Australian childcare operator Affinity Education has been sold to buyout group Quadrant Private Equity in a deal worth more than A$650 million (£352 million).

The transaction will see Affinity’s former owner, Anchorage Capital, another private equity firm, return around 3.5-times its money, given it paid A$213 million for the then-listed business in 2015, according to the Australian Financial Review.

Anchorage Capital’s Fund II, through which it acquired Affinity, was worth just A$250 million – less than its expected profit on the sale of the asset to Quadrant Private Equity.

Qaudrant was reportedly advised by law firm Gilbert & Tobin and financing was provided by HPS and Credit Suisse.

Anchorage was reportedly advised by Stanton Road, Credit Suisse and MinterEllison.

Date published: 18 June 2021

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