This article is from the Australian Property Journal archive
ABC Learning Centres' subsidiary, Busy Bees Group has entered into an agreement to buy the Leapfrog Nurseries group from Nord Anglia Education PLC in the United Kingdom for £31.2 million pounds ($A74.6 million).
The childcare centres are located predominantly in England and the Leapfrog Nurseries head office is located in Burton upon Trent, Staffordshire which is close to Busy Bees Group’s head office. This will allow for a more efficient and effective integration process into the existing group.
Chief executive Eddy Groves said the acquired childcare centres will fall under the supervision of ABC Learning’s successful management team at the Busy Bees Group, which was the company’s first UK acquisition in December 2006.
“This second UK acquisition is an excellent fit with the existing Busy Bees Group and we expect to achieve significant efficiencies from its integration,” Groves added.
The acquisition is subject to approval at an extraordinary general meeting of NAE shareholders which is proposed to be held prior to the end of September 2007.
The acquisition is expected to make an EBITDA contribution of £5.3 million in the 2009 financial year.
It includes 88 childcare centres and a freehold and long leasehold property portfolio of 41 centres valued at £40.9 million.
Australian Property Journal
