MS Morgan Stanley

By Colin Kellaher

Private-equity firm Apax Partners on Wednesday said its funds have agreed to buy Cadence Education from investment funds managed by Morgan Stanley Capital Partners for an undisclosed amount.

Cadence, based in Scottsdale, Ariz., operates roughly 225 private preschools through a network of more than 40 brands.

London-based Apax said it expects to complete the transaction in March, adding that the investment from its funds will help Cadence continue its growth through acquisitions and the expansion of its core capabilities.

Morgan Stanley acquired Cadence from Audax Private Equity in 2016.

Morgan Stanley Capital Partners is a middle-market private-equity platform of Morgan Stanley Investment Management, the asset-management unit of New York-based Morgan Stanley.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

February 12, 2020 11:47 ET (16:47 GMT)

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