Mergers and acquisitions activity in the UK over the past month has continued unabated, with acquisition of new sites by groups as well as financial investment into existing businesses. The former include acquisitions by Family First, Bright Horizons and Thrive, while the latter includes Gresham House’s investment into N Family Club.
With a market continuing to be heavily stimulated on the sell-side, price expectations have remained high and palatable valuations have sometimes become an investment challenge. This is in turn forcing buyers to be creative in unlocking value to ‘dilute’ the purchase multiples. They can do this through either revenue enhancement (either via enrolment or pricing) or cost control.
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