Morgan Stanley Private Equity Completes Acquisition of Majority Stake in Learning Care Group, Inc. as Part of Joint Venture with A.B.C. Learning Centres Limited
NEW YORK--(Business Wire)--
Morgan Stanley Private Equity today announced that it has
completed its previously signed agreement to acquire a 60 percent
stake in Learning Care Group, the U.S. subsidiary of A.B.C. Learning
Centres Limited ("ABC"). The transaction, announced on April 22,
values 100 percent of Learning Care Group at $700 million.
Learning Care Group, a leader in the early education and childcare
industry, represents the third U.S. investment for Morgan Stanley
Private Equity, with other deals including the acquisition of Tops
Markets and an investment in McKechnie Aerospace.
Michael Ryder, Executive Director of Morgan Stanley Private
Equity, said, "We are pleased to complete this transaction in a timely
manner, and we intend to work closely with the Learning Care Group
management team and its employees to continue the company's strong
position in the child education and family solutions industry."
William Davis, CEO of Learning Care Group, said, "Our goal is to
offer the highest quality care and programs to families across the
country, and we are pleased that Morgan Stanley's commitment to our
business will continue to support those efforts."
About Morgan Stanley Private Equity
Morgan Stanley Private Equity, part of Morgan Stanley Investment
Management's Merchant Banking Division, makes private equity and
equity-related investments on a global basis. Morgan Stanley Private
Equity utilizes Morgan Stanley's vast resources, including the Firm's
global franchise and relationships with leading corporate management
teams and financial sponsors, to source attractive opportunities for
its investment funds. Morgan Stanley's roots in private equity
investing date back to 1985 with the Morgan Stanley Capital Partners
private equity funds. To date, Morgan Stanley Private Equity and its
predecessor funds have invested nearly $6.5 billion of equity across a
broad spectrum of industries.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services
firm providing a wide range of investment banking, securities,
investment management and wealth management services. The Firm's
employees serve clients worldwide including corporations, governments,
institutions and individuals from more than 600 offices in 33
countries. For further information about Morgan Stanley, please visit
www.morganstanley.com.
About Learning Care Group
Headquartered in Novi, Mich., Learning Care Group, Inc. provides
early education and care services to children between the ages of six
weeks and 12 years under its umbrella of brands: The Children's
Courtyard, Childtime Learning Centers, La Petite Academy, Montessori
Unlimited and Tutor Time Child Care / Learning Centers.
Between these five brands, Learning Care Group has approximately
1,150 schools (corporate and franchise) with a system-wide capacity to
serve close to 167,000 children in the U.S. and internationally. For
more information on the Learning Care Group, Inc., please visit
www.learningcaregroup.com.
About A.B.C. Learning Centres Limited
For more information, visit the A.B.C. website at
www.childcare.com.au.
Morgan Stanley
Marie Ali, 212-762-6884
or
Learning Care Group, Inc.
Amy Popp, 248-697-9140
Copyright Business Wire 2008
