Pacific Equity Partners and Medibank are being tipped as the most logical buyers of Adamantem Capital’s allied healthcare business Plena.
Plena offers services in residential aged care, home care, NDIS, and education and training.
It is part of the Zenitas business owned by the Adamantem, a private equity firm, and it is understood to be generating about $10m in annual EBITDA, which suggests a price of about $100m for the business.
Record Point is working on the sale.
PEP would at least take a look at the business because it would have strategic benefits for its own company, Healthia, say sources.
PEP purchased Healthia last year for about $260m.
Healthia offers allied healthcare products and services across Australia and New Zealand, including physiotherapy, pilates and podiatry services.
Meanwhile, health insurer Medibank has been investing directly in healthcare assets to improve outcomes for its patients.
However, one stumbling block could be Australian Competition & Consumer Commission concerns about market dominance.
Its been a busy year for both PEP and Adamantem. The latter was started by operatives who previously worked at PEP.
PEP has been in acquisition mode, while Adamantem has plenty of assets it is trying to sell.
Other businesses on offer from Adamantem are its small goods company Hellers, which operates out of New Zealand, its electrical distribution business Legend and its laundry business Linen Services Australia.
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