KinderCare Education
| Private | |
| Founded | 1996 |
| Headquarters | Portland, Oregon |
| Website |
www |
KinderCare Education (formerly Knowledge Universe) is a privately held education services firm, co-founded by Michael Milken and his brother Lowell in 1996.[1] The firm is one of Oregon's largest privately held companies and a large employer in the Portland metropolitan area. Executive leadership is based out of the Portland National Support Center for KinderCare Education.[2] In 2012, company revenues were about $1.45 billion, down from approximately $1.6 billion in 2010.[3]
History
The company was founded in 1996 by brother Michael and Lowell Milken. In 1998, Children's Discovery Centers was acquired by Knowledge Universe Learning Group and in 1999 the company started Knowledge Beginnings. In 2003, the company was renamed as Knowledge Learning Corporation (KLC) and acquired ARAMARK Educational Resources, adding more than 700 Children's World Learning Centers, as well as the Medallion onsite and before- and after-school programs for elementary school students. KLC purchased EdSolutions in 2004, which had provided Supplemental Educational Services (SES) before- and after-school programs for 2,300 children in four states, which then merged with Medallion to form the KLC School Partnerships division. In January 2005, KLC merged with KinderCare. Tom Wyatt, a former CEO of Old Navy, was hired as Knowledge Universe CEO in 2012.[3] In July 2015, Partners Group bought Knowledge Universe.[4][5] Knowledge Universe renamed itself as KinderCare Education in January 2016.[6]
Financials
KinderCare Education is the parent company of several operations, including: KinderCare, Knowledge Beginnings, Children’s Creative Learning Centers (CCLC), and Champions.[7] In April 2012, Standard & Poor's lowered its ratings on Knowledge Universe Education LLC, including its corporate credit rating, to 'B-' from 'B+', and placed its ratings on CreditWatch with negative implications. The rating action was based on weaker-than-expected performance, rising debt leverage, and strained liquidity.[8]
References
- ↑ "Milken, KinderCare reunited". CNN Money. 6 November 2004.
- ↑ Linda Baker (27 January 2011). "Knowledge Universe reaches $1.6 billion in revenue". Oregon Business.
- 1 2 Linda Baker (28 May 2013). "Expanding universe". Oregon Business.
- ↑ Giegerich, Andy (July 9, 2015). "Oregon's third-largest private company sold to Swiss enterprise". Portland Business Journal. Retrieved 12 January 2016.
- ↑ Spencer, Malia (July 9, 2015). "Knowledge Universe CEO Tom Wyatt on why Partners is the perfect partner". Portland Business Journal. Retrieved 12 January 2016.
- ↑ Giegerich, Andy (January 6, 2016). "Oregon's 3rd-largest private company renames itself with its best-known brand". Portland Business Journal. Retrieved 12 January 2016.
- ↑ "KinderCare Learning Centers". KU.
- ↑ "S&P cuts Knowledge Universe Education to 'B-'". Reuters.