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Abano Healthcare Adds $26 Million To Portfolio

Abano Healthcare Adds $26 Million Revenue To Portfolio

Abano Healthcare Group today settled the acquisition of two new businesses – Bay Audiology Limited and Orthotic Centre (NZ) Limited - adding a projected $26 million in additional revenue to the Group’s current earnings.

From today, Abano will own 70 percent of Bay Audiology, New Zealand’s largest and only national audiology service provider, for an investment of $21 million. The remaining 30 percent will continue to be held by Bay’s three founding clinical directors, who will stay on as partners to continue to expand and grow the business.

After a five year period, Abano has the ability to acquire their shareholdings with a put and call option, based on a floor price and earn out calculated on profitability.

The demand for audiology services has been growing strongly and hearing problems affect approximately 400,000 or 1 out of 9 of New Zealanders. Although hearing loss is more common amongst those aged over sixty, hearing problems can and do affect all ages.

Managing director of Abano, Mr Alan Clarke, commented on the acquisition: “Bay Audiology started in 1993 and has grown to the point that it has projected revenues exceeding $21 million with a greater than 10% per year average growth rate, and an EBITDA contribution of greater than 26% of revenue.

“This business is an attractive and sizable national business opportunity with demonstrable and sustained profitable growth. We are planning to continue this growth through both acquisition and the organic expansion of practices and clinics.”

Abano also settled the first of two transactions to acquire 100 percent of Orthotic Centre (NZ) Limited, with an initial investment of $4.5 million for 70 percent of the business. The remaining 30 percent will be acquired through a second transaction by July 2008, on an earn out and floor price basis.

The Orthotic Centre is New Zealand’s foremost supplier of orthotic services and specialist products and has revenues of over $5 million per year. The business provides specialist clinical consultation and orthotic products, such as restorative orthotic supports and custom made footwear, with approximately 30,000 client services each year.

Mr Clarke continued: “Abano is in an exciting growth phase, and we are focused on creating a leading medical and healthcare group that provides attractive investment returns for our shareholders.

“Following our settlement of the Bay Audiology and Orthotic Centre acquisitions, we now have over 700 medical professionals, management and support staff caring, treating and diagnosing over 3,000 patients a day, across 85 facilities nationwide.”

- Ends -

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