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KPMG advises Heritage Lifecare on its acquisition of Golden Healthcare

KPMG advises Heritage Lifecare

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Nick McKay - KPMG New Zealand

Partner - Deal Advisory, Auckland

KPMG in New Zealand

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KPMG acted as the lead financial advisor to Heritage Lifecare on its purchase of Golden Health Care Group (GHG), a Christchurch based aged care and retirement village operator.

Founded in 1985, GHG provides a mix of rest home care and dementia care with 346 beds across seven facilities and two adjoining retirement villages (with 45 villas). GHG is one of New Zealand’s largest privately owned healthcare businesses and has a strong reputation for providing high quality care to its residents for over 30 years.

Heritage Lifecare (Heritage) is majority owned by Australian private equity firm Adamantem Capital and led by CEO Norah Barlow (former CEO of Summerset). Heritage has been pursuing an acquisition strategy and since 2017 has grown the number of homes and villages from 5 to 49 (including GHG). In addition to increasing Heritage’s scale (which provides synergistic opportunities), the rationale for the acquisition was to also shift Heritage’s bed mix towards dementia care (with a growing need in New Zealand) and expand their portfolio with a high quality asset with modern facilities and premium resident rooms.

KPMG delivered a one firm approach. The engagement started with the M&A team (Nick McKay, Emma Evans and Tessa Paterson-Catto) originating a buy side transaction on a bilateral basis with the vendor, which eventually grew to the following services and teams also being involved:

  • Financial Due Diligence - David King and Kenny Zhou
  • Tax Due Diligence - Greg Knowles, Patrick Martin and Millie McCurrach
  • Data and Analytics – Catherine Cumpstone
  • Expert sector valuation advice and review – Justin Ensor  
  • Payroll advice - Rebecca Armour and Muhsin Hilal


 

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