Evolve Education Group Limited (NZX: EVO, ASX: EVO) has entered into a conditional sale agreement with Shine BidCo Limited (BidCo), an acquisition vehicle for funds managed by Anchorage Capital Partners (Anchorage), to sell its New Zealand business for an enterprise value of NZ$46m.
The enterprise value represents a multiple of over 13x FY21 New Zealand underlying EBITDA.
The completion of the transaction is targeted for the end of September 2022, with the board of Evolve recommending that shareholders approve the sale.
Proceeds from the sale will be used to accelerate the execution of Evolve’s Australian growth strategy.
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