Childtime was set to buy Tutor Time. However, Childtime officials recently said that the deal was just never possible to complete and announced termination of negotiations on an acquisition of Tutor Time.
Tim Davis, director of real estate for the company, tells GlobeSt.com consummation of the proposed transaction was 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.
In February, Childtime President and Chief Executive Officer Alfred Novas told GlobeSt.com the company was looking forward to adding the Tutor Time brand. The Florida company operates 235 centers in 25 states and Puerto Rico, as well as internationally.
Tutor Time owns and operates about 40% of its franchised learning centers, with about $73 million in revenue and about 19,000-children capacity.
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 company report. The move would have doubled the number of day care centers held byChildtime.
Childtime now has annual revenues of $142 million and a licensed capacity of about 40,000 children. Including the franchises, Tutor Time does about $150 million in business and can accommodate 45,000 children.
All total, the new company would have had system-wide revenues of $290 million from 525 locations world wide and nearly 85,000 children, company officials said. The purchase price was not released.
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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
