Private equity firm bankrolls the hospital operator’s comprehensive development program
Leading firms were the legal advisers as a major Australasian private healthcare provider is changing hands.
Clayton Utz and Russell McVeagh have advised Pacific Equity Partners (PEP), which has agreed to acquire a controlling stake in Evolution Healthcare. King & Wood Mallesons (KWM) and Chapman Tripp have advised the vendors, which include Roc Partners, a Goldman Sachs special situations fund, Qantas Super, VicSuper and CBUS.
No financial details of the deal were announced, but the Australian Financial Review said that the stake was pitched at more than $300m. PEP is looking to buy more than 80% of the company, it said. The deal needs regulatory approval, including from New Zealand’s Overseas Investment Office.
In Australia, Evolution owns the Waratah Private Hospital in Sydney. In New Zealand, it owns the Bowen Hospital and Wakefield Hospital in Wellington, the Royston Hospital in Hastings, and the Grace Hospital in Tauranga.
The Clayton Utz team was led by private equity partner Niro Ananda, supported by senior associate Johan Pietersz.
Russell McVeagh corporate partners David Hoare and David Raudkivi, as well as solicitor Jennifer Clifton, advised on the deal.
The KWM deal team was led by private equity partner Mark McNamara, who was assisted by senior associate Nick Hawthorne and sssociate Justin Wretham.
Partner John Strowger led Chapman Tripp team, which included senior associate Peter Sygrove and senior solicitor Greg Mitchell.
“The founders and management of Evolution, in partnership with their institutional partners, have done a remarkable job in building one of the leading Australasian health care groups over a relatively short period,” Mark McNamara said.
KWM has had a long-term relationship with the group and its management team, he said.
