Investment to support continued growth of a leader in early childhood education
Scottsdale, AZ and New York, NY, February 12, 2020: Funds advised by Apax Partners (the “Apax Funds”) today announced they have reached an agreement to acquire Cadence Education, a leading 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 were not 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, said: “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, said: “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, said: “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.
About Cadence Education
Cadence Education is one of the premier early childhood educators in the United States, operating more than 225 private preschools across the country. With more than 27 years in business, Cadence has developed an unparalleled expertise in preparing students to thrive in the next step of their childhood. Cadence Education provides parents with peace of mind by giving children an exceptional education every fun-filled day in a place as nurturing as home. For additional information about Cadence, please visit www.cadence-education.com.
About Apax Partners
Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.$50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare, and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.
About Morgan Stanley Capital Partners
Morgan Stanley Capital Partners, part of Morgan Stanley Investment Management, is a leading middle-market private equity platform that has invested capital in a broad spectrum of industries for over three decades. Morgan Stanley Capital Partners focuses on privately negotiated equity and equity-related investments primarily in North America and seeks to create value in portfolio companies primarily in a series of subsectors in the business services, consumer, healthcare, industrials, and education markets with an emphasis on driving significant organic and acquisition growth through an operationally focused approach. For further information about Morgan Stanley Capital Partners, please visit: www.morganstanley.com/im/capitalpartners.
For Apax Partners
Global Media: Andrew Kenny, Apax | +44 20 7 872 6371 | firstname.lastname@example.org
USA Media: Todd Fogarty, Kekst CNC | +1 212-521-4854 | email@example.com
UK Media: Matthew Goodman / James Madsen, Greenbrook | +44 20 7952 2000 | firstname.lastname@example.org
Notes to Editors
London-headquartered Apax Partners (www.apax.com) and Paris-headquartered Apax Partners (www.apax.fr) had a shared history but are separate, independent private equity firms.