Ironbridge buys into NZ pensioner care firms

Ironbridge Capital, an independent Australasian private equity manager, said today it had bought into Elrond Holdings and the Qualcare Group, two large providers of elderly care services across New Zealand.

The price paid and exact shareholding Ironbridge will have were not disclosed although a spokesman said Ironbridge would have majority control.

Ironbridge will invest alongside Greg Tomlinson, chief executive and a substantial shareholder of both pensioner care businesses.

Wellington investment group St Laurence Property & Finance earlier this year bought a 30 per cent shareholding in Elrond and is quitting its holding.

The investment is conditional on the approval of various regulatory bodies including the statutory supervisor of the villages owned by Elrond.

Both Elrond and Qualcare own and operate pensioner care facilities, including 973 rest home and hospital beds and 461 villas and apartments in 16 facilities.

Neil Broekhuizen, Managing Partner of Ironbridge Capital, said that Elrond and Qualcare provided an ideal vehicle for Ironbridge to participate in an attractive segment of the healthcare market, the future of which was underpinned by New Zealand's aging population.

The investment is Ironbridge's sixth in its 2003/4 MBO Fund.

Elrond Holdings (Qualcare) bought Presbyterian Support Northern's seven rest homes and retirement villages last year.

- NZPA