Thursday 31st August 2017
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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.
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