Epiris supports Treetops Nurseries’ acquisition of Kindercare

POSTED 14 April 2016

Electra Partners is pleased to announce that its portfolio company Treetops Nurseries has acquired Kindercare, a leading operator of nursery schools in Yorkshire. Electra Private Equity PLC ("Electra") is underwriting the acquisition facilities, which are expected to be refinanced shortly.

Kindercare adds 10 sites and nearly 900 places to Treetops' existing estate of 49 nurseries. Having been established in 1991, Treetops is now one of the five largest UK nursery school operators, providing childcare to over 5,000 children. The business was previously a subsidiary of PINE Unit Trust and was spun out from the parent group into a standalone business in 2012.

Electra Private Equity PLC has supported Treetops in this acquisition by underwriting acquisition finance facilities which are expected to be refinanced shortly.

Chris Hanna, Partner at Electra Partners, said:

"We are delighted to again be supporting Treetops in completing its latest bolt-on acquisition. Our strategy for Treetops is to expand the business both organically and through market consolidation. This is the fourth acquisition the company has made under our ownership, following the purchases of Happy Child and Queen of Hearts in 2014 and Toybox in 2013, and we have a number of further opportunities under review."

Charles Eggleston, Chief Executive Officer of Treetops Nurseries, said:

"Kindercare has a fantastic reputation in the area, delivering high quality childcare to well over 1,000 families - something that we will work hard with the teams to maintain and keep improving."

Chris Hanna and Nicola Gray are responsible for Electra's investment in Treetops Nurseries.

This investment continues a busy start to Electra's financial year, which has seen realisations of more than £300 million and new investments or commitments to invest of over £200 million. Realisations announced since October include the exits of Daler-Rowney, MIMS and Zensar Technologies and the proceeds from the refinancing of the Park Resorts Group at the time of its merger with Parkdean Holidays. New investments and commitments to invest include the buyouts of Photobox Group and Grainger Retirement Solutions, and the acquisition of Bowlplex by The Original Bowling Company.

Electra Partners refers to Electra Partners LLP acting on behalf of its client Electra Private Equity PLC.

Ends

For further information please contact:

Andrew Honnor and Matthieu Roussellier, Greenbrook Communications
+44 (0)20 7952 2000

Nicholas Board and Andrew Kenny, Electra Partners
+44 (0)20 7306 3902

Note to Editors:

About Electra Partners LLP
Electra Partners is an independent private equity fund manager with over 25 years' experience in the mid-market. During the last 25 years it has invested in excess of £4.5 billion in over 200 deals. As at 30 September 2015, the firm had funds under management of over £1.8 billion including capital available for investment of nearly £350 million.

Electra Partners' flexible investment strategy allows it to invest broadly across the private equity market with a particular focus on Buyouts and Co-investments, Secondaries and Debt. In addition to this, its long-term capital base means it is not constrained by expiring investment periods or exit pressure driven by fund raising cycles and is therefore able to realise investments only when returns are maximised for its investors.

The firm's major client is Electra Private Equity PLC ("Electra"), a private equity investment trust which has been listed on the London Stock Exchange since 1976. Electra's long-term investment performance has been consistently superior to private equity and other benchmarks. Over the ten years to 30 September 2015, Electra has seen diluted NAV per share growth of 244%. This is seven times the NAV per share return of the Morningstar Private Equity Index (ex. Electra). It is also equivalent to a ten-year annualised return of 13%, at the upper end of Electra's target range of 10-15% over the long-term.

For further information please visit www.electrapartners.com.

Electra Partners LLP is authorised and regulated by the Financial Conduct Authority.