Sharechat Logo

Sydney-based Mercury Capital cleared to buy half of Nirvana Health

Thursday 31st August 2017

Text too small?

An Australian private equity fund has been cleared to buy half of Nirvana Health, the country's largest independent primary health care group.

Mercury Medical Holdings, which is ultimately controlled by Sydney-based Mercury Capital Fund 2, has bought half of NMH Holdings, the holding company of Nirvana Health's existing business, for an undisclosed amount. The two plan to be joint venture partners for Nirvana's 37 primary care clinics, most of which are in Auckland, the Overseas Investment Office approval documents show.

Former health minister Tony Ryall is a member of NMH's board of directors, alongside Nirvana's Mahesh Patel, and Mercury directors Clark Perkins, Oliver Tompkins and Chris Criddle. Nirvana Health says it serves 200,000 enrolled patients across its clinics. It first began in 1977 when Kantilal and Ranjna Patel took over a one-doctor general practice in Otara.

The A$300 million Mercury Capital Fund 2, which was raised in 2015, is also invested in commercial printing company Blue Star in New Zealand, contract research organisation Novotech, label printer Hexagon, Sydney-based physiotherapy provider HealthStrong, and Australia's second-largest day hospital operator Nexus Day Hospitals.

The two parties "will work together to expand the medical business, through the opening of new sites, acquisitions of similar businesses and geographic expansion outside the Auckland market," the OIO documents say.


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar bounces off four-year low; seen weaker
Vector urges regulatory change in low-interest-rate environment
Vector urges regulatory change in low-interest-rate environment
Govt moves against surprise Supreme Court 'black hole' tax ruling
Qantas CFO Race Strauss to join A2 Milk as CFO
Climate Committee seeks data, evidence for future carbon budgets
Spark's wobbly world cup start raises stakes for live-streaming - analysts
An algorithm dunnit: anatomy of Spark's mid-match surrender
Stanley-Tallwood liquidator cuts deal over KiwiBuild development
Stanley-Tallwood liquidator cuts deal over KiwiBuild development

IRG See IRG research reports