The loss came on the news that Evolve was looking to turn around or divest underperforming centers in New Zealand and a focus on driving improvements in occupancy.
Anchorage is a recovery PE firm, founded by Phillip Cave, who remains CEO. His other investments include trucking company Scott’s Refrigerated Logistics, laundry group Specialized Linen Services and financial services technology company GBST.
Anchorage established a family of corporate entities with the New Zealand Companies Office late last week, in preparation for the deal. The entities were under the name “Shine” and were registered to the law firm Webb Henderson.
For Evolve Education, the sale comes as its shares are down 33 percent this year. The group, led by former G8 Education Managing Director Chris Scott, has been trying to upgrade and upgrade its New Zealand centers to increase occupancy, implement upgraded offerings like music and science programs, and close or sell unprofitable sites. .
It also comes after Anchorage negotiators launched a $500 million fundraiser for Fund IV in February. The buyout firm’s first two funds (Fund I and Fund II) were raised in 2008 and 2013, and are worth $200 million and $250 million, respectively.
Both funds have sold all assets, posting impressive returns. The weighted average net IRR for Anchorage investors on all investments made is said to exceed 40 percent.
Anchorage’s only open fund is Fund III, worth $360 million and raised in 2017.