Sharechat Logo

Allied Work Force set to buy Panacea Healthcare

Monday 11th October 2010

Text too small?

Labour pool company Allied Work Force has entered into a conditional agreement to buy specialist healthcare provider Panacea Healthcare as part of a strategic move to broaden the company's operations.

Panacea, formerly known as Auckland Nursing Bureau, provides ACC-funded nursing and support services to the disabled and elderly in the Auckland and Central North Island regions. No details on the conditions or price were released, although AWF said it will be funded through cash and bank debt.

“AWF is an experienced employer and market leader in the supply of people,” said AWF managing director Simon Hull.

“The group has diversified to meet demand for workers across a growing range of sectors. Healthcare will fit into the group nicely.”

The company said that while it will acquire 100% of Panacea, it will operate as a partnership with existing management.

Hull said Panacea current earnings will be immediately earning accretive for AWF in the financial year to March 31 2011.

Under the partnership Trish Neal, the major shareholder and current managing director of Panacea, will become executive director of Panacea, and current executive director Jan Hilder will become managing director.

Shares in AWF last traded at 95 cents, down from a two-year high of $1 it reached last week.

  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:

AWF founder Hull sells $7.25M stake at 7.9% discount to boost liquidity
AWF more than doubles profit on Panacea sale, will pay special dividend
AWF posts jump in sales, earnings, points to signs of Christchurch rebound
AWF Group expects strong annual profit growth
AWF to buy back shares in preparation for incentive scheme
AWF buys South Island nursing home help service
AWF to pay up to $3.5 mln for Tradeforce NZ recruitment agency
AWF blames RWC for shortfall in profit growth, shares gain
AWF Group forecasts profit rise
Allied Work Force bounces back as employment growth returns