Westpac, The Commonwealth Bank, Bank of America and Goldman Sachs have committed $1.65 billion to back ABC Learning Centers' acquisition of La Petite Academy. La Petite is owned by CCMP Capital, an affiliate of JPMorgan Partners, other investors and the company's management. The purchase price is approximately $330 million, but the exact size of the credit could not be determined.
As part of the transaction, Austrailian-based ABC will also acquire U.K.-based Busy Bees Group for EUR$71 million and 49 childcare centers in New Zealand and six in Australia for A$65 million from Macquarie Leisure Services. La Petite entered into a new $215 million credit facility led by JPMorgan and Credit Suisse in April (CIN, 9/15). The deal consisted of a $110 million delayed-draw first lien; an $85 million second lien and a $20 million revolver. Calls to a company spokesman were not returned.