Section 13(1)(a) Overseas Investment Act 2005
|Decision Date||6 July 2017|
|Investment||An overseas investment in significant business assets, being Mercury Medical Holdings Limited’s (the “Consent Holder”) acquisition of rights or interests in up to 100% of NMH Holdings Limited.|
|Consideration||Withheld under s(9)(2)(b)(ii) of the Official Information Act|
|Applicant||Mercury Medical Holdings Limited|
New Zealand Public (72%)
United States Public (24%)
Australian Public (4%)
|Vendor||Nirvana Family Partnership LP|
New Zealand (100%)
The Consent Holder is ultimately 100% owned and controlled by Mercury Capital Fund 2, a Sydney headquartered private equity fund. Mercury Fund’s underlying investors are comprised of institutional and high net worth individuals and families across New Zealand (72%), United States of America (24%) and Australia (4%).
The Investment will result in the Consent Holder acquiring an interest in NMH Holdings Limited (“NMH”, a holding company of an existing medical business) of approximately 50%. The Vendor and the Consent Holder plan to be joint venture partners in relation to the Vendor’s existing business, which comprises operating a network of 37 primary care clinics, primarily located in the Auckland region.
The Consent Holder and the Vendor will work together to expand the medical business, through the opening of new sites, acquisitions of similar businesses and geographic expansion outside the Auckland market.
The Applicant and the individuals with control of the investment have satisfied the OIO that they have the relevant business experience and acumen, have demonstrated financial commitment to the investment and are of good character.
|More information||Haydn Wong|
PO Box 4199