(PrivateEquityCentral.net) UK private equity turnaround specialist Alchemy Partners has backed the £17.3m ($28.5m) buyout by portfolio company Just Learning of CareShare, operator of the largest children’s nursery chain in Scotland, from UK private equity firm 3i.
The deal is the biggest to date in the £2.2bn nursery sector, and makes Just Learning the second biggest operator in the
3i held a controlling interest in Careshare since 2000, when founder Isabel Ridley negotiated a £12m management buyout. Ridley will remain on board as an adviser.
The acquisition incorporates Careshare's 20 Scottish nurseries in
Alchemy Partners, under managing partner Jon Moulton, paid £13.8m for an 84.5 per cent equity stake in Just Learning in December 2001. Just Learning had sales of £7.8m prior to the buyout.
The children’s nursery market in the
In April, Alchemy backed the £7.35m management buyout of the investment banking division of
Alchemy backed the E350m management buyout of listed Irish educational software company Riverdeep Group in December. In September, the firm acquired