Background: Tree House Education & Accessories Ltd (THEAL) is India's largest branded self-operated pre-school provider and the only listed self operated pre-school operator in India. It currently operates 612 pre-schools (505 are self operated) in 88 cities. In 2009, THEAL has done a forward integration to provide management services to K-12 schools. THEAL currently provides management services to 24 K-12 schools in 3 states. Geographically, THEAL's pre-schools are skewed towards Western India wherein it operates 56% of its pre-schools. The Pre-schools in other regions are as follows, North (16.5%), South (12.3%) and East (15.1%). THEAL's K-12 presence is...