Vitamina bought 37 Brazilian preschools in 18 months — then put them up for sale

In April 2023, Valor reported that Vitamina, the Chilean early-childhood education chain, was selling its Brazilian operation after just three years in the country. In 18 months the network had bought 37 schools in São Paulo; it now carried debts of around R$50 million and was asking R$100 million for a business serving 1,900 students.

The strain was already visible to the people inside it: salaries of teachers and staff were delayed, along with rents and payments owed on the acquisitions themselves. The chain that had positioned itself as a consolidator of Brazilian preschools was now trying to hand the whole estate — and its arrears — to a buyer.

37 acquisitions in 18 months outran the funding behind them, and the instalments came due before the schools could pay for themselves.

Deferred salaries and rents signalled to staff, landlords and sellers that the roll-up was running on fumes.

Brazil's early-education market demanded local scale economics Vitamina had assumed rather than proven.

Putting the entire operation up for sale at R$100 million — half its accumulated debts above nothing — priced it as a rescue.

A roll-up only works with the balance sheet to fund it: buying 37 schools in 18 months left Vitamina owing wages, rent and the purchase prices themselves — the assets outgrew the capital behind them.

The Brazilian operation, its 1,900 students and its roughly R$50 million in debts were offered as a package. The source reports no sale outcome.