Who Owns Embark Early Education?

Evolve Education Group was formed in 2014 through the merger of two New Zealand private ECE operators, Lollipops Educare and PORSE Networks, backed by private equity. It listed on the New Zealand Exchange in December 2014, becoming the country's only listed childcare group, and grew to operate more than 100 centres plus a large home-based network under brands including Lollipops, Learning Adventures, and PORSE.

The listed years were difficult. The share price fell well below the IPO level as integration costs and sector headwinds pressured earnings. The group restructured in the late 2010s, and in 2021 announced a strategic review of its New Zealand operations.

In October 2022 Evolve sold its New Zealand business to private New Zealand buyers, exiting its home market entirely and delisting from the NZX. The remaining Australian operations, built from earlier acquisitions, continued under a new name, Embark Early Education Limited, listed on the ASX under the retained ticker EVO.

As Embark, the company has grown its Australian network through acquisitions, reaching 39 centres with 3,562 licensed places and approximately 1,100 staff as of FY2025. Revenue of approximately A$104.9 million in FY2025 reflected that expanded base, funded mainly through the Australian Child Care Subsidy system.

The PORSE brand, once part of Evolve, followed a separate path: the home-based childcare operation collapsed into liquidation in 2023 under its new owners, and the brand was subsequently acquired by No-1 Homecare.