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Epris Closes GBP 93m Sale of UK Nursery Education Operator Treetops to Busy Bees.

M2 EQUITYBITES-April 18, 2017-Epris Closes GBP 93m Sale of UK Nursery Education Operator Treetops to Busy Bees


18 April 2017 - UK-based private equity investment trust Electra Private Equity's (LSE: ELTA) manager, Epris, has closed the sale of UK-based nursery education operator Treetops Nurseries to UK-based day care nursery provider Busy Bees, the firm said.

Electra Private Equity is expected to receive proceeds from the sale of GBP 93m (USD 116.66m), an uplift of GBP 44m or 91% and equivalent to an increase in its NAV of 107 pence per share on the valuation of the investment at 30 September 2016.

This equates to a return of 6.5x cost and an IRR of 59%. This is the seventh exit delivering a money multiple of more than 3x that Epiris has achieved in the last twelve months.

Headquartered in Derby, Treetops provides childcare to in excess of 6,000 children and employs more than 1,300 people. The company operates 61 schools, predominantly in the North of England, the Midlands and the South East.

Treetops was spun out of PINE Unit Trust in 2012.

The separation allowed Epiris to initiate a transformation strategy to accelerate growth through strategic focus, operational improvement and M/A. Epiris recruited Stephen Booty as chairman and Charles Eggleston as CEO to deliver this strategy.

Epiris, together with its predecessor firms, has managed the business and affairs of Electra Private Equity for four decades.

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Publication:M2 EquityBites (EQB)
Date:Apr 18, 2017
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