Ontario Teachers' Pension Plan, Toronto, is expanding its investment in U.K. child care.
Through its private equity arm, Teachers' Private Capital, the C$129.5 billion (US$124.2 billion) pension fund on Oct. 31 announced it had purchased a majority stake in Busy Bees Nurseries, which operates 213 child-care facilities, making it the largest such company in the U.K.
Terms were not disclosed, including how much of a stake OTPP bought from previous owner Knowledge Universe, although news releases from both the pension fund and the child-care operator said Busy Bees management will hold a minority stake in the company. Busy Bees' current management will remain in place.
Busy Bees' management believes that having a partner who is committed to support(ing) our growth ambitions and vision for delivering high-quality child care is an amazing opportunity for everyone at Busy Bees, according to a statement from the company.
Ontario Teachers has one other investment in a child-care business, according to Deborah Allan, OTPP spokeswoman. In 2010, the pension fund acquired Acorn Care and Education Ltd., a London-based special education day-care provider.
Teachers' Private Capital manages about C$12 billion in assets.