The ex head of Aveo Retirement, Justin Laboo, has taken Affinity Education Group in three months from an initial listing price on the Australian Stock Exchange of $1.00 to todays price of $1.50. A relatively new business, it has succeeded where competitor Sterling Education has failed. Sterling also tried to list on the Stock Exchange at a value of $200M, backed by Macquarie Bank, but last week failed to get investor support. This week Sterling was taken over by G8 Education for $228M. Laboo led Aveo through the GFC from 2007 to September 2012, Affinity Education Group was established in May last year and owns 57 child care centres and manages a further 11 across QLD, NSW, VIC and NT.
Mergers & Acquisitions
Brookfield sells retirement village operator Aveo for $3.85B
Brookfield Asset Management, a leading global alternative asset manager headquartered in New York with over US$1 trillion of assets under management, has agreed to sell its retirement living platform, Aveo, to The Living Company for A$3.85 billion...
