(LSE: PEYS/PEY)
Partners Group Private Equity
Limited
Portfolio company KinderCare
prices IPO and lists on New York Stock Exchange
·
KinderCare is the seventh largest portfolio company for PGPE Ltd,
at 3.6% NAV as of latest published NAV
·
KinderCare priced its initial public offering of 24,000,000 shares
of common stock at USD 24.00 per share, amounting to USD 576
million[i]
· Based on
the closing share price of USD 26.13 after KinderCare's first
trading day, the market cap stands at USD 3.0 billion
· The
shares are listed on the New York Stock Exchange under the symbol
KLC
·
KinderCare is the largest private provider of high-quality early
childhood education in the US by center capacity with the ability
to serve over 200,000 children across its more than 2,400 centers
and sites
Partners Group, the Investment Manager of PGPE Ltd
and one of the largest firms in the global private markets
industry, acting on behalf of its clients, announces that shares in
its portfolio company KinderCare Learning Companies ("KinderCare"
or "the company"), a leading early childhood education services
provider in the US, began trading on the New York Stock Exchange on
9 October 2024, following the pricing of its initial public
offering ("IPO"). KinderCare's stock is listed under the ticker
"KLC".
The IPO of 24,000,000 shares of KinderCare's common
stock priced at USD 24.00 per share. Following the IPO, funds
affiliated with or advised by affiliates of Partners Group hold
approximately 71% of KinderCare's common stock. Based on the
closing price of USD 26.13 per share after KinderCare's first
trading day on the New York Stock Exchange, this implies an
exposure of approximately EUR 53 million[ii] (or USD 58 million) for PGPE Ltd, representing an
uplift of approximately 50% over the carrying value of EUR 35
million (USD 39 million) as of 31 August 2024. PGPE Ltd is not
expected to receive proceeds in the short-term, while a lock-up
period of 180 days in connection with the IPO has been agreed upon
for both pre-IPO stockholders, the company and its officers and
directors. KinderCare is a parent holding company with operations
conducted through its wholly owned subsidiaries for its portfolio
of brands: KinderCare Learning Centers, Crème Schools, and
Champions.
Founded in 1969, KinderCare is the largest provider
of high-quality early childhood education in the US by center
capacity, with the ability to serve over 200,000 children across
2,400 centers and sites and employing more than 43,000 teachers and
staff. KinderCare offers differentiated flexible childcare
solutions to meet today's dynamic work environment across its
family of brands. KinderCare Learning Centers provide
community-based centers that offer early childhood education and
care for children from six weeks to 12 years old. Crème Schools
provides a premium early education model using a variety of themed
classrooms for children from six weeks to 12 years old. Champions
offers before- and after-school programs for school-age children.
KinderCare also partners with employers nationwide to address the
childcare needs of today's dynamic workforce - through customized
family care benefits for organizations, including care for young
children on or near the site where their parents work, tuition
benefits, and backup care where KinderCare programs are located.
The focus of KinderCare's management on creating an inclusive work
culture has led to high levels of employee engagement, resulting in
the company winning the Gallup Exceptional Workplace Award
consecutively for the last eight years - one of only two current
organizations worldwide to achieve this milestone for eight
consecutive years.
Partners Group acquired KinderCare in 2015,
supporting KinderCare's business transformation to optimize center
footprint, drive compound same-center revenue growth, and increase
same-center occupancy. KinderCare has also invested in its
curriculum, human capital, and technology infrastructure to
accelerate growth and strengthen its commitment to quality.
Further information is available in the
press release issued by Partners Group.
Ends.
About Partners Group
Private Equity Limited
PGPE Ltd (formerly Princess Private Equity Holding
Limited) is an investment holding company founded in 1999 and
domiciled in Guernsey. It invests in private equity direct
investments. PGPE Ltd is managed in its investment activities by
Partners Group, a global private markets investment management firm
with USD 149 billion in investment programs under management in
private markets, of which USD 76 billion is in private equity. PGPE
Ltd aims to provide shareholders with long-term capital growth and
an attractive dividend yield. PGPE Ltd is traded on the Main Market
of the London Stock Exchange (ticker: PEY for the Euro Quote; PEYS
for the Sterling Quote).
Contacts
Partners Group Private Equity Limited:
pgpe-ltd@partnersgroup.com
www.partnersgroupprivateequitylimited.com
|
Investor relations contact:
Andreea Mateescu
Phone: +41 41 784 66 73
E-mail: andreea.mateescu@partnersgroup.com
|
Media relations contact:
Jenny Blinch
Phone: +41 41 784 65 26
E-mail:
jenny.blinch@partnersgroup.com
|
Registered Number:
35241 LEI: 54930038LU8RDPFFVJ57
Notes:
1. Note that
references in this announcement to Partners
Group Private Equity Limited have been
abbreviated to "PGPE Ltd" or "Company". References to Partners
Group AG have been abbreviated to "Partners Group" or "Investment
Manager".
2. This
document does not constitute an offer to sell or a solicitation of
an offer to buy or subscribe for any securities and neither is it
intended to be an investment advertisement or sales instrument
of Partners Group Private Equity
Limited. The distribution of this document
may be restricted by law in certain jurisdictions. Persons into
whose possession this document comes must inform themselves about
and observe any such restrictions on the distribution of this
document. In particular, this document and the information
contained therein is not for distribution or publication, neither
directly nor indirectly, in or into the United States of America,
Canada, Australia or Japan.
3.
This document may have been prepared using
financial information contained in the books and records of the
product described herein as of the reporting date. This information
is believed to be accurate but has not been audited by any third
party. This document may describe past performance, which may not
be indicative of future results. No liability is accepted for any
actions taken on the basis of the information provided in this
document. Neither the contents of PGPE Ltd' website nor the
contents of any website accessible from hyperlinks on PGPE Ltd'
website (or any other website) is incorporated into, or forms part
of, this announcement.
