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Bupa acquires leading care home businesses in Australia and New Zeland
03 October 2007
Bupa, the leading health and care company, today announced an agreement to acquire the controlling interest in the DCA Agedcare Group from DIAC Holdings NV, a company ultimately owned by funds advised by CVC Asia Pacific and CVC Capital Partners (collectively “CVC”), valuing the group at A$1.225 billion. The DCA Agedcare Group comprises the Amity Group in Australia and Guardian Health Care in New Zealand. Completion of the acquisition of DIAC Holdings NV’s interest by Bupa is expected before the end of the year, subject to regulatory approval.
Together Amity and Guardian have 96 care homes and 7,000 beds with a combined annual turnover of A$344 million. They are leaders in their respective markets and will add to Bupa’s presence in the care for the elderly market, where it is already a leading player in Europe, with 20,000 beds in 300 UK care homes and 4,300 beds in 43 homes in Spain. This latest agreement increases Bupa’s portfolio to over 31,300 beds.
Val Gooding, Bupa Chief Executive, said: “We have been looking at opportunities in aged care in various markets for some time. Following the recent expansion of our care home business in Spain, we are delighted with this strategic entry into Australia and New Zealand.
“The ageing populations in Australia and New Zealand will have a growing need for high quality care. This acquisition will provide Bupa with an excellent opportunity for growth in the sector. With the existing management, Bupa will apply its extensive experience to develop further in these markets.
”The first priority, however, will be to provide continuity for the 6,500 residents of these homes and the 7,200 employees who care for them.
“Guardian and Amity have excellent facilities and management teams which will enable us to continue delivering the same high standards of individual care as we do in our existing business.”
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