Bright Horizons Family Solutions (BFAM), a provider of employer-sponsored child care and early education, reported the completion of the acquisition of kidsunlimited, a premier operator of nurseries throughout England and Scotland.
This combination brings the total number of Bright Horizons nurseries in the UK to 203 with the capacity to serve nearly 15,500 children. The transaction closed on April 10, 2013 for 45 million pounds cash. kidsunlimited posted revenue of 41 million pounds in their last fiscal year and had been executing on a new organic rollout strategy for the past several years which is expected to mature under Bright Horizons ownership. After deal costs and one-time expenses related to achieving operating synergy, this transaction is likely to be neutral to Bright Horizons' earnings for the remainder of 2013 and to become accretive in 2014.
Founded in 1983, kidsunlimited operates 64 nurseries, including lease/consortium locations and workplace nurseries for blue-chip employers such as Cambridge University Hospitals, WH Smith, and The University of Oxford. The network of locations includes a strong concentration of nurseries in the North West, London/South East Region as well as Oxford and Cambridge.
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