Fullshare Holdings to acquire Australian Childcare Provider: Sparrow Early Learning
2016 Dec 08
(9 December 2016) Fullshare Holdings Limited (“Fullshare Holdings” or the “Company”, which together with its subsidiaries, is referred to as the “Group”; SEHK stock code: 607) announces that it has signed subscription and share sale agreement to acquire approximately 90% of the issued share capital of Sparrow Early Learning Pty
Ltd. (“Sparrow”), an established childcare centre operator based in Queensland and Victoria, Australia.
Sparrow is a provider of high quality child education and care, which expects to be operating an initial portfolio of 24 centres across Brisbane and Melbourne by January 2017. The company has a significant established pipeline for growth and has a philosophy of investing in people and facilities to provide the best possible learning experience for all of its children.
Mr. Jonathan Broughton, Associated Head of Investment and Finance of Fullshare Holdings, said “As a company that is focused on green and healthy living, we are interested in the development and wellness of children. While our primary focus will be on ensuring Sparrow continues to provide exceptional education and care for children, we are excited by the growth potential provided by this investment.”
Sparrow operations are led by Chief Executive Officer John Bairstow, who was the former CFO and Company Secretary of ASX-listed child care provider Affinity Education Group Ltd. Mr Bairstow was with Affinity from start- up through to ASX listing and was involved with the acquisition and integration of more than 100 childcare centres.
Mr Bairstow, Chief Financial Officer Ken Orr and National Operations Manager Trudy Brook plan to remain with the business and continue to support the childcare educators in their provision of high quality care whilst executing the company’s growth strategy. Founder and specialist childcare broker Simon Morris of All Childcare Sales will retain an approximate 10% stake in the business and remain with the company to execute continued growth in Victoria and Queensland and expansion into New South Wales. Following the completion of the transaction, current senior management of Fullshare, Mr. Jonathan Broughton and Ms. Helen Hei, who are both Australians, will join the board of directors of Sparrow.
“Given Fullshare’s significant resources in China, we look forward to working with the Sparrow management team as it provides quality child care services in Australia and explores other markets for expansion,” Mr. Broughton said.
“This investment further demonstrates the Fullshare group’s long standing commitment to investing in Australia,” he said.