Quadrant-backed Summerset eyes Australia listing

In a statement, Summerset Chairman Rob Campbell said that since its listing on the New Zealand bourse in 2011, the company has continued to grow and build its business successfully.

"The retirement village and aged care sector now accounts for nearly 8% of the NZX50. As a result we have seen increased Australian investor interest in Summerset," he said. "Seeking an ASX listing will enable more Australian investors to participate in Summerset's growth. The board believes that this will benefit all shareholders."

Quadrant trimmed its stake in Summerset last March. The firm divested around a third of its 56% holding in the company, equivalent to around 400 million shares at NZ$2.42 apiece, or NZ$96.8 million ($82.2 million).

Quadrant originally acquired Summerset from AMP Capital Investors in 2007 following an abortive attempt to list the company a year earlier. The private equity firm then went on to raise $99 million in October 2011, when it exited a 41% stake through an IPO, the largest the country had seen in two years.

The firm continues to be a significant shareholder in Summerset with a 37.2% stake, or 79.8 million shares.

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• Topics
• Australasia
• Healthcare
• Exits
• Exit
• IPO
• Quadrant Private Equity
• Australia
• New Zealand
• healthcare