Bright Horizons Family Solutions, Inc. (BFAM) is the leading provider of high quality corporate sponsored childcare in the U.S., where it is 5 times the size of its next largest competitor and is #2 in the U.K. The company was public for ten years before being taken private in 2008 by Bain Capital. The company has a strong track record with 15 years of uninterrupted revenue and earnings growth, even during the financial crisis. Bright Horizons has an attractive business model characterized by high revenue and earnings visibility, low capital intensity, and superior ROI and cash flows. We think Bright Horizons should benefit from demographic trends of more women and dual income families in the workplace. Multiple growth avenues include additional centers and back up services for new and existing clients, greater center utilization, the accretive acquisition or assumption of established centers in a highly fragmented market, international expansion and the expansion and cross selling of new higher margin services. (Susan Robbins)
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