The Oregon-based child care chain KinderCare Learning disclosed plans for a public stock offering in a regulatory filing Monday.
The company, which operates more than 2,000 locations nationwide, has its headquarters in Northeast Portland but plans to move its corporate offices to Lake Oswego. About 500 employees work out of the Portland headquarters.
The company says it plans to list on the New York Stock Exchange under the ticker symbol “KLC.” It said it intended to raise $100 million in the offering, likely a placeholder number that will be revised as the offering is finalized.
The company didn’t disclose how many shares it planned to offer, nor at what price. It said it plans to use the proceeds from the sale to repay some of its $1.4 billion in long-term debt.
It reported $1.4 billion in revenue in 2020 and a net loss of $130 million, affected by pandemic closures of its child care centers. In 2019, it had $1.9 billion in revenue and a net loss of $29 million.
The company has been based in Portland since 1997, when it moved its headquarters from Alabama.
It would be a return to the public market for the company, which was publicly traded before a 2005 buyout by Knowledge Learning, which moved its headquarters from Colorado to Portland when the $1 billion deal closed. The combined company, Knowledge Universe, adopted the KinderCare name in 2016 following a sale to a Swiss private equity firm, Partners Group, its current owner.
It indicated that Partners Group would retain a controlling majority of the company’s stock following the offering.