US group buys kidsunlimited for £45m
NORTH West nursery and workplace childcare provider kidsunlimited has been sold to US group Bright Horizons Family Solutions for £45m.
Based in Wilmslow and backed by private equity firm LDC, kidsunlimited operates 64 nurseries, including workplace facilities for blue-chip employers such as Cambridge University Hospitals, WH Smith, and The University of Oxford.
The business was originally founded by husband and wife Jean and Stewart Pickering in 1983. LDC backed a secondary buyout of the business in 2008, following an earlier investment by ISIS in 2001.
In the year to the end of April 2012 kidsunlimited saw ebitda increase 6% to £5m. Turnover rose 8% to £41.4m. After interest charges of £4.6m the group made a bottom-line loss of £3.5m, down from £4.2m in 2011.
Bright Horizons chief executive David Lissy said: “We have long admired the kidsunlimited team and are excited to welcome the children and families they serve as well as their nursery staff and clients into the Bright Horizons family.
“Both organizations share a deep commitment to quality early years education and workplace child care, giving us the seamless ability to join forces and making this a natural step for our growth in the region.
“The combination gives us a well established foothold providing high-quality care and early education for children throughout England, and solidifies our position as the leader in providing high-quality employer sponsored child care throughout the UK.”
A team from Deloitte’s Manchester office, led by partners Jodi Birkett and David O’Leary and manager Fiona Gray, provided due diligence and tax advice to
kidsunlimited on the deal.
