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published JANUARY 20, 2010

Weil advises Ontario Teachers Pension Plans on its European debut acquisition of Acorn Care and Education

Weil, Gotshal & Manges has advised new client Ontario Teachers Pension Plan Board on its acquisition of Acorn Care and Education which completed today. The acquisition is Teachers’ Private Capital’s first direct private equity investment in Europe and is one of only a very small number of transactions to have secured new bank financing in a very tight banking market. With $87.4 billion in net assets at December 31, 2008, Teachers’ is the largest single-profession pension plan in Canada. An independent corporation, it invests the pension fund’s assets and administers the pensions of 284,000 active and retired teachers in Ontario. Acorn Care and Education, established in 2005, is a leading provider of special needs schools and independent fostering services in the U.K. It operates 10 specialist schools across the U.K., providing day and residential care and education for children with special educational needs. Through Fostering Solutions, it also manages foster placements across seven regions of the country. "We are delighted that Teachers' Private Capital turned to us to advise on its debut direct acquisition in Europe. With its access to significant financial firepower and its flexible capital structure, Teachers' Private Capital is set to become a significant player in the European private equity market and we are thrilled to have developed this important new relationship" said Jonathan Wood. The Weil, Gotshal & Manges team was led by Jonathan Wood, assisted by Simon Lyell. Michael Nicklin advised on banking matters and was assisted by Andrew Bishop. Edmund Reed of Travers Smith advised the selling shareholders of Acorn. Warren Taylor of Nabarro advised Acorn management.