News
Recommended Acquisition of Nu Nu plc by Just Learning
The Alchemy Plan has provided follow-on funding to Just Learning to finance the recommended acquisition of Nu Nu plc (“Nu Nu”), a leading children’s nursery operator with ten freehold and long leasehold sites in the East Midlands and North West of England.
The Alchemy Plan has provided follow-on funding to Just Learning to finance the recommended acquisition of Nu Nu plc (“Nu Nu”), a leading children’s nursery operator with ten freehold and long leasehold sites in the East Midlands and North West of England.
The recommended acquisition of Nu Nu is being implemented by way of a scheme of arrangement which became effective on the 20th of October. As part of the scheme of arrangement, Nu Nu held an EGM on the 21st of September where shareholders voted overwhelmingly in favour of the transaction. The transaction has been funded by a combination of funding from the Alchemy Plan, excess cash held by Just Learning and utilisation of a committed acquisition debt facility provided by Ares Capital Europe.
Just Learning is one of the UK’s leading children’s nursery operator’s who has pursued a strategy of growth via organic developments and acquisitions. Under the Alchemy Plan’s ownership (and following the acquisition of Nu Nu), Just Learning will have grown from 21 to 74 sites through a series of acquisitions and developments. The combination of Just Learning and Nu Nu creates the UK’s 3rd largest nursery owner and operator by number of registered places which grow from 6,028 to 6,959.
Commenting on the acquisition, Just Learning’s Managing Director, Jonathan Bell said:
“Our business is performing strongly and our ambitions for further growth will be met through the acquisition and development of nurseries in key locations. The acquisition of Nu Nu is an important step to realising our planned objectives and increasing our national presence. We look forward to welcoming our new colleagues to Just Learning and developing further what is undoubtedly a high quality company.”