Livingbridge puts Better Medical on the block

GPs are likely to be beneficiaries of additional funding from the federal Labor government.

UK-based private equity firm Livingbridge is understood to have placed its general practice business, Better Medical, up for sale in a deal that could be worth as much as $300m.

DataRoom understands that the business generates about $25m in annual earnings before interest, tax, depreciation and amortisation.

Better Medical describes itself as one of the largest general practice platforms in Australia and has 64 clinics and about 450 doctors practising from its clinics across Queensland, South Australia, Victoria and Tasmania.

A mid-market private equity firm, Livingbridge invests in established, growing businesses in technology, services, healthcare and education, and the consumer.

GP clinics are likely be well positioned to benefit from federal Labor’s election pledge to boost funding for Medicare, train more GPs and open 50 Medicare Urgent Care Clinics.

BGH Capital’s GP business, ForHealth, is believed to have had much success winning contracts to provide such clinics on behalf of the government.

Livingbridge, which owns Everlight Radiology, sold its Habit Health business in New Zealand to Five V Capital and Waste Services Group to The Carlyle Group for more than $1bn last year.

The sale comes as radiology clinic operator Carlisle Health is weighing up a divestment through Allier Capital.

Allier is also advising on a potential sale of patient bookings platform HotDoc, which was founded by Ben Hurst.

It rival Healthengine, may be interested, and is estimated to be worth between $100m and $200m.