Aramark to Sell Unit to Milken Firm

Aramark Corp., operator of Children’s World Learning Centers, agreed to sell its Educational Resources unit to former junk bond king Michael Milken’s Knowledge Learning Corp. to exit the child-care business.

Aramark is selling the division for $225 million in cash and $40 million in a subordinated note, the Philadelphia-based company said.

The education unit had $455.8 million in annual sales, accounting for 5.2% of Aramark’s revenue.

Thomas Heymann, the former president of Disney Store Inc., will become chief executive of Knowledge Learning after the purchase is completed, Aramark said.

Knowledge Learning, a unit of Menlo Park, Calif.-based Knowledge Universe, operates Children’s Discovery Centers and Magic Years schools and programs.

Shares of Aramark were unchanged at $21.86 on the NYSE.