Private equity firm Bain Capital is believed to have paid between $400m and $500m for the Camp Australia childcare business, despite the vendor’s moves to keep the amount a secret.
The sale was announced yesterday and reported by DataRoom online, after this column first revealed Bain’s interest on November 17.
Other buyout firms to have circled the operation include Archer Capital and Kohlberg Kravis Roberts.
While Camp Australia has faced controversy in recent weeks, with reports that the country’s largest before and after-school care provider has been banned from tendering for contracts or renewing existing contracts at government schools in NSW after failing to meet quality requirements, some believe that the situation remains fluid and up for negotiation.
Part of the problem is believed to stem from about three years ago, when Camp Australia was forced by the Fair Work Ombudsman to pay more than 3000 staff $2.6 million in unpaid wages.
The business was founded by Anthony and Andrew Phillips almost 30 years ago and is based in Melbourne, partnering with more than 700 schools around the country.
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