Phoenix Equity Partners ("Phoenix"), a leading UK mid-market private equity firm, is pleased to announce that it has reached agreement for the sale of Acorn Care and Education Limited ("Acorn") to Teachers’ Private Capital, the private investment department of the Ontario Teachers’ Pension Plan ("OTPP"). The consideration on this transaction is not being disclosed.
Acorn is one of the premier providers of education and care for vulnerable children and young people in England. It operates 10 schools for children with Special Educational Needs and an Independent Fostering Agency under the Fostering Solutions brand, which recruits, trains and supports foster carers, to whom local authorities refer and place children.
Phoenix invested in Acorn in March 2005, alongside Kevin McNeany, Acorn’s founder and Chairman and a leading education entrepreneur. Steve Page was appointed as CEO in June 2005 to lead the Group’s development. In the past five years Phoenix has assisted Acorn’s management in making thirteen acquisitions, taking Acorn from two to ten schools and creating one of the UK’s leading independent fostering networks. Acorn schools provide high quality care and education for more than 550 pupils and Fostering Solutions manages more than 950 foster placements from its 14 offices around the UK. As a result of Acorn’s growth since 2005, Rothschild was appointed in late 2009 to conduct an auction process, which culminated today in the sale of the business to OTPP.
James Thomas, a Managing Partner of Phoenix, commented; "By investing substantial growth capital since 2005, and by working hard alongside Acorn’s excellent management team, we have together succeeded in establishing Acorn in its leading position. We wish the management team and Teachers every success in the next phase of the company’s development."