Listed early childhood education and care operator, Evolve Education Group, has completed its latest capital raise having secured around $21.7 million from investors that will be used to fund its next round of acquisitions.
Commenting Managing Director Chris Scott said, “We are delighted with the support for the Placement, confirming the investment community’s belief in Evolve’s value proposition and growth trajectory.”
“The capital raising will contribute to further implementing our Australian expansion strategy, as we believe the current market conditions are highly favourable for centre acquisitions and market consolidation. We look forward to putting investors’ money to work.”
The latest capital raise will see the proceeds earmarked for purchases of early childhood education and care centres in Australia as the Group seeks to boost its current network of 15 centres, with five more expected to settle by May 2021, going forward.
With the fundamental backdrop for the early childhood education and care sector in Australia robust, it is expected that further capital raising exercises by Evolve will take place in due course.
About Early Education Holdings
Early Education Holdings* (EEH) is a newly established partnership with an ambitious vision to acquire and develop local, community-focused childcare centres across the Eastern seaboard of Australia. Childcare centres are a stable, government-backed business funded by both Federal and State & Territory governments, and with the outbreak of COVID-19 contributing to the recent fall in attendances across the sector, EEH has identified the neglected and highly fragmented mid-sized market (40-75 places) as ripe with opportunity.
EEH’s Executed Team is powered by HEVEN, a business management company that makes SME ownership a reality for individuals looking for a low touch approach to income and portfolio growth. Founded in 2016 by one of the partners, HEVEN takes an industry-agnostic approach and specialises in sourcing, acquiring and managing government-funded and high consumer demand SMEs, with an established revenue, across Australia.