ABA
31/05/2012 14:45
ASSET
REL: 1445 HRS Abano Healthcare Group Limited
ASSET: ABA: Abano Sells Brain Injury Rehabilitation Business
Abano Healthcare Group has today announced the conditional sale of its brain
injury rehabilitation business to Bupa Care Services NZ Limited. Bupa, which
is a global leader in the provision of specialised care services, has
acquired 100% of the shares of Abano Rehabilitation Limited, Abano's brain
injury rehabilitation group. Settlement is planned for the end of June 2012,
following satisfaction of standard change of control conditions.
Abano's chairman, Trevor Janes, commented: "Abano was approached by
interested parties to acquire the brain injury rehabilitation business, and
following this, we conducted an extended and careful review. Bupa has a
strong reputation, an established track record, a commitment to high quality
care delivery and is financially sound. The offer was an attractive one, and
therefore we are pleased to announce the sale today to Bupa Care Services."
Abano Rehabilitation offers assessment, residential and community
rehabilitation, particularly for those with a brain injury. These services
are mostly funded by the Accident Compensation Corporation (ACC), Ministry of
Health (MoH) and various District Heath Boards (DHBs). The organisation
operates in a fixed price, non fee for service, publicly funded environment,
with a strong focus on delivering services purchased under specific
contracts.
Managing director of Abano, Alan Clarke, commented: "Abano's strategy is to
invest in businesses where there is real scale and an opportunity to add
value, and where the business is predominantly funded by private payment.
"This is a positive move for both Abano Healthcare Group and Abano
Rehabilitation. Bupa is recognised as a world leader in providing healthcare
services, and their experience and expertise in the care sector will be of
considerable benefit in the ongoing growth and development of Abano
Rehabilitation.
"We were pleased to find an organisation which is familiar and comfortable in
the Government funded contracting environment, will continue to value and
nurture the business, and which is committed to maintaining our established
high standards of care and service."
The Abano Rehabilitation business has been sold for a consideration above
book value, with proceeds to be applied to the reduction of debt, and to
support Abano's ongoing investment into its growth sectors, particularly,
Dental in New Zealand and Australia, Radiology in New Zealand and Audiology
in Australia and South East Asia.
ENDS
End CA:00223491 For:ABA Type:ASSET Time:2012-05-31 14:45:26
