Selling or partnering your private school or training organisation in France: the market has changed, so have your options

For a long time, a private school or training organisation was handed on as a craft business: the founder passed the baton to their academic director or a peer, often late and with little preparation. The past decade upended this model: multi-school groups, financed by investment funds and built through successive acquisitions, became the sector's leading buyers, and the 2018 apprenticeship reform fuelled exceptional growth.

This cycle is coming to an end. Private higher education enrolments fell at the start of the 2025 academic year for the first time since 2014, apprenticeship subsidies have been cut and a regulation bill is under review. For an owner, the question is no longer when to sell at the top, but where their institution stands in a market that is sorting its players. The sector is entering a more selective phase, where the quality of certifications, compliance, employability, student acquisition cost and the ability to keep cohorts full become central. Size allows marketing, the teaching platform, regulatory functions and corporate relationships to be pooled: that is why groups keep buying in a slowing market.

A market that grew by half in ten years and is reaching a plateau

France has around 3.05 million students at the start of the 2025 academic year. ¹ The private sector enrols 786,900 of them, or 25.8% of the total, against around 490,000 in 2015. ¹ For-profit private institutions account for around 400,000 students, roughly 15% of national enrolment, according to the general inspectorates. ² Xerfi estimates sector revenue at around €7.5 billion for 2025-2026. ³

Apprenticeships explain much of this expansion. At the end of 2025, the private sector employed nearly 984,000 apprentices, 62% of whom were preparing a higher education qualification, and more than three quarters of the latter are enrolled in private institutions. ^4,2 For the groups reviewed by the inspectorates, public funding represented 40% to nearly 70% of revenue: that is the model's strength, and its main weakness. ² Continuing vocational training remains highly fragmented. These markets are not homogeneous either: a specialist school, an apprenticeship training centre (CFA), a distance learning platform or a corporate training provider have different business models and regulatory risks. For a buyer, the quality of growth now matters more than revenue growth alone.

The drivers of consolidation

The end of the easy growth cycle. Private enrolments fell 1.7% at the start of the 2025 academic year and apprentices in higher technician sections (BTS) fell 8.2%. ¹ The hiring subsidy, €6,000 in 2024, has fallen since March 2026 to €2,000 for an apprentice at bachelor's level and above in SMEs. ⁴ The decree of 30 August 2026 capped funding for level 5 to 7 qualifications at €11,000 and lowered 47% of comparable amounts. ⁵ A group absorbs these cuts through volume; a small school cannot.
Tighter regulation. The report by the general inspectorates IGAS and IGÉSR makes 32 proposals, and the bill adopted at first reading in the Senate in June 2026 provides for approval of institutions after independent evaluation, limits on deposits and extension of the Qualiopi quality certification to all programmes leading to a professional title. ^2,6 Each new obligation has a fixed cost that size helps amortise.
Student demographics. The ministry projects a ceiling of around 3.15 million students in the early 2030s, then a decline from 2033, a consequence of falling births since 2015. ⁷ The market is moving from expansion to market share, where reputation makes the difference.
The cost of tools, brand and campuses. Digital marketing, admissions and brand, whose cost per student recruited has kept rising, teaching platforms, artificial intelligence, property, international: the investments required have changed scale. Groups fund them across dozens of schools; an independent must choose between borrowing, giving up or combining. The 2025-2026 insolvency proceedings, from Collège de Paris to École IT, show the fate of those who did not decide in time. ⁸
Corporate relationships and international reach. In a work-study model, the ability to place students in companies and maintain a network of recruiters favours players with dedicated teams. Groups can also develop exchanges, recruit students abroad and roll out a brand across several campuses, which a standalone institution finds hard.

