Aussies ready to snap up childcare firm

Jenny Yule

Hawke's Bay-based in-home childcare provider Porse is on the shopping list of an Australian company buying up New Zealand early-childhood businesses.

Evolve Education Group is expected to register a New Zealand Stock Exchange share-offer prospectus tomorrow to fund the acquisition of Lollipops Educare, Porse and other New Zealand early childhood education businesses.

Porse is the country's largest provider of in-home childcare, education and training and was founded 20 years ago by Jenny Yule.

The sale would not affect its core values, she said.

"The Porse philosophy, culture and values that have grown over the past 20 years will continue to be nurtured and protected.

"Nothing would change and the integrity of the Porse model will remain constant.

"Our intent to grow healthy babies and children would stay the same and with better collaboration and support from Evolve Education we could take our vision to new heights.

"It is not the source from which the funds are derived, but the purpose to which they are to be applied, that makes a difference."

Starting from a programme to guide early childhood students undertaking practicum in family homes, Porse is now New Zealand's largest and longest serving home-based early childhood education training provider with 34 per cent of the home-based market.

It provides care and education for nearly 6000 children, working with more than 4000 families, 2000 educators and nearly 4000 students in New Zealand.

It has 240 staff working in 38 Community Teams across the country, supported by its national office in Hawke's Bay.

Ms Yule was named the 2012 Hawke's Bay Chamber of Commerce Business Person of the Year.

Evolve, which is understood to have about 85 childcare centres on its shopping list, will not be making a general public offer. Shares will be available to clients of selected New Zealand and Australian brokers as well as institutional investors.