Our paper examines the opening of branches overseas ('satellite colleges') by elite private schools mainly located in England ('founding colleges'), largely in emerging economies of the Middle East and South East Asia. We trace the development of these 'satellite colleges' over three successive waves of growth, from opportunistic venturing in Thailand in the late-1990s to their recent rapid growth in numbers in a phase characterized by the market entry of new actors and geographic diversification. We argue that the emergence of these schools occurs in line with the continued intensification and diversification of the GEI. This implies a significant shift in the modes of legitimation on which British elite schools typically rely. This desire to pragmatically seek out a reliable, low-cost alternative revenue stream 'back home' is still driving the supply but does not on its own explain the unprecedented growth of activity characterizing the current 'third wave'. Further, a number of new school openings is already planned (Phillips, 2017), pointing towards a possible 'fourth wave' emerging in the near future.Despite its current rapid upward growth slope, and the involvement of 'icons of elite education' (Bow, 2017), the 'satellite college model' has attracted very little attention beyond the British-based trade press, as well as a single piece of sustained analysis by Bunnell (2008) when the phenomenon was in its infancy. 1 While in higher education, the 'International Branch Campus' (IBC) phenomenon is relatively well researched (e.g. Kosmützky, 2018;Liu and Lin, 2017), its school-level counterpart is still largely ignored by academic comment or research, and remains almost entirely under-theorized.This paper is based on data collated from publicly available data sources including the trade press, school websites, and industry reports. It charts and analyses the emergence of the 'satellite college model' as part of the trend of marketization and globalization of education.More specifically, we locate this phenomenon at the intersection of two significant trends typically analyzed separately. On the one hand, there is the enduring appeal of an exclusive, British 'elite' education for the aspiring middle classes worldwide (Kenway and McCarthy, 2014;Ayling 2019;Brooks and Waters, 2015), and on the other, there is the remarkable expansion of the 'global education industry' (GEI) (Ball, 2012;Parreira do Amaral et al., 2019;