Australian childcare services provider Think Childcare aims to secure $18 million through a placement of around 11.4 million new shares to institutional backers.
Think Childcare plans to use the proceeds for acquisition purposes as the company seeks to execute on its stated development objectives for 2019.
Of the total proceeds, $6.8 million will be used to purchase four centers currently owned by one of the company’s incubator partners that have reached their occupancy hurdles.
The centers, situated in Perth, Western Australia, are all purpose built Nido Early School centers with combined earnings before interest, taxes, depreciation, and amortization of $1.7 million, average fees of $117 and average occupancy of 89 percent.