Quadrant-owned Virtus Health targets IPO in 2013
Quadrant Private Equity is targeting a A$500 million ($520 million) IPO this year for its portfolio company Virtus Health, Australia's largest fertility business.
"We've been approached by several brokers and we're investigating it as an option for some time this year," Chris Hadley, managing director at Quadrant, told The Wall Street Journal.
It was reported in September that Quadrant had refinanced Virtus with A$225 million of debt after a sales process led by Morgan Stanley failed to find a buyer.
"We certainly don't need to list the company, and we're well-structured in terms of being able to retain it medium-term," added Hadley.
Virtus Health's EBITDA is projected to grow to as much as A$60 million in the 2013 fiscal year from A$50 million the previous year. The company employs 80 fertility specialists supported by another 650 professional staff.
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