Auckland-based New Zealand and Australian childcare and education centre operator Evolve Education Group is looking to raise A$21.7 million (£12 million) in fresh capital via brokers Canaccord Genuity and Petra Capital, The Australian Financial Review has reported.
The company stated it will use the money raised to fund acquisitions. In late November The Sector reported that Evolve has placed A$35 million in senior secured Australian five-year notes at a coupon of 7.5% in a wholesale offering, which it said will be used to repay Evolve’s NZ$17.6 million secured debt and provide funding for a phase of acquisitions in Australia.
Evolve has 136 centres in New Zealand and 20 in Australia.
Date published: 31 March 2021