Edleun Group, Inc. (TSXV:EDU) announced the $2.3-million acquisition of four Montessori centres in Ottawa on Friday shortly after the day-care operator reported a smaller loss and higher revenue in the second quarter.
“These are our first acquisitions in Ottawa and provide us with a strong
initial presence in the National Capital Region,” Edleun CEO Mary Ann Curran
The Calgary-based company, which has most of its properties in Alberta and British Columbia, made its first acquisition in Ontario last year. Edleun aims consolidate the fragmented day-care and early-childhood education sector.
It currently has 50 operating centres in several provinces as well as three being built or redeveloped. The four Ottawa centres have a total of 195 licensed child-care spaces in leased locations under long-term leases.
The Calgary-based company announced Friday that it had a net loss of $355,000 or 0.3 cents per share, down from $541,000 or 0.8 cents per share a year earlier.
Edleun’s revenue grew to just under $9 million from nearly $4 million in the second quarter of 2011, while the number of licensed spaces in operation rose to 4,368 at the end of June from 2,038.
“In the second quarter, we continued to demonstrate the merit and success of Edleun’s business model with significant increases in same centre occupancy, revenue and gross margin,” Curran said in the earnings statement.
“We have successfully acquired centres and improved their performance following the introduction of programming, services and physical renovations.