Aramark to Sell Unit to Milken Firm
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Aramark Corp., operator of Children’s World Learning Centers, agreed to sell its Educational Resources unit to former junk bond king Michael Milken’s Knowledge Learning Corp. to exit the child-care business.
Aramark is selling the division for $225 million in cash and $40 million in a subordinated note, the Philadelphia-based company said.
The education unit had $455.8 million in annual sales, accounting for 5.2% of Aramark’s revenue.
Thomas Heymann, the former president of Disney Store Inc., will become chief executive of Knowledge Learning after the purchase is completed, Aramark said.
Knowledge Learning, a unit of Menlo Park, Calif.-based Knowledge Universe, operates Children’s Discovery Centers and Magic Years schools and programs.
Shares of Aramark were unchanged at $21.86 on the NYSE.
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