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Australia : Deal profile / Anchorage Capital Partners completes A$258m acquisition of ASX-listed Affinity Education.

Private equity firm Anchorage Capital Partners has completed the A$258 million acquisition of ASX-listed childcare centre operator Affinity Education Group by scheme of arrangement.

MinterEllison was legal adviser to Anchorage, a long-standing client of our firm, with a team led by partner Ricky Casali (private equity), with partners Costas Condoleon (M&A), John Mosley and Stewart Robertson (Finance), and David Crane and Jakob Paartalu (Property).MinterEllison has previously assisted Anchorage in relation to Golden Circle, Total Eden, Dick Smith Electronics, Brand Collective, Mark Group and Burger King NZ.

Affinity Education had been the target of both an on-market cash bid and an off-market scrip bid by rival childcare provider G8 Education Limited earlier this year after a sharemarket raid in which G8 built a 19.9% stake.G8 subsequently abandoned its pursuit of Affinity following a successful application to the Takeovers Panel by Affinity and a declaration of unacceptable circumstances.

The Anchorage scheme was approved by 99.91% of Affinity's shareholders."This transaction demonstrates how private equity fund buyers can execute complex public market transactions in circumstances where an aggressive competing suitor holds a blocking stake," said lead partner Ricky Casali.Queensland-based Affinity owns and operates a portfolio of 165 early childhood learning centres across Australia, holding around 12,000 places for children and employing around 3600 staff.

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Publication:Mena Report
Geographic Code:1U9AK
Date:Dec 16, 2015
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