Archer, Ironbridge consider iNova Pharmaceuticals sale

iNova is a consumer healthcare and prescription business that operates in Australia, New Zealand, Africa and the Asia Pacific region. Archer and Ironbridge are said to have been contacted by foreign strategic buyers and private equity firms interested in the asset.

Should the sale not go through, an IPO - dismissed as an option due to weak markets - may return to the agenda.

Pacific Equity Partners (PEP)-backed Collins Foods managed to raise A$201.8 million through an IPO in July, but the bulk of private equity exits in Australia and New Zealand this year have come via secondary or trade sales.

CHAMP Private Equity sold its 75% stake in Manassen Foods to China's Bright Food Group in a deal thought to value the company at more than A$500 million. CHAMP was reported to be considering a A$400 million IPO but shelved the plans. PEP and Unitas Capital exited New Zealand beverage firm Independent Liquor to Japan's Asahi Group for NZ$1.525 billion ($1.27 billion).

On the secondary side, Archer has been particularly active, picking up Quick Service Restaurant Holdings, Australia's largest fast-food operator, from Quadrant Private Equity for $450 million and buying Healthe Care, the country's third-largest hospital group, from CHAMP Ventures for $240 million.

Archer is in the process of raising its fifth fund, which could reach A$1.4 billion.

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• Topics
• Australasia
• Healthcare
• Exits
• Archer Capital
• Ironbridge Capital
• Pacific Equity Partners
• CHAMP Private Equity
• Quadrant Private Equity