Mayfield Childcare (ASX:MFD) expands Cairns portfolio to five with new childcare centre acquisition

• Mayfield Childcare (MFD) acquires a new childcare centre in Cairns, expanding its portfolio of centres in the town to five
• The company now has a total license capacity in the region of 417 places
• The $1 million acquisition was funded through MFD’s existing debt facilities, and the new centre is expected to generate $214,000 in EBITDA over 2023
• Mayfield now operates 36 centres across Queensland, Victoria, and South Australia
• MFD shares close 0.43 per cent lower at $1.17 on Wednesday afternoon

Childcare provider Mayfield Childcare (MFD) has completed the acquisition of a new childcare centre in Cairns, expanding its number of centres in the town to five.

With this acquisition, Mayfield has increased its total license capacity in the region to 417 places.

Mayfield paid $1.07 million for the acquisition, funded by existing debt facilities, and the new centre is expected to generate $214,000 in earnings before interest, taxes, depreciation, and amortization (EBITDA) over 2023.

Mayfield now operates 36 centres across Queensland, Victoria, and South Australia, and the company said it was committed to acquiring high-performing centres in regions that complemented its existing footprint and enabled further growth and operational efficiency.

The fresh acquisition comes after Mayfield rejected a takeover offer from Genius Education Holdings on January 20.

Genius had a number of exclusivity conditions that MFD did not believe were appropriate.

MFD shares closed 0.43 per cent lower at $1.17 on Wednesday afternoon.