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KinderCare Learning Companies, Inc. – IPO: ‘S-1/A’ on 11/8/21 – ‘EX-5.1’

On:  Monday, 11/8/21, at 6:19am ET   ·   Accession #:  1193125-21-322240   ·   File #:  333-260337

Previous ‘S-1’:  ‘S-1’ on 10/18/21   ·   Next:  ‘S-1/A’ on 3/9/22   ·   Latest:  ‘S-1/A’ on 11/10/22   ·   4 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/08/21  KC Holdco, LLC                    S-1/A                 20:8.7M                                   Donnelley … Solutions/FA

Initial Public Offering (IPO):  Pre-Effective Amendment to Registration Statement (General Form)   —   Form S-1   —   SA’33

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: S-1/A       Pre-Effective Amendment to Registration Statement   HTML   1.90M 
                (General Form)                                                   
 2: EX-1.1      Underwriting Agreement or Conflict Minerals Report  HTML    177K 
 3: EX-3.1      Articles of Incorporation/Organization or Bylaws    HTML     54K 
 4: EX-3.2      Articles of Incorporation/Organization or Bylaws    HTML    132K 
 5: EX-4.2      Instrument Defining the Rights of Security Holders  HTML     11K 
 6: EX-4.3      Instrument Defining the Rights of Security Holders  HTML    168K 
 7: EX-5.1      Opinion of Counsel re: Legality                     HTML     15K 
 8: EX-10.1.12  Material Contract                                   HTML   1.09M 
12: EX-10.14    Material Contract                                   HTML     89K 
13: EX-10.15    Material Contract                                   HTML     69K 
14: EX-10.16    Material Contract                                   HTML     47K 
15: EX-10.17    Material Contract                                   HTML     49K 
16: EX-10.18    Material Contract                                   HTML     39K 
17: EX-10.19    Material Contract                                   HTML     70K 
18: EX-10.20    Material Contract                                   HTML     17K 
19: EX-10.21    Material Contract                                   HTML     78K 
 9: EX-10.6     Material Contract                                   HTML     19K 
10: EX-10.7     Material Contract                                   HTML     20K 
11: EX-10.9.1   Material Contract                                   HTML     39K 
20: EX-23.1     Consent of Expert or Counsel                        HTML      8K 


‘EX-5.1’   —   Opinion of Counsel re: Legality


This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



  EX-5.1  
   Exhibit 5.1

 

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November 8, 2021

KC Holdco, LLC

650 NE Holladay, Suite 1400

Portland, Oregon 97232

Re:     Registration Statement on Form S-1 (Registration No. 333-260337)

Ladies and Gentlemen:

We have acted as special counsel to KC Holdco, LLC, a Delaware limited liability company, in connection with the proposed registration of up to 29,641,749 shares (the “Shares”) of common stock, par value $0.01 per share, of KinderCare Learning Companies, Inc., a Delaware corporation (the “Company”), to be formed upon the corporate conversion of KC Holdco, LLC from a Delaware limited liability company into a Delaware corporation (the “Corporate Conversion”). The Shares are included in a registration statement on Form S-1 under the Securities Act of 1933, as amended (the “Act”), filed with the Securities and Exchange Commission (the “Commission”) on October 18, 2021 (Registration No. 333-260337) (as amended, the “Registration Statement”). The Corporate Conversion will take place shortly after the effectiveness of the Registration Statement. The term “Shares” shall include any additional shares of common stock registered by the Company pursuant to Rule 462(b) under the Act in connection with the offering contemplated by the Registration Statement. This opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or related prospectus (the “Prospectus”), other than as expressly stated herein with respect to the issue of the Shares.

As such counsel, we have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter. With your consent, we have relied upon certificates and other assurances of officers of the Company and others as to factual matters without having independently verified such factual matters. We are opining herein as to General Corporation Law of the State of Delaware, and we express no opinion with respect to any other laws.

Subject to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof, following the effectiveness of the Corporate Conversion, when the certificate of


November 8, 2021

Page 2

 

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incorporation of the Company in the form most recently filed as an exhibit to the Registration Statement (the “Certificate of Incorporation”) has been duly filed with the Secretary of State of the State of Delaware and when the Shares shall have been duly registered on the books of the transfer agent and registrar therefor in the name or on behalf of the purchasers and have been issued by the Company against payment therefor (not less than par value) in the circumstances contemplated by the form of underwriting agreement most recently filed as an exhibit to the Registration Statement, the issue and sale of the Shares will have been duly authorized by all necessary corporate action of the Company, and the Shares will be validly issued, fully paid and nonassessable. In rendering the foregoing opinion, we have assumed that the Company will comply with all applicable notice requirements regarding uncertificated shares provided in the General Corporation Law of the State of Delaware.

This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Act. We consent to your filing this opinion as an exhibit to the Registration Statement and to the reference to our firm in the Prospectus under the heading “Legal Matters.” We further consent to the incorporation by reference of this letter and consent into any post-effective amendment to the Registration Statement filed pursuant to Rule 462(b) with respect to the Shares. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.

Very truly yours,

/s/ Latham & Watkins LLP


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘S-1/A’ Filing    Date    Other Filings
Filed on:11/8/21
10/18/21DRS,  DRS/A,  S-1
 List all Filings 


3 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/10/22  KinderCare Learning Cos, Inc.     S-1/A                  5:7.6M                                   Donnelley … Solutions/FA
 5/09/22  KinderCare Learning Cos, Inc.     S-1/A                  2:6M                                     Donnelley … Solutions/FA
 3/09/22  KinderCare Learning Cos, Inc.     S-1/A                  7:5.9M                                   Donnelley … Solutions/FA


1 Previous Filing that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

10/18/21  KinderCare Learning Cos, Inc.     S-1                   30:15M                                    Donnelley … Solutions/FA
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Filing Submission 0001193125-21-322240   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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