Adamantem Capital Invests in Heritage Lifecare

ADAMANTEM CAPITAL INVESTS IN HERITAGE LIFECARE

LEADING NZ AGED-CARE AND RETIREMENT VILLAGE OPERATOR

Adamantem Capital (Adamantem) today announced it had signed an agreement to invest in Heritage Lifecare. Existing shareholders, including members of the board and the management team, retain an investment in partnership with Adamantem. The acquisition values Heritage Lifecare at an enterprise value of NZ$115 million.

Heritage Lifecare is a New Zealand aged-care and retirement village operator with 969 beds and 320 living units under management across 19 facilities. The nation-wide facilities are located on premium sites and have above industry average occupancy rates. Ten of those sites are part of Heritage’s acquisition pipeline which will be acquired using the funds provided by Adamantem.

Executive Chairman of Heritage Lifecare, David Renwick, said: “We have a premium portfolio of facilities that we have invested heavily in to ensure that strong systems and clinical standards are at the forefront. Our above-industry occupancy rate demonstrates our operational focus on achieving excellent clinical outcomes and catering to the needs of our residents. We have over 850 passionate staff who are committed to providing our residents with exceptional care. With the support of Adamantem, we are well placed to accelerate our growth to meet community demands.”

Anthony Kerwick, Managing Director of Adamantem, said “Heritage Lifecare provides critically important infrastructure, facilities and care for an ageing population. We were attracted to the company’s premium portfolio of properties and the team’s strong operational focus on resident care. Within a highly fragmented industry, Heritage Lifecare has substantial opportunities to further expand its portfolio and we look forward to supporting the team during this important next phase of the company’s growth.”

Adamantem managing directors Anthony Kerwick and Angus Stuart will join the Board of Heritage Lifecare following completion.

About Heritage Lifecare

Heritage Lifecare Group is one of the largest providers of residential aged care and retirement services in New Zealand, operating 977 beds and 312 living units across 19 facilities. Heritage Lifecare aims to provide its residents with the highest standards of aged care services in a supportive and caring environment and is focused on improving and expanding its portfolio to meet the growing demand for aged care services in New Zealand.

About Adamantem Capital

Adamantem Capital is a specialist Australian private equity firm which aims to invest in companies valued between $100 million and $500 million. Adamantem will invest in both private and public companies in Australia and New Zealand and particularly looks for opportunities to invest in partnership with other stakeholders. Adamantem’s investment professionals have considerable experience in private equity, public company directorships, operational management, corporate strategy, management consulting and corporate finance and have a long track record of successful partnerships with management teams.

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