30 June 2017
During April 2017, VPEG3 investee, Adamantem Capital Fund 1, entered into a binding agreement to acquire a majority shareholding of Wellington-based Heritage Lifecare Limited, a New-Zealand age-care and retirement village operator. Heritage Lifecare is known for its premium portfolio of properties and its strong operational focus on resident care.
Heritage Lifecare has 19 facilities with approximately 969 beds and over 300 living units under management across the North and South islands of New Zealand.
The aged care sector in New Zealand is a highly fragmented market and with an ageing population, the industry is seen as offering attractive growth opportunities. These opportunities are attributed primarily to the mismatch between the forecast supply / demand for quality facilities and the New Zealand government’s funding initiatives in the industry.
In late June 2017, the Heritage Lifecare investment received consent from the New Zealand Government, Overseas Investment Office, to the completion of the transaction, allowing Adamantem to assume control of Heritage Lifecare and commence the implementation of plans for the growth of the business.
Read more about Adamantem Capital Fund 1
