While the majority of the M&A market waits out the current credit crunch, a company rich with Nashville connections has managed to secure a buyer.
Boston’s Bright Horizons Family Solutions announced this morning that it has agreed to be acquired by Bain Capital for $1.3 billion.
Through the deal, the company’s investors will receive $48.25 in cash per share, a 47 percent premium to the stock’s Friday close. The stock rocketed up more than 30 percent on heavy volume this morning and was trading at $43.91 at about 9:45 a.m.
Goldman Sachs and Evercore Group are advising the Bright Horizons on the deal, with Goldman providing some of the debt financing as well. Bass, Berry & Sims represented the company.
Although currently based in Boston, the company, or at least half of it, has its roots right here in Nashville. Founded in 1987 as Corporate Child Care by a group that included Lamar Alexander, the late Bob Keeshan and Marguerite Sallee, the company received early-stage venture financing from Massey Burch Capital Corp.
For much of the mid-'90s, the company was based out of Cummins Station. When it merged with fellow work-site child care outfit Bright Horizons, what was then called Corporate Family Solutions represented 47 percent of the combined company.