PMSI supports Foresight’s investment into Scottish nursery group Pinocchio’s
Foresight Group (“Foresight”) has announced the investment into Pinocchio’s Childrens Nurseries Limited (“Pinocchio’s” or the “Company”), a leading nursery group in Scotland.
Founded in 1997 by Stratos and Lewissa Koulis, Pinocchio’s operates five day nurseries across Edinburgh and Midlothian. The Company cares for approximately 360 children and employs over 110 staff, serving families throughout both regions. Known for its strong commitment to quality and innovation, Pinocchio’s has received multiple industry awards and has built an outstanding reputation for excellence in early years education for nearly three decades.
Katrina Weir, Operational Director, brings more than 30 years of childcare experience and has been with Pinocchio’s for ten years. She will remain in her role. As part of the investment, Katrina will be supported by Steve Thomas and Julian Drinkall, who will co‑invest alongside Foresight. Steve will join Pinocchio’s as Chief Financial Officer and Julian as Non-Executive Chair. Both Steve and Julian have significant experience in the day nurseries sector. Steve is an experienced CFO with over 25 years of experience and previously worked as CFO of Bright Stars. Julian served on the board of Kindred Nurseries for five years, during which the business expanded from 10 to more than 40 settings before an exit to a mid-market private equity firm in November 2024.
PMSI provided CDD to support the transaction. Our work addressed key investment themes including: a detailed analysis of Pinocchio’s site portfolio compared to local competitors; an assessment of the structure of the Scottish nursery market, including the potential impacts of changes to the funding and policy landscape; as well as a strategic review of the opportunity for geographic expansion and consolidation.
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