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Edleun completes acquisition of two child care centres

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Author: 
Canadian News Wire
Publication Date: 
2 May 2011

 

EXCERPTS

Edleun Group, Inc. (TSX-V: EDU) a leading Canadian operator, consolidator and developer of child care facilities, today announced that it has completed its acquisition of two child care centres, one located in Stony Plain, a growing community adjacent to Edmonton, Alberta and the second in Maple Ridge, a suburb east of Vancouver, British Columbia as previously announced. The acquisition of these two centres adds 198 licensed childcare spaces to the Company's portfolio and increases the total number of operated licensed spaces to 2,025. Including the transactions just completed, Edleun currently owns 22 centres in Canada.

"We continue to identify and close on acquisitions, increasing the number of licensed spaces we operate in key markets in western Canada," said Leslie Wulf, Chief Executive Officer of Edleun. "Our first acquisition in British Columbia is an important first step towards Edleun's objective of becoming a national operator of high-quality child care centres in Canada."

Edleun is acquiring the child care business in Stony Plain for $1.1 million and will lease the premises under a long term lease from a third party. The acquisition adds 121 licensed child care spaces to the Company's portfolio. The Maple Ridge centre was acquired for $0.3 million and will be leased from the building owner with a right of first refusal to purchase the underlying real estate. The acquisition adds 77 licensed child care spaces to the Company's portfolio.

Since May 2010, the Company has acquired, or entered in to agreements to acquire or build, 32 child care centres encompassing 3,089 licensed child care spaces in Alberta and British Columbia. All centres acquired undergo a renovation and upgrade process including the implementation of educational curriculum and nutritional programs to ensure they meet Edleun's standards.

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- reprinted from Canada News Wire

press release
Entered Date: 
4 May 2011
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