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Aramark to Sell 28-State Network of Childcare Centers

PHILADELPHIA-The locally based provider of managed services will sell its

By Marita Thomas | Updated on March 04, 2003

PHILADELPHIA-Locally based Aramark has signed a definitive agreement to sell its Aramark Educational Resources division to Santa Monica, CA-based Knowledge Learning Corp. for $225 million in cash and a note in the principal amount of $40 million, subject to a right of prepayment for $25 million within 12 months of the closing. The closing, subject to various conditions, consents, approvals and completion of the buyer’s financing, is expected to occur in Aramark’s third fiscal quarter.

The division consists of community- and employer-based childcare centers in 28 states nationwide in addition to other assets. Among the childcare centers are the Children’s World Learning Centers’ brand, along with Medallion School Partnerships, and Aramark Work/Life Partnerships. In all, the division’s 2002 sales totaled $455 million.

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