Who buys schools and training organisations today

Fund-backed multi-school groups. Galileo Global Education, owned notably by the Bettencourt Meyers family holding, Montagu and Bpifrance, claims around 250,000 students, 65,000 of them in France. ⁹ Omnes Education has belonged to Cinven since 2019. ⁹ AD Education, under LBO with Ardian since the end of 2020, took over the Pôle Léonard de Vinci and its 10,000 students in 2024. ¹⁰ Their logic is buy-and-build: build a portfolio of complementary schools, pool support functions, then sell the whole to another investor. They look for the regional or thematic positions they lack.
Family and independent groups. Ionis, which brings together 28 schools and 35,000 students without a financial shareholder, or CESI grow through campus openings and targeted acquisitions, with a culture close to that of founders. ⁹
Vocational and distance training specialists. Skill & You, which had 120,000 learners and nearly €115 million in revenue when IK Partners invested in 2021, illustrates funds' interest in digital models and qualifications eligible for the personal training account (CPF). ¹¹ Training providers specialised in one field complete their catalogues, certifications and corporate client bases through acquisition.
Foreign buyers, such as Grupo Planeta, present in France: there is now a European market for schools, where an international group may seek a French brand, a campus or access to certain specialties. ³

The sector imposes no restrictions on capital ownership, but it has its checkpoints. State recognition, the visa or grade of a degree, RNCP-registered professional titles, Qualiopi certification, CFA status and university agreements are attached to specific legal entities: a buyer checks that they are held by the company being sold, well away from any expiry date, and will survive the change of control.

What this changes for the founder

A full sale suits a founder who wants to hand over to a group able to ensure academic continuity, with a transition of a few months to two years.
A partnership with reinvestment is for an owner who wants to secure part of their wealth while continuing to develop their school within a group: they sell a majority or minority, reinvest part of the price in the holding and share in the next round of value creation.
A combination between institutions of comparable size reaches critical mass and shares costs without an outside investor.
A capital reorganisation such as an OBO lets the founder monetise part of their shares and bring in the management team, with bank debt or a minority investor, while keeping control.

Whatever the structure, buyers draw a sharp distinction between institutions able to demonstrate lasting demand and those whose growth depends mainly on heavy marketing spend. The same criteria come up in every analysis, and they matter more than raw size.

Programme attractiveness. Number of applications, conversion rate, cohort fill rates and their trend programme by programme show the real strength of demand. Multi-year programmes give visibility that buyers value.
Revenue structure. The share of apprenticeships and public funding, of continuing education, international and self-funded students: the more diversified the revenue, the less exposed the institution is to a budget decision.
Employability. Employment rates, dropout rates, corporate relationships, recruiter and graduate satisfaction strengthen the credibility of the offer and weigh more and more in inspections.
Titles and certifications. RNCP titles held in-house, Qualiopi certification without reservations, recognition, visa or grade, CFA status: the buyer examines their remaining term, robustness and the risk attached to the next renewal.
Economics by campus and programme. Margin, cohort size, student acquisition cost, occupancy of premises and teaching capacity must be readable, ideally over three financial years.
The academic and management team. Structured academic and operational management, programme heads who carry the relationship with students and companies and a stable teaching staff are what the buyer purchases first; an already delegated organisation adds value.
Management tools and property. Information system, tracking of admissions and billing, leases or owned buildings, condition and occupancy of campuses are analysed from the first weeks of due diligence.

You are thinking of selling: is this the right moment for you?

This is the first question we ask, and the answer is not the same for everyone. The right moment is never automatically "right now", even in a market where buyers remain numerous. It depends on two things: you, meaning your life plans, personal horizon and wealth objectives, and your institution, meaning its ability to realise today all the value it holds. We encounter two situations.

Your institution is almost ready. Cohorts are filling, titles and certifications are up to date, revenue is diversified, profitability is readable and the flow of applications for the coming years is good. Or you want your school to become part of a larger project, that of a large group, often under LBO, that brings the tools, expertise and resources to absorb the changes in the sector, which is reassuring for you and for your teams. A few weeks of preparation are then enough to go to market, and the large number of buyers works in your favour.
Your institution needs time. Apprenticeships account for most of your revenue and margins have been eroded by subsidy cuts, an RNCP title is about to expire, the last Qualiopi audit left non-conformities, a campus is under-occupied, or the flow of applications is deteriorating despite a decent intake. Selling remains possible, but it means accepting a discount. We will then tell you frankly that it is better to spend several months, sometimes a few years, working on these points, and we can support you through that phase before launching the transaction when you are truly ready.

