Anchorage Acquires Evolve New Zealand

Evolve is New Zealand’s second largest Early Childhood Education business consisting of a national portfolio of ~105 centres. Evolve operates in the middle of the market, with over one third of the portfolio in Auckland.

We are focused on driving occupancy and improving the quality of the business through investment in centres, curriculum, system and processes and people.

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. The market remains fragmented with the top five providers representing ~15% of licensed places, including Evolve as the second largest operator with ~4% of places.

Incoming Evolve Chairman Callen O’Brien, said, "Over the past two and a half years, Evolve’s performance has been challenged. Evolve’s centres have been directly impacted by Government-mandated closures in response to COVID-19 and closed borders have led to teacher shortages and a detrimental impact on overall centre occupancy."

"We are focused on driving occupancy and improving the quality of the business through investment in centres, curriculum, system and processes and people. We are excited about implementing an operational improvement program while ensuring Evolve’s centres continue to provide a safe, secure, and stimulating environment for children, their families, and Evolve’s team of dedicated teachers."

ACP will be represented on the Board of Evolve by Callen O’Brien, Simon Woodhouse and Hayden Neeland. Jasmine Wang will join the Operations Committee, together with members of Evolve management.