- Evolve Education Group has completed one of four purchases for a childcare centre
- The company has bought a new childcare centre in Melbourne for nearly $3 million
- The new childcare centre has the capacity to have 26 children a day and it is expected to bring in $2.6 million of annual revenue
- Just last week, Evolve said it will purchase four childcare centres in Melbourne
- Evolve has gained over 4 per cent today and is selling shares for 12¢ apiece
Evolve Education has completed the purchase of a Melbourne childcare centre for $2.45 million.
This announcement has come after the company recently announced it will purchase four new childcare centres in Melbourne.
The new childcare centre has a capacity of 126 children per day and it is expected to bring in $2.6 million of annual revenue.
Evolve expects the centre to contribute $600,000 in annualised earnings before interest and taxes (EBIT) for the company.
The seller was Sovana Childcare where Adrian Fonseca is the sole director. Adrian Fonseca only just recently joined the Board of Directors of Evolve on September 19 2019.
Managing Director Christ Scott is pleased with the acquisition.
“The acquisition is a good addition to our already premium group of centres in Melbourne which will take the portfolio in Victoria to 5 centres which are efficient from an operations management perspective,” he said.
Evolve is a New Zealand based company in the early childhood education sector. It aims to be the strongest advocate for children growing up in New Zealand.
The company has 128 centres across two countries, with 120 of them in New Zealand.
With the four new centres, the company expects it will generate $10.8 million in annual revenue and $2.5 million in annual EBIT.
Across all of the four centres, 384 children can stay at the venues each day.
“We are excited about future opportunities currently present in the Australian market,” Chris added.
Evolve has gained 4.35 per cent on the Australian Securities Exchange and is selling shares for 12¢ apiece at 3:05pm AEDT.