West Private Equity, the European private equity arm of West LB, has bought Asquith Court Holdings, a nursery and independent schools group, for £66m.
West LB bought Asquith from a group of private equity firms including Allen & Co, Botts & Co, Apax, Candover, Electra and Talisman Management International.
Debt and working capital facilities are being arranged and underwritten by Dresdner Kleinwort Wasserstein.
Asquith Court was set up in 1989 and operates 76 private nurseries and nine independent day schools, most of which are in south east England. West LB plans to develop new sites for Asquith and says it has earmarked “significant capital” for growth.
SG Hambros advised West LB, KPMG provided due diligence and Clifford Chance dealt out legal advice.