The workstreams that make the difference are well known: secure and renew titles, obtain Qualiopi certification without reservations, rebalance funding towards continuing education, international or self-funded students, consolidate several years of data on admissions, dropouts, employment, work-study and satisfaction and link it to financial performance programme by programme, formalise corporate partnerships and teacher contracts, clarify the property situation and document quality processes. A strong current intake is not enough if the flow of applications is deteriorating or a regulatory renewal is close: the process should be launched when visibility on the coming intakes is good. Depending on your starting point, these workstreams take a few weeks or a few years.

The benefit of talking early, even without being sure you want to sell, is precisely knowing which of these two situations you are in, and deciding with full knowledge rather than under the pressure of a difficult intake or an unexpected approach.

Facing groups that complete several acquisitions a year with dedicated teams, a founder negotiating alone is rarely on an equal footing. The value of a school is not just a headline price: it depends on the buyer's plan, the price structure, any earn-out linked to future intakes, the share reinvested, the warranties, the future of the teams and your transition. Two offers for the same amount can mean very different things.

The role of an independent M&A adviser is to value the institution objectively, identify all relevant buyers, put them in competition in a structured and confidential process, and negotiate terms beyond price alone. This competition protects the seller: it lets them compare genuinely different projects and choose the one that fits their objectives, their teams and their students.

Frequently asked questions

Are private schools and training organisations still sought after by buyers?

Yes, but buyers have become more selective since the 2025 reversal. Multi-school groups, the funds that finance them and vocational training specialists keep buying, favouring strong brands, growing disciplines, demonstrated employability and controlled student acquisition economics. Institutions that depend mainly on apprenticeships and marketing, without titles of their own, find buyers on less favourable terms.

Who buys private schools and training organisations today?

The leading buyers are fund-backed multi-school groups, which build a portfolio of complementary institutions through successive acquisitions. They are followed by family and independent groups growing through targeted acquisitions, vocational and distance training specialists looking for catalogues, certifications and corporate client bases, and international groups, since there is now a European market for schools.

What happens to RNCP titles, Qualiopi certification and CFA status in a sale?

The sector imposes no restrictions on capital ownership, but state recognition, visa or grade, RNCP titles, Qualiopi certification, CFA status and university agreements are attached to specific legal entities. In a share sale, they remain in the company being sold and in principle survive the change of control; the buyer checks that they are held by that company, well away from any expiry date and without non-conformities in the last audit.

Can you sell your school and remain its director?

It is the most common structure with multi-school groups: the founder sells a majority or minority, reinvests part of the price in the group's holding and continues to run the institution while sharing in the next round of value creation. A capital reorganisation such as an OBO lets you monetise part of your shares and bring in the management team while keeping control. The future role, academic autonomy and exit terms are negotiated in the shareholders' agreement.

How long does it take to sell a school or training organisation?

Once the process is launched, allow six to twelve months between preparing the file and signing: memorandum and data room, confidential approach to buyers, indicative offers, meetings, binding offers, then accounting, legal, employment and regulatory due diligence under exclusivity. The academic calendar matters: buyers often want to see the intake figures before a binding offer, and the announcement to staff and students is timed to the academic year.

When should you start preparing the sale of your school?

Ideally two to three years before the transaction, and in any case before a critical renewal of a title or certification. This lead time allows you to present three years of reliable data by programme, admissions, dropouts, employment, work-study and satisfaction linked to financial performance, rebalance revenue if apprenticeships weigh too heavily, and launch the process when visibility on the coming intakes is good.

