ABC Learning was an Australian company that was once the world's largest provider of early childhood education services. It was listed on the Australian Securities Exchange with its market capitalisation reaching A$2.5 billion in March 2006. The company went into administrative receivership after a fallout from the subprime mortgage crisis caused debt repayments to overwhelm the company, and the auditors failed to sign off on the financial reports citing the need to recast previous year's reported profits.
ABC Learning went into voluntary liquidation in 2008 and was bought by Goodstart Early Learning in December 2009. Goodstart was founded by a partnership of organisations; The Benevolent Society, Mission Australia, the Brotherhood of St Laurence and Social Ventures Australia. It operated over 650 former ABC Learning centres across Australia.
History
ABC Developmental Learning Centres was founded in 1988 in Ashgrove, Queensland. ABC rapidly expanded, reaching 43 childcare centres by 30 June 2001. By 2003, ABC Learning had acquired 230 child care centres and entered into an agreement to acquired another 40 child care centres from Childs Family Kindergartens for $40 million[1].By November 2005, it had 697 Early Childhood Education centres throughout Australia and New Zealand. In March 2006, it forecast that would have 950 centres in Australia and New Zealand by 30 June 2006.