Jets, superyachts and sports cars: Aussie childcare millionaires revealed

From private jets and super yachts to trophy homes and sports cars – see how Australia’s childcare millionaires have built their empires. SEE THE FULL LIST.

Private jets, super yachts, trophy homes and Lamborghinis.

These are the toys of some of the millionaire owners and wealthy top executives who have made a lot of money from their links to Australia’s biggest childcare centres.

Included are some of those in charge of running the “big five” for-profit childcare centre companies – G8, Affinity, Guardian, Busy Bees and Only About Children – three of which are based offshore.

Parents may also be surprised to find out that their local childhood education centre is actually owned by a billionaire Chinese property tycoon, an American private equity giant, or Swiss, British or Canadian investors.

While they’re not doing anything illegal, millions of dollars in profits are going to executives and overseas bankers and not back into childcare.

United Workers Union Early Education Director Helen Gibbons said guaranteed taxpayer-funded subsidies in early childhood education have made the industry enticing for financiers and executives.

“Australians rightly expect that their tax dollars should fund quality early education and fair wages for educators, not million dollar CEO salaries and Lamborghinis,” she said.

Helen Gibbons, executive director of the Early Education United Workers Union. Picture: Supplied

Ms Gibbons said the UWU was calling on the Government in the run up to the election to invest in not-for-profit and public provision, cap how much profit can be taken out of early education and for every early education business to publish their profits and how much tax they pay.

She said while those at the top were enjoying the spoils of the industry, educators were leaving in droves due to poor pay and working conditions.

Tamika Hicks, owner of a single private childcare centre in Melbourne, said her daily fees were less than larger competitors with multiple centres – $117 a day compared to $134.

Tamika Hicks is the director of the Early Learning Childhood Centre in Cardinia Lakes. Picture: Aaron Francis/The Australian

She said she paid her staff above award wages and was still able to make a profit.

But unlike some of those running the big companies, she lived in a suburban house, not a mansion and “doesn’t own a yacht”.

“We don’t have schools making huge profits for other people, so why is the government allowing this model in early childhood education?” she said.

“I have been watching the decline of the sector for 21 years.

“We are at a scary tipping point.”

Here, JULIE CROSS and DAN PETRIE profile Australia’s childcare millionaires.

BRENDAN MCASSEY, FOUNDER OF ONLY ABOUT CHILDREN

Brendan McAssey, Head of Universal Childcare at Kids Business.

With a trophy home in Sydney and a 44-metre superyacht, a seven seat helicopter and 16-seat Bombardier private jet on standby, childcare entrepreneur Brendan McAssey knows how to enjoy his millions.

It was back in 2002 when the Morgan Stanley investment banker decided to dip his toe in the childcare industry.

Brendan McAssey is the CEO and owner of Sydney investment company Beluga Capital which houses McAssey's private investment portfolio, along with his yacht, luxury mansion, helicopter and private jet. Picture: Supplied

Fast forward 14 years, he sold Only About Children to American private equity giant Bain Capital for about $400 million.

And then he later filed a dispute with Bain over $38 million he said he was owed in bonuses.

He’s now owner of Sydney investment company Beluga Capital.

Childcare boss Brendan McAssey bought this property in Balmoral Beach for $17.3 million. Picture: Supplied

And through a subsidiary company, Beluga Luxury, you can experience a little of what life must be like for Mr McAssey by renting out one of his expensive toys.

The yacht, which comes with a crew including a chef, masseuse, and diving instructor, and has a “unfolding rear deck, jacuzzi, rooftop cinema, alfresco dining, and sun lounges”, sounds particularly appealing.

The Beluga Capital super yacht owned by Brendan McAssey. Picture: Supplied

Mr McAssey also gives back via The Beluga Foundation, where he supports projects helping those with a disability.

He did not want to comment for this story.

GARY CARROLL, CEO OF G8

G8 Education managing director Gary Carroll. Picture: Scott Powick

As CEO of G8 Education, Gary Carroll, is in charge of Australia’s largest for-profit long day care provider.

G8 is listed on the ASX and has turnover of close to a billion dollars.

It distributes tens of millions of dollars to its 24,000 shareholders – 97.2 per cent are Australian – annually.

In 2020, G8 admitted it had underpaid thousands of its educators over the previous six years, affecting 27,000 current and former employees.

Meanwhile, Brisbane-based Mr Carroll took home a fixed salary of $840,346 last year, plus cash and a share bonus totalling $1.42 million.

