not disclosed
Announced: 22 July 2025
Status: In review
Sector: Education
Country: Not stated
Consideration: Not stated

Sources

What we know

Bain Capital Credit, ICG and Study Group have agreed to acquire a company operating in the education sector in a deal announced on 22 July 2025. The specific identity of the target business remains unreported in available records, and the precise financial terms of the transaction have not been disclosed. The consortium of buyers is proceeding with the acquisition without specifying the currency or the consideration structure involved in the agreement.

The transaction is currently in the review phase and remains subject to regulatory approval before completion. No definitive date for the closing of the deal has been established at this stage. The parties are expected to finalise the necessary regulatory clearances to conclude the acquisition of the education business.

More M&A Tools

Explore the Toolkit

Tools, frameworks and AI assistants designed for entrepreneurs serious about M&A.

Access now

Deal timeline

1 update

13 Aug 2025CMA invitation to comment
BAIN CAPITAL CREDIT / ICG / STUDY GROUP
BAIN CAPITAL CREDIT / ICG / STUDY GROUP
EU DG COMP

OpinionExit Mode editorial

We see a significant shift in the education sector as Bain Capital Credit, ICG, and Study Group join forces to acquire an undisclosed target. The announcement on 22 July 2025 marks a clear signal that institutional capital remains deeply committed to this space despite broader economic headwinds. The involvement of three distinct financial players suggests a complex capital structure, likely blending debt and equity to fund a substantial transaction. For the SME founder in the education space, this consortium approach often indicates a deal size that exceeds the capacity of a single buyer, pointing toward a platform build or a major consolidation play rather than a simple bolt-on acquisition.

The deal status is currently listed as in review, which introduces a specific layer of scrutiny. Given the cross-border nature of the buyers and the education sector, we anticipate a rigorous competition assessment. The Competition and Markets Authority will almost certainly examine whether this combination creates a monopoly or significantly lessens competition within specific regional or subject-matter markets. Furthermore, the involvement of international private credit funds means the transaction will face heightened regulatory clearance requirements regarding change-of-control covenants and potential anti-trust thresholds. These are not mere formalities; they represent genuine risks that can delay completion or force structural changes to the deal mechanics.

We believe the lack of disclosed value or sector specifics in the initial filing is a deliberate strategy to manage market expectations while negotiations on price and terms continue. This opacity is common when multiple bidders are involved, as it prevents competitors from gauging the true value of the asset. However, it also places pressure on the seller to maintain operational stability during the review period. The SME founder must ensure their business is audit-ready and that all regulatory filings are current, as any delay in providing information to the CMA or the buyers can jeopardise the entire transaction.

The immediate takeaway for the founder reading this is to conduct a full internal review of your customer concentration ratios and regional market share data this week. You must be prepared to demonstrate to regulators that the proposed acquisition will not harm competition in your specific niche, as this evidence will be the first thing the CMA requests during the in review phase.

Editorial opinion. Not financial or legal advice.

Explore

Browse adjacent archives

Jump from this deal into the sector, buyer, deal type, and year views that carry the strongest contextual signal.

More Education deals More 2025 deals More unknown deals More from Bain Capital Credit / ICG All M&A deals

Similar deals

Other Education M&A activity tracked by Exit Mode.

11 February 2025In reviewEducation

AURELIUS to acquire LERNIA

AURELIUS has agreed to acquire LERNIA in a transaction announced on 11 February 2025. The deal involves a company operating across human resources, education, and traini…

Buyer: AURELIUS
Target: LERNIA
Deal value: Not disclosed
Deal type: unknown

Read deal Education deals unknown deals In review deals

17 December 2025CompletedEducation

Coursera, Inc. to acquire Udemy, Inc.

Coursera, Inc. and Udemy, Inc. entered the Exit Mode archive.

Buyer: Coursera, Inc.
Target: Udemy, Inc.
Deal value: Not disclosed
Deal type: strategic acquisition

Read deal Education deals strategic acquisition deals United States deals

11 May 2026CompletedEducation

Coursera to acquire Udemy, Inc.

Coursera and Udemy, Inc. entered the Exit Mode archive.

Buyer: Coursera
Target: Udemy, Inc.
Deal value: Not disclosed
Deal type: strategic acquisition

Read deal Education deals strategic acquisition deals United States deals

21 April 2026Firm intentionEducation

SEEEN plc to acquire Streaming Limited, trading as MEDIAL

SEEEN plc has agreed to acquire Streaming Limited, trading as MEDIAL, in a strategic acquisition valued at 1.2 million GBP. The transaction involves a mixed consideratio…

Buyer: SEEEN plc
Target: Streaming Limited, trading as MEDIAL
Deal value: GBP 1,200,000
Deal type: strategic acquisition

Read deal Education deals strategic acquisition deals United Kingdom deals

19 August 2024In reviewEducation

WENDEL / PEP to acquire GLOBEDUCATE

WENDEL / PEP and GLOBEDUCATE entered the Exit Mode archive.

Buyer: WENDEL / PEP
Target: GLOBEDUCATE
Deal value: Not disclosed
Deal type: pe acquisition

Read deal Education deals pe acquisition deals In review deals

Buyer history