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Bright Horizons may go public - again: Reuters
Posted on Wednesday, 10 October 2012 12:30
US buyout house Bain Capital is planning to float its child care and early education business Bright Horizons Family Solutions on the stock market, four years after taking it private for almost USD 1.30 billion, three people with knowledge of the matter told Reuters.
These sources said the private equity major has picked underwriters to manage the proposed initial public offering (IPO), which may be held later this year.
One person, who asked not be identified as the matter is not yet public, added Goldman Sachs and JPMorgan are among the banks selected.
Bright Horizons was founded in 1986 to provide employer-sponsored child care and early-years education.
Headquartered in Massachusetts, the group operates throughout North America, Europe and India, and has offered its services to more than 850 clients, including 130 of the Fortune 500-listed corporations, according to its website.
Bright Horizons manages a network of child care centres not only for businesses but also hospitals, universities and government agencies, and provides back-up services for children and elders and college counselling.
Bain Capital bought out the company in 2008 for USD 48.25 per share, in a deal worth USD 1.27 billion.
It then proceeded to make a series of bolt-on acquisitions, including Colorado-based Work Options and UK nursery operator Teddies in 2009, and Casterbridge Care and Education, also headquartered in the UK, for GBP 72.80 million in May this year.
US presidential hopeful Mitt Romney co-founded Bain Capital, and Reuters observed his involvement in the firm has put a negative slant on its activities, citing a video released by President Obama’s campaign team that accused the buyout house of destroying jobs.
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