NautaDutilh partners Barbara Rumora-Scheltema (Insolvency) and David Viëtor (Finance) head the team which advised a.o. Smallsteps and H.I.G Europe in the recent relaunch of childcare organisation Estro.
A substantial part of the Estro group, the largest Dutch provider of childcare and operator of around 350 children’s day care centres and after school care sites which was declared bankrupt on 5 July 2014, will be relaunched under the name Smallsteps.
This relaunch was realised through a Dutch style pre-pack: an assets transaction prepared over the past few weeks with the involvement of a ‘silent administrator' appointed by the court. As a result of the relaunch, services to more than 80 percent of the children have been safeguarded and the jobs of 2,600 of the 3,500 employees have been secured. The (indirect) shareholder of Smallsteps is H.I.G. Europe, a private equity investor.
NautaDutilh, together with co-counsel Kirkland & Ellis (London), represented Smallsteps, H.I.G. and several lenders in this matter.