Quadrant buys Australian healthcare equipment supplier
Quadrant Private Equity has bought a majority interest in Aidacare, an Australia-based distributor of healthcare equipment, with a view to supporting domestic and international growth.
The size of the investment was not disclosed. It came from Quadrant Private Equity No. 7, the firm’s latest flagship buyout fund, which closed on AUD 1.24bn (USD 842m) in late 2020. Quadrant typically targets companies with enterprise values of AUD 100m-AUD 500m, committing AUD 70m-AUD 150m per investment.
Aidacare, established by the Garland family in 2010, has built out a distribution network comprising 54 branches and 900 employees. It serves the healthcare mobility equipment and assistive technology market – said to be worth more than AUD 2bn a year – where demand is accelerating due to Australia’s ageing population and growing need for complex rehabilitation support services.
“Aidacare’s focus on providing high-quality customer service and product excellence to its customers and healthcare professionals has resulted in it being a preferred supply partner to many of Australia’s leading aged care providers, hospitals, and government health departments for their healthcare solutions,” Alex Eady, a managing partner at Quadrant, said in a statement.
Quadrant was advised by EY, LEK, Gilbert & Tobin and PwC. Aidacare was advised by Greenstone Partners, Mont Lawyers and BDO.
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