Quadrant-backed Virtus Health jumps 9% on ASX debut

The A$338.7 million ($317 million) float not only makes Virtus Health the world's first listed fertilization company, but it also represents the largest PE-backed IPO in Australia since department store company Myer Holdings went public in 2009.

Prior to the IPO, Quadrant owned around 43% of Virtus alongside a group of medical professionals. The PE firm completed a management buyout of New South Wales-based IVF Australia, the country's largest group of dedicated fertility specialists, in 2008. There were subsequently two bolt-on acquisitions - Victoria-based Melbourne IVF and Queensland Fertility Group - and the combined entity was renamed Virtus Health.

Quadrant claims to have invested a total of A$83.7 million in the company. The investment was made from Quadrant Private Equity No.2, a A$500 million fund that closed in 2007. Quadrant's third fund reached a final close of A$750 million in 2010, exceeding its target of A$600 million.

The firm has also recently made a partial exit from retirement village chain Summerset, selling 30.7 million shares at A$2.90 apiece for a total consideration of A$89.2 million - this has reduced its holding from 37.4% to 22.7%.

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• Topics
• Exits
• Buyout
• Australasia
• Healthcare
• IPO
• Quadrant Private Equity
• Australia
• healthcare
• Exit
• buyout