Private equity firm Genesis Capital is believed to be vying for New Zealand primary healthcare provider Tamaki Health.
As earlier reported by DataRoom, Tamaki Health is up for sale through Stanton Road Partners and is expected to fetch a price over $NZ400m ($366m).
Genesis Capital has a particular focus on healthcare assets and was established by executives that previously worked at Crescent Capital.
Genesis recently entered a bidding war with Crescent for the listed dental care chain Pacific Smiles and won the competition with a recommended offer of over $300m in April last year.
Tamaki Health is New Zealand’s largest privately owned healthcare group.
The business operates under the Local Doctors and White Cross Urgent Care brands, and is owned by Sydney-based Mercury Capital, run by former Goldman Sachs New Zealand boss Clark Perkins.
In the south Auckland region of Counties Manukau, Tamaki Health is the largest primary healthcare provider to Pacific Islanders and is also a large provider of healthcare services to the Maori community, offering services at affordable rates.
Private equity firms are expected to be the most likely buyers of the business that generates between $40m and $50m of annual earnings before interest, tax, depreciation and amortisation.
The business was on the market in 2021 and Pacific Equity Partners and Crescent Capital were believed to be among the parties taking a look.
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