Phoenix Equity Partners sells Acorn Care to Canadian pension fund
Date: January 20, 2010
UK mid-market private equity firm Phoenix Equity Partners has agreed to sell Acorn Care and Education to Teachers’ Private Capital, the private investment arm of the Ontario Teachers’ Pension Plan. The deal value was not disclosed but has been estimated at $245m by the Financial Times, with Phoenix making a four times return.
Acorn operates ten schools for children with special needs and an independent foster care agency. Phoenix invested in the company in March 2005 alongside Acorn chairman Kevin McNeany. In the past five years the company has made 13 acquisitions, taking Acorn from two to ten schools and creating the Fostering Solutions brand. Acorn schools provide care and education for more than 550 pupils, while Fostering Solutions manages more than 950 foster placements from its 14 offices around the UK.
James Thomas, managing partner of Phoenix, said, “By investing substantial growth capital since 2005, and by working hard alongside Acorn’s excellent management team, we have together succeeded in establishing Acorn in its leading position. We wish the management team and Teachers every success in the next phase of the company’s development.”
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Source: AltAssets
