Bright Horizons Family Solutions Completes ChildrenFirst Acquisition; Unites Leading Providers of Back-up Child Care.WATERTOWN, Mass. -- Bright Horizons Family Solutions Bright Horizons Family Solutions is a US-based child-care provider and one of the largest publicly held child-care corporations in the world. The result of a merger in 1998 between Massachusetts-based Bright Horizons (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BFAM BFAM Brother from Another Mother BFAM Bioinformatics for the Analysis of Mammalian Genomes BFAM Budget Formulation & Appropriation Model ), the world's leading provider of employer-sponsored child care and early education, today announced it has completed its acquisition of ChildrenFirst Inc., an operator of 33 employer-sponsored back-up child care centers serving more than 270 clients in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada including such notable organizations as Viacom, Chevron Corporation “CVX” redirects here. For the United States Navy future aircraft carrier program, see United States Navy CVN-21 program. Chevron Corporation (NYSE: CVX) is one of the world's largest global energy companies. , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Life, Ropes & Gray LLP LLP - Lower Layer Protocol , Avon, General Mills  This article or section may contain a proseline.Please help [ convert this timeline] into prose or, if necessary, a . , and Target Corporation. "We are excited to welcome the ChildrenFirst employees, clients, and families into the Bright Horizons community. The combined strengths and offerings of our organizations will provide an even stronger platform for growth in the field of back-up child care, and will expand our network of high-quality child care and work/life services to even better serve our clients," said Bright Horizons Chief Executive Officer David Lissy. The merger transaction includes all-cash consideration of approximately $58 million, including projected cash on hand of $11 million, resulting in total enterprise value at closing of approximately $47 million. Bright Horizons' newly expanded network of back-up centers will serve more than 350 clients in more than 70 locations in the U.S., UK, and Canada, and will bring the total number of centers and schools operated by Bright Horizons to more than 600. Bright Horizons Family Solutions Bright Horizons Family Solutions (www.brighthorizons.com) is the world's leading provider of employer-sponsored child care, early education and work/life consulting services, managing more than 600 early care and family centers in the United States, the United Kingdom, Ireland and Canada. Bright Horizons serves more than 600 clients, including more than 100 FORTUNE 500 companies and more than half of the "100 Best Companies for Working Mothers," as recognized by Working Mother magazine. Bright Horizons is one of FORTUNE magazine's "100 Best Companies to Work For." This press release contains forward-looking statements which involve a number of risks and uncertainties. Bright Horizons Family Solutions' actual results may vary significantly from the results anticipated in these forward-looking statements as a result of certain factors. These include the ability of the Company to 1) execute contracts relating to new commitments and renew contracts with acquired or existing clients, 2) enroll families in new as well as existing centers, and 3) open new centers, as well as other factors that are discussed in detail in the Company's filings with the Securities and Exchange Commission. |
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