Nov 1 2010
Edleun Group, Inc. (TSX-V: EDU), a leading consolidator, operator and developer of child care facilities in Canada, announced today that it has completed its acquisition of the previously announced three child care centres located in Calgary, Alberta. The acquisition of these three centres adds 283 licensed childcare spaces to the Company's portfolio and increases the total number of spaces to 1,851. Including the transaction just completed, Edleun currently owns 20 centres in Canada.
"With the closing of these acquisitions, we are building a core portfolio of centres, increasing our brand presence and commitment to the highest quality in early childhood development and care," said Leslie Wulf, Chief Executive Officer of Edleun. "We continue to evaluate a range of opportunities in Canada that will support our continued growth."
The three centres were acquired for a total cost of $2,240,000. The Company is acquiring both the real estate and child care operations at each of the three centres.
Since May 2010, the Company has acquired 20 child care centres located primarily in Calgary and Edmonton, Alberta. All centres acquired undergo a full remodelling and upgrading process as well as the implementation of an education curriculum and nutritional program to ensure they meet Edleun's standards. The Company expects the remodelling of the three acquired centres to be completed in the fourth quarter of calendar 2010.