Currently, the company owns and operates 287 learning centers in 23 statesand the District of Columbia. Tutor Time operates 235 centers internationally, including in 25 states and Puerto Rico.
Tim Davis, director of real estate for the company, tells GlobeSt.com consummation of the proposed transaction is subject to a number of conditions, including satisfactory completion of the parties respective due diligence reviews, execution of a definitive agreement and obtaining shareholders' approvals.
"Childtime is committed to being a leader in the child care industry and looks forward to adding the Tutor Time brand," says Alfred Novas, president and chief executive officer of Childtime.
Novas was previously co- president of Tutor Time, serving alongside its current president Mark Schiller before he joined Childtime in August 2001. Both men were named co-presidents by the Tutor Time board of directors in May 2000.
"We are committed to continued growth, unparalleled quality and ever-improving cash flow and earnings," the two men told Tutor Time shareholders in the 2000 annual report.
Childtime now has annual revenues of $142 million and a licensed capacity of about 40,000 children. Tutor Time owns and operates about 40% of its franchised learning centers, with about $73 million in revenue. Including the franchises, Tutor Time does about $150 million in business and can accommodate 45,000 children. All total, the new company would have system-wide revenues of $290 million from 525 locations world wide and nearly 85,000 children, company officials say.
The company would not reveal the purchase price.
"We are pleased to join Childtime, and believe this acquisition will benefitour collective customers and shareholders," Schiller says.
Established in 1988, Tutor Time opened their first Florida centers, in 1990. Tutor Time centers are also located in Canada, Indonesia, Hong Kong, Philippines, and Portugal.
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