Mayfield Childcare entered into an exclusivity agreement to acquire seven childcare centres in South Australia from Precious Cargo Education.

The acquisition deal, valued at $4.8 million, includes the centres' business assets, brand name, and related intellectual property.

Effective immediately, Mayfield will begin managing Precious Cargo's head office staff and seven operating centres located in Blackwood, Collinswood, Lockleys, Marion, St Peters, Westbourne Park, and Woodville Park.

The transaction is expected to be funded from Mayfield's existing working capital or its acquisition facility, with settlement anticipated in the third quarter.