Busy Bees Holdings Limited, a portfolio company of Ontario Teachers’ Pension Plan (OTPP), has completed the previously announced acquisition of BrightPath Early Learning Inc. (TSX-V: BPE) for $0.80 per share in cash representing an aggregate transaction value of approximately $145 million.
The common shares of BrightPath are expected to be delisted from the TSX Venture Exchange at the close of business on July 28, 2017.
“Over the past seven years, BrightPath has grown from a start-up to a Canadian leader with more than 8,950 licensed child care spaces in Ontario, British Columbia and Alberta. At the same time, we created a new and unique opportunity for passionate caregivers to pursue a progressive career path in their field of interest, now employing more than 2,130 people. We continue to believe that the Arrangement will serve Canadian families well by ensuring the continuation of high-quality child care services,” said Jeffrey Olin, Chairman of BrightPath and CEO of Vision Capital Corporation.
Toronto based Vision Capital was the largest shareholder of BrightPath Early Learning, controlling 15.4% of the outstanding shares.
In connection with the arrangement, Cormark Securities Inc. provided the fairness opinion to the Brightpath board. Fasken Martineau DuMoulin LLP acted as legal counsel to BrightPath.
BMO Capital Markets acted as financial advisor while Torys LLP served as legal counsel to Busy Bees.
BrightPath is a Canadian leader in the child care industry with 77 locations in major markets across the country. Meeting the highest standards in curriculum, nutrition, technology and recreational programing, BrightPath is committed to providing families the very best child development programs and care that Canada has to offer.
Founded in 1984, Busy Bees is the UK’s largest provider of quality child care, looking after 35,000 children across the country, in 329 nurseries. In addition to its UK presence, Busy Bees also operates 70 nurseries across Singapore and Malaysia, including the Asian International College.
Ontario Teachers’ acquired Busy Bees in October 2013.
photo credit: Busy Bees