G8 has more than 470 early learning centres across the country, including well-known brands such as Community Kids, World of Learning, Early Learning Services, Headstart and Greenwood, among others.

A G8 spokesman said all the teachers and permanent educators working towards their teacher qualification are paid above award wages and the group invests in a scholarship program and career pathway for staff.

“Our scale enables us to attract, retain and develop high quality educators, provide a differentiated offering to our families and continually invest in the quality of our centres, facilities and educational programs,” the spokesman said.

ROB DE VOS, CEO AND DIRECTOR ARENA REIT

Rob de Vos Managing director of Arena Reit. Picture: Supplied

It looks like being a childcare centre landlord pays the bills.

As CEO and Director of a real estate investment trust, Melbourne-based Rob De Vos earned $1.065 million in 2021 with a base salary of $500,000 and cash and share incentives worth collectively more than $500,000.

Arena REIT develops, owns and manages childcare, healthcare, education and government tenanted properties.

It owns 245 early learning centres worth $1,139 million and leased to operators including Goodstart, Affinity, G8 and Green Leaves.

Leasing childcare centres to companies is a good bet. It has a 100 per cent occupancy rate and an average weighted lease length expiry of more than 21 years.

Its half yearly results for 2022 show Arena REIT increased its net operating profit by 11 per cent to $27.5 million.

Mr de Vos said the childcare side of the business had been strong for the last decade as a result of a “strong real estate investment market driven in part by low interest rates and growing community need for services”.

He said Arena REIT works with tenants that are both for profit and not-for-profit and has developed 57 Early Learning Centres (ELC) across Australia in the last six years.

He said the company was helping to provide consumer choice and increased access to quality early learning education and care.

JONATHAN BAIRSTOW, CEO OF SPARROW EARLY LEARNING

John Bairstow.

Chartered accountant Jonathan Bairstow answers to Fullshare Holdings, a multinational conglomerate and investment company headquartered in Nanjing, China and run by billionaire property tycoon Ji Changqun.

In 2016, Fullshare sealed a $85 million deal to buy a 90 per cent stake in Sparrow Early Learning.

Back then it had 15 centres in Queensland and Victoria.

Since then the business has more than tripled, expanding into WA and boasting more than 50 centres.

Sparrow’s executives have previously hinted at plans to open centres in China.

Brisbane-based Mr Bairstow knows how to make money out of childcare.

He was the former CFO and Company Secretary of ASX-listed child care provider Affinity Education Group Ltd.

He 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 did not respond to our email before deadline.

MATHEW EDWARDS, FOUNDER AND CEO OF THINK CHILDCARE

Mathew Edwards CEO of Think Childcare.

Mathew Edwards made a tidy sum when he sold his shares to UK conglomerate, Busy Bees for $43 million, based on personal and private company holdings data.

The sale was completed in November last year.

Mr Edwards, from Sydney, last reported total salary package was $772,683.

He’s currently director of Think Childcare Development, which is the property development arm of the business and works closely with Busy Bees.

Together they are expanding rapidly under the Nido Early Schools brand, which currently has 90 centres, of which Mr Edwards is the managing director and CEO.

Mr Edwards did not respond to News Corp’s request for comment before deadline.

VIJAY AND PHYLLIS NARULA, FOUNDERS OF LITTLE PEOPLES PLACE

Images of Vijay and Phyllis Narula from her Instagram account.

While some of those amassing a fortune from running for profit childcare centres like to keep a low profile, this rags-to-riches couple is loud and proud.

From their love of super cars – Perth-based Vijay bought his wife a $400,000 Lamborghini Urus for her birthday – to their penchant for Louis Vuitton and exotic holidays, it’s all on display on their Instagram accounts.

Phyllis Narula from on her Instagram account.

Phyllis Narula leads a glamorous life on Instagram.

To give them credit, Mrs Narula had a dream to create a childcare centre she’d like to send her child to and they sold their home to finance it.

They put in 15 years of hard work building up their business.

Images of Vijay and Phyllis Narula from her Instagram account.

Last year they sold 11 Perth centres to global childcare group Busy Bees in a multi million deal.

While they have kept ‘mum’ on the amount they sold it for, they were reported in The West Australian as saying it was “an amount of money in your wildest dreams, we never thought we would ever be in this position”.

The couple did not respond to News Corp’s request for comment before deadline.

Originally published as Jets, superyachts and sports cars: Aussie childcare millionaires revealed