Evolve confirms acquisition of 5 ACT centres will not proceed in light of COVID-19

Evolve Education has confirmed that the acquisition of five early education and care (ECEC) centres in the Australian Capital Territory will not be proceeding due to a range of factors including the impact of COVID-19 on their performance. 

 

The company entered into contracts to purchase the centres in December 2019, with settlement expected to be on or around 31 March 2020, conditional on satisfactory legal and financial due diligence.

 

Had the acquisition been settled the centres would have cost $12.03 million and added 461 licence places to the 966 licence places Evolve currently have across their ten centres in Australia, complimenting their 126 centres in New Zealand. 

 

The statement noted that Evolve will “continue to evaluate acquisition opportunities in Australia as they arise.”

 

To read the release please click here.