Mercury gets go-ahead for New Zealand healthcare deal
Australia-based middle market GP Mercury Capital has won regulatory approval to acquire about 50% of Nirvana Health Group, New Zealand’s largest independent primary healthcare services provider.
According to a New Zealand Overseas Investment Office filing, Mercury Capital Fund 2 – which closed at A$300 million ($239 million) in 2015 – will take an equity interest in Nirvana’s parent company, NMH Holdings. It will run the business as a joint venture with the current owners, focusing in part on organic and inorganic expansion as well as moving outside the Auckland market.
Nirvana was founded in 1977 when Dr. Kantilal Patel and Ranjna Patel took over a one-doctor, one receptionist practice in Otara. The company now has 200,000 registered patients across 35 clinics, employs 1,000 staff including 300 doctors, and treats an average of 4,000 people every day.
Medical consultations, radiology, maternity, minor surgery, and immunization are among the services offered. The objective is to provide an extended hours affordable primary care business.
Established in 2010, Mercury targets companies in Australia and New Zealand with enterprise values of A$50-200 million. When the firm raised its debut fund the same year, almost the entire corpus came from family offices and high net worth individuals (HNWIs). Some institutional players came into Fund II, but HNWI money still accounted for the majority.
Mercury has healthcare exposure in its existing portfolio through physiotherapy business HealthStrong and Nexus Day Hospitals. Both companies are based in Australia. The private equity firm was previously an investor in aged care services provider Estia Health.
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