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Evolve acquires centres in the Australian Capital Territory

Auckland-based New Zealand and Australian childcare and education centre operator Evolve Education Group has contracted to acquire five childcare centres in the Australian Capital Territory (ACT) with a total licence capacity of 461 children a day.

The acquisition contracts are conditional on satisfactory financial and legal due diligence.

The acquisition price is A$12.03 million (£6.2 million), which Evolve stated represents a 4.3x multiple of centre-based EBITDA. The company added that it expects settlement to occur on or about 31 March 2020.

Evolve Education Group managing director, Chris Scott (pictured) said: “The acquisition will contribute strongly to Australian and group earnings in CY20 and beyond, further strengthen our presence in Australia, as well as establish an impressive first group of centres in the ACT.” 

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Posted on: 10/12/2019

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