Decision Summary - CAID Pty Limited

Decision number 200620076
Application number 200620092
Date 7 December 2006
Offeror/applicant CAID Pty Limited
Ultimate applicant beneficial ownership 54.7 percent - United States of America, United States Public
24.8 percent - Various, Various overseas persons
8.15 percent - United Kingdom, United Kingdom Public
6.65 percent - Singapore, Singapore Public
3.2 percent - Netherlands, Dutch Public
2.5 percent - Canada, Canadian Public
Beneficial overseas ownership  
- Asset current N/A
- Asset proposed N/A
- Share current 100 percent
- Share proposed 100 percent
Offeree(s)/seller(s) Existing shareholders in DCA Group Limited
99.24 percent - Australia, Australian Public
0.76 percent - Various, Various overseas persons
Business activities Health & Community Services - Health Services
Details of land involved 11.0487 hectares of freehold comprising:
  1. 3.0056 hectares situated at 19 Liston Avenue, Taupo being CTs SA59B/977, SA62D/56, SA62D/57, SA63B/88, SA63B/89, SA63B/90 and SA65B/238 (South Auckland Registry);
  2. 5.52 hectares situated at 921 Tararu Road, Thames being CT562/39 (South Auckland Registry);
  3. 0.4962 hectares situated at 5 Bowlers Wharf Lane, Papakowhai, Porirua being CT WN47D/210 (Wellington Registry);
  4. 1.115 hectares situated at 142 Whangaparaoa Road, Red Beach, Orewa being CT NA101D/527 (North Auckland Registry).; and
  5. 0.9119 hectares situated at 483 and 505 Aberdeen Road, Gisborne being CTs GS6A/225, GS1A/1205 and GS6B/192 (Gisborne Registry).
Regions involved Various
Total consideration $201,729,100
Consent sought To acquire up to 100 percent of the shares of DCA Group Limited.
Rationale The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

The Applicant, CAID Pty Limited (CAID) is a special purpose vehicle incorporated in Australia by CVC Capital Partners (CVC) for the purpose of acquiring shares in the Australian listed company, DCA Group Limited (DCA). DCA is the ultimate parent company of DCA Healthcare New Zealand Limited, a New Zealand company incorporated in July 2005 by DCA in order to purchase Guardian Healthcare Group Limited (Guardian).

Guardian is a company that operates a healthcare and elderly accommodation business in New Zealand. The proposal meets CVC's investment strategy of investing in business opportunities where CVC's management expertise, access to capital and understanding of financial structuring enables CVC to create value and improve the operating performance of those businesses. CVC proposes to support DCA's management growth strategies.

The proposal is likely to result in the continued support and implementation of DCA's management's growth strategies.
Contact David Quigg/Nick White
Quigg Partners
P O Box 3035
WELLINGTON

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