Spire Capital forms Partnership with Patrick Fenton and Management Team to Form Rainbow Early Education
Experienced Management Team & Growth Capital Form Platform Company in Early Education
Lathrup Village, MI, May 5, 2010 — Rainbow Early Education (“Rainbow), a leading provider of early education services for children in the Midwest, East and Southeast, announced today that Spire Capital Partners has invested an undisclosed amount in partnership with management to acquire and organically build upon its existing footprint of schools. As part of the investment, Rainbow effectuated the acquisition of Little Pro’s Academy Holdings, Inc. and Mayberry Learning Center, bringing total schools under management at Rainbow to 30. In addition, the acquisitions expanded Rainbow’s service offerings, as the Company will now manage over 10 before-and-after school programs in conjunction with public schools. Spire has also committed significant growth capital to support the expansion of Rainbow’s existing operations.
Patrick Fenton will continue to lead the Rainbow management team as CEO. Fenton founded, led and sold Rainbow Child Development Centers, a Michigan-based early education company to the Learning Care Group in 2008 after having founded and built the company for 20+ years. Paul Hafeli will continue in his role of CFO and Karen Krygier will serve as the VP of Operations.
“I am thrilled to be leading Rainbow into this significant growth phase of the company,” said Patrick Fenton, CEO of Rainbow. “Our proven management team will continue to do what we enjoy; providing high quality education to children throughout the country and a dedicated service to parents seeking the best education and care for their children. Our team has operated some of the best schools in the Midwest for 20+ years and we are thrilled to expand our services into the Southeast and think there will be tremendous opportunity to provide our first class level of service to new children as we continue to grow.”
“We believe Rainbow is well-positioned to capitalize on the increasing importance of early education for children and to provide its high level of service in additional communities,” said David Schaible of Spire. “We are excited to partner with Patrick and his management team; they are well known in the industry and proven educators/operators who provide a best-in-class service for young children and the parents that depend on their schools.”
With a new investment partner and experienced management team, Rainbow plans to continue to expand its footprint of schools in areas that are currently underserved. The additional capital provided by Spire will also enable Rainbow to further invest in delivering the highest quality of service and education to each of its students.
About Spire Capital Partners
Founded in 2000, Spire Capital is an active and experienced private equity firm with an investment focus in companies within the business services, information services, education, media and communications sectors. Spire Capital leads buyout and growth investments in its areas of expertise and currently has approximately $600 million in assets under management across two funds. For more information, visitwww.spirecapital.com.