DecisionConsent granted
Section 13(1)(a) Overseas Investment Act 2005
Decision Date4 July 2017
InvestmentAn overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the shares in Heritage Lifecare Limited, the value of the assets of Heritage Lifecare Limited and its 25% or more subsidiaries being greater than $100m.
Asset Value$115,700,000
ApplicantVintage Bidco Limited
Australian Public (62.35%)
New Zealand Public (19%)
Cayman Islands Public (10.3868%)
Various Public (8.2622%)
VendorHarbourside Holdings Limited
New Zealand Public (100%)
Background

The Applicant will be approximately 81% owned by investment funds controlled by Adamantem Capital Management Pty Limited (“Adamantem Capital”) which is a private equity firm based in Australia.  It invests in mid-market companies in Australia and New Zealand.

Heritage Lifecare Limited acquires and manages aged care facilities throughout New Zealand.  Adamantem Capital is acquiring the investment to increase its holdings in New Zealand.

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 informationSusie Kilty
Buddle Findlay
PO Box 2694
WELLINGTON 6140