AFL club bigwig sells a dozen childcare centres for giant $40m

Adrian Fonseca, the deputy chairman of AFL club GWS Giants, has sold 12 childcare centres in a rumoured deal believed to be worth upwards of $40 million.

Nancy Reardon-Fonseca and Adrian Fonseca, whose Oxanda Education sold a dozen childcare centres for about $40m. Picture: AAP Image

The deputy chairman of the Greater Western Sydney Giants has just sold 12 childcare centres to a private equity owned group in a rumoured deal believed to be worth upwards of $40 million.

Adrian Fonseca, a former investment banker, sold a dozen centres under his company Oxanda Education to Affinity.

The centres, which serviced 4000 families, were based in Queensland, NSW and Victoria.

An industry expert, who did not want to be named, said each of the large, high end childcare centres, would be worth more than $4m each, and would have netted the company about $50m.

Mr Fonseca’s company lawyer, Oliver Meehan, said Oxanda Education did not own the properties and sold the businesses only.

Twelve childcare centrs sold by Oxanda Education serviced 4000 families in Queensland, NSW and Victoria. Picture: Supplied

He said the Oxanda group would be rebuilding its portfolio and aimed to have a total of 25 centres within the next 24 to 36 months.

A recent News Corp investigation found some for profit childcare centre executives were receiving million dollar annual packages and enjoying the spoils of childcare by splashing out on super mansions, yachts and sports cars.

It comes as struggling families faced the double whammy of rising childcare fees and the increased cost of living.

Mr Fonseca was recently featured in the TV show Luxe Listings, where he was filmed viewing a $14.5m harbour view mansion in Sydney. He purchased that home in 2018.

Property records also showed that his investment company bought a stunning $11m property in Sydney’s eastern suburbs this month, while his wife, Nancy Reardon-Fonseca, and another family member settled on a $14.25m 2.2 hectare equestrian estate in Sydney’s north on April 13, complete with billiard room, library, home cinema, gym, tennis court, guest cottage and two pools.

Unions said the childcare industry was proving to be attractive to investors due to huge government subsidies.

Other childcare operators who had done well out of the industry included Vijay and Phyllis Narula, who sold their 11 Perth centres to global childcare group Busy Bees in a multi-million deal last year.

Childcare operators Vijay and Phyllis Narula. Picture: Instagram

They were often seen on Instagram posing with their latest supercar – Vijay bought his wife a $400,000 Lamborghini Urus for her birthday – or in designer outfits.