Why put several buyers in competition to sell your school?

Multi-school groups complete several acquisitions a year with dedicated teams; a founder talking to only one of them has neither a point of comparison nor leverage. A confidential process that puts fund-backed groups, independent groups, training specialists and foreign buyers in competition allows prices to be compared, but also projects: academic autonomy left to the school, share reinvested, future of the teams, warranties requested.

Does a small training organisation or single-site school interest groups?

Yes, provided it brings what the group lacks: a regional position, a growing specialty, RNCP titles held in-house, solid Qualiopi certification, a corporate client base or a recognised teaching approach. Groups are precisely looking for regional or thematic positions to complete their portfolio, and a well-run institution of a few hundred students can be taken over on good terms. The quality of demand matters more than size.

Public sources consulted

Ministère de l'Enseignement supérieur et de la Recherche (SIES), Note Flash n° 17, Les effectifs étudiants dans l'enseignement supérieur en 2025-2026 (juillet 2026) : https://www.enseignementsup-recherche.gouv.fr/sites/default/files/2026-07/nf-sies-2026-17-40878.pdf (high reliability)
IGAS et IGÉSR, Contrôle d'établissements d'enseignement supérieur privés lucratifs, synthèse et recommandations (juin 2026) : https://www.igas.gouv.fr/sites/igas/files/2026-06/Rapport%20Igas-IGESR%20-%20Contr%C3%B4le%20ES%20Priv%C3%A9s%20lucratifs%20%28synth%C3%A8se%20et%20recos%29_0.pdf (high reliability)
Xerfi, La dynamique des groupes privés d'enseignement supérieur (mise à jour octobre 2026) : https://www.xerfi.com/presentationetude/La-dynamique-des-groupes-prives-d-enseignement-superieur_22SME90 (high reliability)
DREETS Provence-Alpes-Côte d'Azur, Thema n° 15, Bilan 2025 de l'apprentissage (septembre 2026) : https://paca.dreets.gouv.fr/sites/dreets-paca/files/2026-09/THEMA-15-JUILL26-VF.pdf (high reliability)
Banque des Territoires, Révision des niveaux de prise en charge des contrats d'apprentissage (septembre 2026) : https://www.banquedesterritoires.fr/revision-des-niveaux-de-prise-en-charge-des-contrats-dapprentissage (good reliability)
Ministère de l'Enseignement supérieur et de la Recherche, Projet de loi sur la régulation de l'enseignement supérieur privé : garantir la qualité des formations (29 mai 2026) : https://www.enseignementsup-recherche.gouv.fr/fr/projet-de-loi-sur-la-regulation-de-l-enseignement-superieur-prive-garantir-la-qualite-des-formations-103013 (high reliability)
Ministère de l'Enseignement supérieur et de la Recherche (SIES), Projections des effectifs d'étudiants de l'enseignement supérieur jusqu'en 2034 (mai 2026) : https://www.enseignementsup-recherche.gouv.fr/fr/projections-des-effectifs-d-etudiants-de-l-enseignement-superieur-jusqu-en-2034-101497 (high reliability)
75 Secondes, Écoles privées fermées 2026 : la liste noire (août 2026) : https://www.75secondes.fr/?p=191105 (moderate reliability)
75 Secondes, Galileo, Omnes, Ionis : qui contrôle l'avenir de l'enseignement privé ? (juin 2025) : https://www.75secondes.fr/?p=163280 (moderate reliability)
CFNEWS, AD Education décroche des diplômes prestigieux (juin 2024) : https://www.cfnews.net/L-actualite/Build-up/AD-Education-decroche-des-diplomes-prestigieux-490423 (good reliability)
Le Monde du Droit, Arsene conseille IK Investment Partners dans l'acquisition de Skill & You (février 2021) : https://www.lemondedudroit.fr/deals/73828-arsene-conseil-ik-investment-partners-acquisition-skill-you.html (good reliability)