HIG Europe has acquired the majority of the assets of Estro Group, a provider of childcare services in the Netherlands.
The group has been re-launched under the name Smallsteps, operating 251 former Estro locations and employing 2,750 former Estro staff.
The deal was completed shortly after Estro was temporarily placed into administration. All continuing locations are operating under “business as usual” conditions.
The Smallsteps management team includes former senior members of the Estro management team. John Woodward, founder of Busy Bees, a UK provider of childcare, was appointed chairman of the Smallsteps supervisory board. Woodward has over 30 years of experience in the childcare sector.
Paul Canning, managing director of HIG Europe, who has a background in the sector having previously supported the early growth of Busy Bees, says: “I am delighted that we have been able to secure a future for this business and provide continuity for the majority of parents, children and employees. The wider economic environment in the Netherlands has had an inevitable impact on all businesses in this sector. However, with the financial support and new investment from HIG, and a high quality and committed management team, we are confident for the future of Smallsteps.”
ING Bank and ABN AMRO Bank are supporting the transaction and are continuing to provide the company with banking services.
HIG has recently made a number of investments in the education sector, including Academos Group, a platform for premium international schools around the world. Academos Group’s flagship school, St Gilgen, is premium IB boarding school based in Austria.
