La Maison Bleue piques sponsor interest as auction kicks off

The France-based childcare provider is being marketed based on annual EBITDA in the EUR 40m-43m range, the first two sources said. Revenues totalled EUR 247m, according to the first source.

Information memorandums for La Maison Bleue, which operates childcare centres in France, Luxembourg, Switzerland and the UK, were distributed by sell-side adviser Rothschild in recent weeks, the first and second source said.

First round bids for the controlling stake in the company are due in early December, the first source added. The business is owned by CEO and founder Sylvain Forrestier, who holds a 60% stake, alongside Towerbrook and state-controlled BPI France.

Among prospective buyers, Ardian is considered to be a keen bidder given that the sponsor was the underbidder on the sale of nursery business Grandir (Le Petits Chaperons Rouges), three sources said. Ardian owns several education businesses, including UK-based pathway provider Study Group and French private higher education provider AD Education.

Antin Infrastructure Partners had shown early interest in La Maison Bleue and could have sought to combine the business with its portfolio company Babilou, the French childcare provider it acquired last year in a deal reported to be worth close to EUR 1.5bn. However, the infra fund has dropped from the auction, a fifth source said.

Blackstone, which "looked long and hard at Babilou" before it was acquired by Antin, is also keen on La Maison Bleue, the fourth source said. Carlyle, EQT, IK and Germany's DWS are also circling the asset, the same source added.

"It's quite a long list of [suitors], there is quite a lot of interest from all types of infrastructure funds and trade. But I think it will end up being a relationship-driven transaction," the fourth source said, highlighting the likelihood of a deal with a local buyer that is close to La Maison Bleue's management team.

Founded in 2004, La Maison Bleue has a presence in the UK via its Old Station Nursery Group subsidiary, which has expanded this year on the back of three takeovers that added at least eight settings to its portfolio. Meanwhile in France, La Maison Bleue recently acquired Kids'Up.

Ardian, Antin, DWS, EQT and IK declined to comment. Rothschild, Blackstone and Carlyle did not respond to requests for comment.

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• Topics
• Exits
• Buyouts
• France
• Consumer
• Mergermarket
• Towerbrook Capital Partners
• BPI France
• Rothschild