Nurture Education Group, the Singapore arm of international nursery giant Babilou, claims to be one of the city-state’s largest pre-school providers since acquiring G8 Education Singapore from its eponymous former owner.
Nurture Education Group bought the business, which owns 17 childcare centres and manages 18 franchised pre-schools under three brands, from G8 Education, listed on Australia’s stock exchange.
G8 Education’s share price climbed nearly 5% following the transaction announcement.
Following the deal, Nurture Education Group will own and operate 56 childcare centres in Singapore under the brands Kiddiwinkie Schoolhouse, Little Footprints Preschool and Pibos Garden Preschool.
The completion of the deal, which was first signalled in the G8 Education’s half-year results presentation in August, will mark the firm’s exit from Singapore 10 years after entering the jurisdiction in October 2010.
Nurture Education Group paid S$5.9 million on completion and will pay a further S$2.8 million upon, and subject to, the conversion of franchised centres to company-owned centres in the coming months.
The total price, equal to £8.3 million, represents a price-to-earnings multiple of around 5.4.
Julie Koh, Chief Executive officer of Nurture Group said: “We are very proud to welcome G8 Education Singapore into our group and believe that the dedication and engagement of the whole team will be a great addition to our operations.
“We are looking forward to continually build a strong group of preschools that offer families a high-quality education for their children during these formative years.
“We are conscious of the responsibility we carry to provide children with a high-quality educational environment that encourages the pleasure of learning, prepares the children academically, and develops their social and emotional skills.
“With a wider portfolio and more centres under their charge, the Nurture Group will have more opportunities to grow and attract talents in the preschool sector, ensuring that children under their care get the best the organisation has to offer.”
France-based Babilou, which owns Nurture Education Group, was acquired earlier this year by French infrastructure-focused private equity house Antin Partners, in a deal worth between €1 billion and €1.5 billion.
Date published: 9 November 2020