University College Cork (UCC) has reached an agreement in principle to sell the Irish Management Institute (IMI) to the Business Post Group, in a landmark deal that will see one of the country’s most prominent executive education bodies join a growing portfolio of business-focused brands.
While the financial terms of the transaction have not been disclosed and the deal is subject to a closing period, all IMI staff are to transfer to the Business Post Group under existing terms and conditions.
The current executive team, led by CEO Shane O’Sullivan, are to remain in place.
UCC will retain ownership of the IMI’s Sandyford campus and has signed a new lease agreement with the institution, securing its continued presence on the site.
The acquisition marks a major strategic move for the Business Post Group, led by publisher Enda O’Coineen.
The group, which already owns The Business Post, event business iQuest, and polling and research firm Red C, said IMI will become a “dynamic driver” of its vision to deliver business content, insights, experiences, and now education.
“IMI is one of Ireland’s iconic business brands,” said O’Coineen. “It has been the beating heart of executive education and leadership in Ireland over the past 73 years. This acquisition complements our group vision and positions us to grow IMI further, both in Ireland and internationally.”
Founded in 1952, the IMI has long been a key provider of executive education and leadership development in Ireland. It formally partnered with UCC in 2011, with the university acquiring full ownership in 2016.
Under the terms of the sale, UCC will continue to award IMI qualifications for a two-year transition period as the institute moves to new awarding arrangements.
“This agreement ensures IMI is well-positioned to grow into the future and broaden its proposition at a critical time for the Irish economy,” said Professor John O’Halloran, President of UCC. “We are pleased to support this next chapter in IMI’s journey.”
Dr Pamela Byrne, Chair of the IMI Board, said the move builds on the existing partnership with UCC and will support IMI’s ambitions for “growth and business excellence” under its new ownership.
The Business Post Group has signalled that it will invest in IMI’s expansion, leveraging synergies across its media, research, and events arms.
It said the acquisition underlines its commitment to leadership development, knowledge dissemination, and supporting the next generation of business leaders in Ireland and beyond.
UCC took control of the institute in 2016 in a €20m deal that was described at the time as being aimed at securing the Dublin institute’s future as well as bolstering its engagement with industry.
The institute was originally member-owned, having been established by business leaders to develop training programmes and leadership training for industry.
According to its most recent accounts, in the fiscal year ending September 2023, the IMI reported a turnover of €11.4 million, down from €12.5 million in the previous two years. This decline contributed to an annual deficit of €1.1 million, up from the €50,000 deficit recorded the prior year.