Funds advised by Apax Partners to acquire Cadence Education from funds advised by Morgan Stanley Capital Partners
Funds advised by Apax Partners (Apax Funds) are to acquire Cadence Education, a provider of early childhood education in North America, from investment funds managed by Morgan Stanley Capital Partners (MSCP).
The transaction is expected to complete in March 2020. Financial terms of the transaction have not been disclosed.
Cadence Education serves families and students in more than 225 private preschools through a network of over 40 brands, including the company's flagship Cadence Academy brand. The company's schools serve children aged six weeks to 12 years. With more than 27 years in business, Cadence Education schools offer a proprietary curriculum developed by experts to give students the skills and confidence necessary to excel in their next phase of education.
The investment from the Apax Funds will support Cadence Education to continue its impressive growth trajectory, including strategic acquisitions and the expansion of core operational capabilities.
Dave Goldberg, President and Chief Executive Officer of Cadence Education, says: "We are very excited about our new partnership with Apax, which will help drive our continued growth and bring our mission of providing an exceptional education in a fun and nurturing environment to even more children. MSCP has been a great partner to the business, and we thank them for their support."
Nick Hartman, Partner at Apax Partners, says: "We look forward to working with Dave and the Cadence Education team to continue to execute the strategy that has established the company as a leader in the early childhood education space. Cadence Education's focus on children and parents delivers industry-leading customer satisfaction which, in combination with a highly-skilled team, positions the company for continued growth."
David Thompson, Executive Director of MSCP, says: "We are proud to have partnered with Cadence Education to strengthen its educational offering and deepen its position as a leading provider of early childhood education in the US. Cadence Education is deeply committed to its mission of providing high quality education and care to families, and we have appreciated the opportunity to work with Dave Goldberg and the entire Cadence team during this exciting growth period."
Debevoise & Plimpton LLP served as legal advisor, and William Blair and Lazard Middle Market served as financial advisors to MSCP. Simpson Thacher & Bartlett LLP served as legal advisor to Apax Partners.