ABC Purchase Proposal Union Rejects Private Equity Company The union which represents child care workers has rejected moves by a private equity company to buy the remaining 705 ABC Learning Centres claiming the 'future of children is at stake'. Private equity firm Archer Capital and a consortium of charities led by Mission Australia are reportedly the two parties most interested in buying the remaining centres. The LHMU rejected Archer Capital's proposal after a meeting with the private equity firm at the end of November. LHMU Assistant National Secretary Sue Lines said union representatives went to the meeting with an open mind but were bitterly disappointed by what they heard: "Archer Capital told us they want to buy the centres cheap to build up the business for later sale. On that count alone one has to question whether Archer Capital is about quality child care and stable employment," she said. Ms Lines said that allowing Archer Capital to purchase the centres could lead to a repeat of the ABC Learning Centres crisis. "Early childhood education and care is not 'just another business'. It is a highly specialised essential service which enjoys very heavy taxpayer subsidies. "Families and child care workers cannot go through this again. As for the Federal Government, it has invested too much to allow another ABC learning crisis." The union is asking the Government to intervene to ensure sale of the remaining ABC centres is open and transparent and in the interests of child care workers and families: "These centres must be sold to a buyer with a demonstrated commitment to quality early childhood education and care. After all, at stake is the future of 15 per cent of children in long day care. That's tens of thousands of Australian families and child care professionals," said Ms Lines. Do you think it matters who buys the remaining 705 ABC Learning Centres. Click here to go to CareforKids.com.au/social to share your view.

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