During September 2022, Anchorage Capital Partners announced the acquisition of Evolve Education Group’s New Zealand business, “Evolve NZ”.
Evolve NZ is New Zealand’s second largest Early Childhood Education business consisting of a national portfolio of ~105 centres. The New Zealand Early Childhood Education Sector is an essential service and benefits from strong and growing government support as well as increased workforce participation, rising
household income and population growth.
Over the past two and a half years, Evolve’s performance has been challenged as a result of being directly impacted by Government-mandated closures in response to COVID-19 and closed boarders, leading to teacher shortages and a significant impact to overall centre occupancy.
Anchorage have identified several key growth drivers that provide a clear path to earnings uplift for Evolve, leveraging Anchorage’s previous experience in the childcare sector through successfully growing and ultimately selling Affinity Education Group from Anchorage Capital Fund II.