Phoenix sells Acorn
Article Date: Jan 20 2010Private equity firm Phoenix Equity Partners has sold Bolton-based Acorn Care and Education to a Canadian pension scheme.
Acorn, a UK provider of education and care for children with special needs, was acquired by Teachers’ Private Capital, the private investment department of the Ontario Teachers’ Pension Plan, for an undisclosed sum.
Phoenix invested in Acorn in March 2005, alongside Acorn founder and education entrepreneur Kevin McNeany. Since the initial investment, Phoenix has backed Acorn in making 13 acquisitions, taking the number of schools it operates from two to ten.
James Thomas, managing partner of Phoenix, commented; 'By investing substantial growth capital since 2005, and by working hard alongside Acorn’s excellent management team, we have together succeeded in establishing Acorn in its leading position.'
Acorn provides services for more than 550 pupils and manages more than 950 foster placements from its 14 offices around the UK.
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