Law firm advises on second deal for finance group involving MBO
Browne Jacobson’s private equity team has successfully completed its second deal for Apiary Capital following the management buyout of Bertram Nursery Group.
The deal sees current managing director Cary Rankin joined by Stuart Sheehy and Malcolm Hughes as the group’s finance director and chairman, respectively, to lead the management team going forward.
Bertram Nursery Group was formed in 2001 and has since grown to 36 nurseries across North West England and Scotland, employing approximately 800 staff and with around 3,000 full time places.
Apiary Capital is a lower mid-market private equity house that invests in the education, healthcare, business and technology sectors.
Apiary closed its first fund at £200m in 2018, and also last year closed its first investment into The Appointment Group, on which Browne Jacobson advised.
Jeniv Shah, investment director at Apiary Capital, said: “Cary and his team have impressed us with their commitment to delivering outstanding quality of care and education.
“We are looking forward to supporting them as they continue to develop the group’s existing nurseries as well as expanding Bertram’s footprint through further acquisitions.
“We have really valued the support and expertise of the Browne Jacobson team.”
Browne Jacobson private equity partner Gareth Davies led the advice to Apiary Capital, supported by Kirk Glenn (equity) and Manchester-based Ryan Brown (acquisition) as well as partner Jonathan Edwards and Melanie Chisnall in respect of the banking arrangements, and lawyers from the firm’s specialist childcare regulatory team.
Gareth Davies, said: “This is the second buyout that our private equity team has advised Apiary on in the last 10 months.
“Growing consolidation in the UK nurseries market has been a defining feature over the last few years and interest amongst both UK and international private equity groups and financial investors in the market is likely to remain strong for the foreseeable future.
“It was a pleasure to work with Jeniv and the entire Apiary deal team.
“This deal and a number of other recent high quality PE-backed deals show the strength that the private equity team here at Browne Jacobson has to offer.”
