The landscape for higher education mergers, acquisitions, and other strategic partnerships became clearer in 2025. From July to December, the higher education practice at Forvis Mazars spoke at a half-dozen industry events about this issue and launched the Higher Education Strategic Partnership Hub to help institutions learn more about their opportunities and refine their strategies. It gave our professionals an opportunity to listen to understand, as well as share what we’re hearing.
As the pace of consolidation activity accelerates, it is important for leaders to take a step back and learn from the partnerships that have been announced, as Forvis Mazars has. Here are some of the most high-profile examples from the last 18 months:
- Elon University and Queens University
- Gannon University and Ursuline College
- Kean University and New Jersey City University
- Ambrose University and Mount Mercy University
- Villanova University and Rosemont College
- Pacific University and Willamette University
This list is not exhaustive. It does not capture partnerships announced prior to summer 2024, and more announcements like these are expected over the next two to three years, but this small subsample speaks to some core realities.
- Smaller institutions are seeking merger partners.
- Larger, very financially healthy institutions are participating in this process.
There are likely other important takeaways here as well, such as:
- Activity in public and private institutions
- Merger activity not limited to a specific region or state
- Different strategies or anticipated benefits characterizing each partnership
That last point is critical for higher education leaders. There are many reasons to seek a partnership with another institution, but the “why” should be clearly defined and the anticipated benefits should be clear before any agreement is reached (and potentially, before serious conversations begin). Here are some potential reasons to merge. Some appear clear from the examples above.
- For larger or financially healthy institutions:
- Geographic expansion, such as moving into a growing urban environment
- Programmatic diversity, such as acquiring a substantial health sciences portfolio
- Reaching new populations or groups, especially those who are responsive to the institution’s mission
- Acquisition of real estate or other valuable assets, including those that the current institution cannot afford to maintain
- For smaller, limited, or financially unsustainable institutions:
- Operational efficiencies and economies of scale
- Programmatic expansion
- Liquidation of certain assets to free up capital for revitalized operations
Many institutions will not fit neatly into either of these boxes. If you’re a larger institution on the market for a partner, consider developing a framework and pro forma for evaluating these opportunities as they arise. This can help you understand whether the potential partnership advances your goals. If you are a smaller, distressed institution, consider the priorities of potential partners and determine how you can help them accomplish their goals.
At Forvis Mazars, we work to help institutions differentiate between mergers that advance a clear strategic agenda and those that are attractive but shortsighted. If you are interested in learning more about our Strategic Partnership Hub, reach out to our team today to schedule a complimentary visioning conversation.