The acquisition will be seen as a positive sign that despite economic uncertainty banks and other investors are willing to back the nursery sector.
Nunu's board has recommended that the company be sold to Just Learning at the agreed price of £7,202,084. Shareholders will vote on the deal at a meeting on 28 September, with the sale expected to complete on or around 20 October.
Just Learning has 64 nurseries across the UK, including settings in Scotland operating under the Careshare brand, offering around 6,028 places. The company's majority shareholder (around 89 per cent) is private equity firm Alchemy.
Plans to sell Nunu's ten nurseries were underway last year, but an unnamed bidder pulled out at a late stage, incurring the company costs of £236,298, a statement from the company announcing the sale reveals.
'As a result of this experience, the changing economic circumstances that prevailed in the latter part of 2008 and the difficulties faced by interested parties in financing an acceptable offer, Nunu decided to suspend the exit process,' the company said.
They were subsequently approached by Just Learning.
Nunu's non-executive chair Michael Cunningham told Nursery World, 'The intention was always to find an exit (for investors), but we were keen to ensure that the business that had been built up was delivered into safe hands for the future and that staff would be looked after.
'We're delighted with the deal in the current economic climate.'
Nunu has three nurseries in Cheshire and seven other sites, primarily in the north and the Midlands. Eight of the nurseries are freehold properties.
Set up by chief executive Linda Knight in 1999, Nunu was bought by a consortium of investors through the Enterprise Investment Scheme and venture capital backing in 2003, when the group had six nurseries.
Nunu opened its tenth nursery in 2005. In 2007 the group increased places to 928 by building extensions at nurseries in Long Eaton and Northampton.
Ms Knight, who has a remaining stake of 1.7 per cent in the businesses, has agreed to resign from the company when the sale goes through, and Nunu's directors will also step down from the board shortly afterwards.
According to a joint company statement giving notice of the planned sale, Nunu increased revenue by over 6 per cent in the ten-month period to July 2009. However, earnings before interest, tax, depreciation and amortisation (EBITDA) for the same period were 6 per cent below budget.
Average occupancy across Nunu's nurseries is up by 3 per cent on the previous financial year to 84 per cent.
Accounts for the year ended 30 September 2008 show that gross profit at nursery level increased by 33 per cent on the previous financial year to £1.76m.
Jonathan Bell, managing director of Just Learning, said, 'Our business is performing strongly and our ambitions of further growth will be met through the acquisition and development of nurseries in key locations. The acquisition of Nunu plc is an important step to realising our planned objectives and increasing our national presence.
'We look forward to welcoming our new colleagues to Just Learning and developing further what is undoubtedly a high-quality company.'