Evolve Education Group Limited (ASX:EVO) has entered into a contract to buy six early childhood education (ECE) centres in the south island of New Zealand.
The early education service provider says the deal will increase its portfolio to 126 centres in NZ, and it will gain presence in the south island for the first time.
Evolve Education’s purchase of the six Little Wonders centres will settle in June and deliver annualised EBITDA of $1.3 million to $1.5 million.
The six centres will be purchased by the Evolve director and associated interests and then leased back on commercial terms to Evolve for $100,000 per month for 12 years.
Shares in Evolve Education Group Limited (ASX:EVO) last traded flat at $1.00.