The New York and Sao Paulo campuses of the elite Avenues school will be acquired by Nord Anglia Education, according to an email sent to parents Tuesday.
(Bloomberg) — The New York and Sao Paulo campuses of the elite Avenues school will be acquired by Nord Anglia Education, according to an email sent to parents Tuesday.
Headwinds caused by the pandemic and changing financial markets made it challenging for the campuses to continue on a growth path, according to school officials. Avenues, founded in 2012, operates a network of schools around the world.
Avenues campuses span New York, São Paulo, Shenzhen, and Silicon Valley, and the school also offers online education. Avenues Shenzhen, Avenues Silicon Valley, and Avenues Online will remain under existing management.
“Nord Anglia’s vision to shape future generations of confident, resilient, and creative global citizens that will sustainably change our world for the better complements our own,” Jeff Clark, the president at the for-profit Avenues school, said in the email, a copy of which was obtained by Bloomberg.
Andrew Fitzmaurice, Nord Anglia’s chief executive officer, said in a separate statement to parents that “we have always felt that your school and the Nord Anglia family are an ideal match, especially given our shared focus on providing an education that creates global citizens in every sense of the word.” Nord Anglia operates 85 schools across 33 countries and educates over 80,000 students.
Nord Anglia confirmed the deal. A representative for Avenues: The World School didn’t immediately respond to an email seeking comment.
“Parents don’t like surprises. Avenues is a strong brand name, and they want to retain that despite the unexpected transition,” said Emily Glickman, founder of Abacus Guide Educational Consulting. “You want to think your child’s school is a school, not a company. These kinds of announcements always come as a shock. Parents crave stability and certainty.”
The nursery through 12th grade school charges $65,850 in tuition for the 2023-24 school year, according to its website, placing it among the most expensive schools in the city. The Spence School, a prestigious institution on the Upper East Side, charges $63,011.
Clark’s email said the deal is still subject to certain regulatory approvals.
(Updates with context throughout)
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