10 Oct 2016

Evolve Education buys more preschools

1:00 pm on 10 October 2016

Evolve Education Group is continuing its shopping spree, snapping up a further five preschools.

Contracts on the centres are now unconditional with settlement due by mid-October.

children painting at preschool

Evolve Education Group has acquired 10 preschools this year. Photo: 123RF

This takes the total number of acquisitions completed this year to 10 and will provide an extra 450 places for children in Bay of Plenty, Taranaki and Christchurch.

All the centres were previously owned by independent owner-operators.

Evolve chief executive Alan Wham said the group would have 115 kindergartens and pre-schools under its wing and another five were in his sights, which he hoped to buy before the end of the year.

"If we can add 15 to 20 additional sights each year that's a nice steady level of acquisitions. Ones that we can consolidate and integrate well.

"We've done 10 this year and the other five, assuming they all complete due diligence, will take us to 15 for the year," he said.

Evolve had so far spent just over half the $60 million debt facility it has set aside for acquisitions, Mr Wham said.