Archer Growth prepares for Cura Day exit – report
Archer Capital Growth is reportedly preparing to exit Cura Day Hospitals Group. The Australian GP helped found the company in 2008, having teamed up with a group of doctors and medical specialists who manage and work at its nationwide network of day hospitals.
According to The Australian, PricewaterhouseCoopers has been appointed to advise on the sale and dossiers have already been sent out to prospective buyers. A trade sale worth about A$20 million ($20 million) is seen as the most likely outcome.
Cura posted a profit of A$3 million in 2011 on the back of revenues of A$25 million. The company now runs eight hospitals, having recently acquired Kawana Private, a large surgical facility offering ophthalmology, orthopedics, maxillofacial and gastroenterology procedures, as well as plastic and general surgery.
Healthcare is a focal point for Archer Capital as a whole. Last year, the GP's buyout arm acquired Healthe Care, Australia's third-largest hospital operator, from CHAMP Ventures for A$245 million. The company has since expanded its portfolio, buying several independent hospitals.
Archer Capital Growth closed its second vehicle at A$300 million in July. A first investment soon followed, with the creation of a partnership with Best Friends Pet Supercentre.
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