In August 2017, Waterman Capital announced that it had acquired a majority stake in Provincial Childcare Education Group (Provincial) alongside founders Andrew and Katie Phillipps, and experienced Australian childcare investor Chris Giufre. Andrew and Katie will continue to manage Provincial on a day to day basis and will be joined on the board by Chris Giufre, Matt Riley and Jacques Venter.
Provincial operates 40 childcare centres clustered across New Zealand and is the fourth largest operator of childcare centres in New Zealand, with a total of over 2,700 licensed places. The core values of Provincial are to put parents and children first. It aims to promote passion, professionalism, and family values across all of Provincial’s centres to bring out the best in children and develop their capabilities in readiness for primary school.
There are approximately 2,500 childcare centres in New Zealand and the large majority are independently owned and operated. Waterman has invested to support three highly capable industry experts in expanding Provincial’s national footprint as it continues to acquire and improve further childcare centres.