Nursery group strengthens market presence with four-site acquisition
THE childcare arm of the Midcounties Co-operative has strengthened its presence in the sector with the acquisition of a Birmingham-based nursery group.
Co-operative Childcare has purchased First Steps Children’s Nursery Group, which consists of three nurseries in Birmingham – Northfield, Selly Park and Harborne – together with one in Wolverhampton. They join the co-operative’s four other nursery sites in the West Midlands.
The deal, the terms of which have not been disclosed, positions Co-operative Childcare as the fifth largest childcare provider in the UK.
As part of the deal, the eight nurseries in the enlarged group will have access to First Steps’ unique ‘Forest School’, which includes 2.8 acres of woodland for children to play in and explore.
The corporate finance team of Crowe Clark Whitehill advised provided Co-operative Childcare with financial due diligence services.
Andy Kay, Corporate Finance Partner in the firm’s Midlands office, said: “First Steps joins Co-operative Childcare with an exceptional pedigree, having secured the prestigious Nursery World Chain of the Year award in 2015. Three of the four nurseries are graded ‘outstanding’.”
Mike Abbott, Group General Manager at Co-operative Childcare, said: “First Steps’ Nursery has developed a reputation for providing first class childcare, as evidenced by its success at last year’s Nursery World Awards.
“We are pleased to bring its nurseries under the umbrella of Co-operative Childcare to join our already thriving West Midlands presence.
“This is a mutually-beneficial new partnership that adds strength both to First Steps but also to our existing portfolio of nurseries.”
“We’re looking forward to working closely with the First Steps’ management teams to share learnings and new ideas, such as the Forest School which we hope to roll out nationally over the next few years.”
Baljit Chohan and Lauren Grieve, of the Birmingham office of law firm Gowling WLG advised Co-operative Childcare on the legal aspects of the transaction.
