Evolve Education announces first acquisitions in Australia

Evolve Education has announced the acquisition of four early childhood education and care centres located in Melbourne for a total purchase price of A$11.8 million, representing its first acquisitions in Australia.

 

The four centres have a combined annualised revenue of A$10.8 million and annualised earnings before interest and tax (EBIT) of A$2.5 million. 

 

The announcement is consistent with commitments made by the company at its capital raising in May 2019 that it planned to pursue an Australian expansion and would use approximately NZ$25.0 million of the NZ$63.5 million raised to finance the first phase. 

 

After these acquisitions approximately A$11.5 million remains for further purchases in Australia. 

 

Commenting on the announcement Evolve Managing Director Chris Scott said “The acquisition of these premium centres is an excellent start to our growth strategy in Australia and we are excited about future opportunities currently present in the Australian market.”

 

To read the announcement please click here.