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‘Attractive’ healthcare acquisition for PEP
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‘Attractive’ healthcare acquisition for PEP

Mark Kidston, Allens

The acquisition of an ASX-listed company that distributes medical devices by private equity fund manager PEP has been described as indicative of hot contest for investments in the Aussie health sector.

Firms: Allens (BidCo); Gilbert + Tobin (LifeHealthcare)

Deal: Pacific Health Supplies Bidco Pty Limited (BidCo), an entity owned by funds managed or advised by Pacific Equity Partners (PEP), has acquired ASX-listed LifeHealthcare Group Limited (LifeHealthcare).

Value: Undisclosed

Area: M&A; finance

Key players: The Allens team advising BidCo and PEP was led by partners Tom Story and Mark Kidston (pictured). The team also included partner Jeremy Low; managing associate Rita Pang; senior associates Apoorva Suryaprakash and Noah Obradovic; associate Tom Hall.

Deal significance: LifeHealthcare, an independent distributor of medical devices in Australia and New Zealand, has been acquired by BidCo. The transaction was implemented on 25 May 2018, all relevant approvals. 

A statement from Allens said that 100 per cent of the share capital in LifeHealthcare had been acquired by BidCo for $3.75 per share. This was inclusive of an interim dividend of $0.075 per share and a special dividend of $0.18 per share, via a members’ scheme of arrangement, the statement added.

According to Allens lead partner Tom Story, the transaction showed the appetite for Australian investments in this sector.

“We are pleased to have assisted our long-standing client PEP on its successful acquisition of LifeHealthcare,” Mr Story said.

“The transaction represents a further acquisition for PEP Fund V in the attractive and heavily competed-for Australian healthcare sector.”

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