Think confirms settlement of 11 centres acquired from former incubator Edhod
Think Childcare Ltd have confirmed that the purchase of 11 trading centres from the Group’s previous main incubator Edhod first announced in October has now completed with the centres all transitioning successfully to the Think Group.
The centres, originally expected to settle on the 30 October 2019, consist of a total of 1,051 license places, have an average occupancy of 62 per cent and fees of $119 and will cost Think $16 million in total.
The portfolio is expected to generate $4 million of EBITDA in CY 2020.
In terms of geographical impact, the acquired centres will see one centre added in Western Australia, three in South Australia, five in Victoria and two in New South Wales and will see the overall number of Nido branded centres in the Group increase from 33 to 44.
This transaction marks the end of the first phase of the unbundling of the Edhod portfolio which commenced in earnest post the business entering receivership in June 2019.
Approximately 35 sites remain in the Edhod portfolio, seven of which are older centres trading as Early Learning and Kinder Services, four of which are Nido branded centres and 24 which are at various stages of approval.
To read the latest release from Think please click here.