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Supporting NZ Super Fund's acquisition of APHG

Supporting NZ Super Fund's acquisition of APHG

The NZ Super Fund exists to smooth the future cost of providing superannuation for all New Zealanders, which is critical given our nation’s aging population.

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As part of its investment portfolio, the Fund recently acquired Asia Pacific Health Group (APHG), the New Zealand pathology business of Australian-based private hospital group Healthscope. This investment is made jointly with Ontario Teacher’s Pension Plan Board (Ontario Teachers’), which administers the pensions of approximately 329,000 active and retired teachers in Ontario, Canada.

APHG is New Zealand’s largest provider of pathology services, and has been heavily involved in supporting the health of our communities through providing critical testing as part of New Zealand’s response to Covid-19. Through its network of 25 laboratories and 150 collection centres, employing over 2,000 staff, APHG plays an important role in the everyday wellbeing of New Zealanders.

NZ Super Fund Chief Investment Officer Stephen Gilmore says, “We’re pleased to return this asset to part local ownership and continue our strong investment into New Zealand. The Super Fund has been looking at opportunities to invest into the healthcare sector where we can bring together our investment expertise and external partnerships to drive innovation and add long term value to the business. Never has the value of excellent healthcare and pathology services been more apparent than in the ongoing Covid-19 crisis and we look forward to working with APHG to continue supporting the health of the community.”

Ontario Teachers’ Regional Managing Director, Asia Pacific, Ben Chan said: “We are excited about the opportunity to invest in APHG alongside our partner the NZ Super Fund and working together with the company as it transitions to a standalone entity. Ontario Teachers’ has an extensive track record of investing in leading healthcare businesses including in the pathology sector, and we look forward to putting this expertise to work to help support APHG’s next stage of growth while ensuring they continue delivering world-class pathology services to New Zealanders.”

KPMG NZ is proud to have supported NZ Super Fund and Ontario Teachers’ during their acquisition of APHG, through multi-disciplinary support including financial, tax and IT due diligence and advisory, as well as advice on the implications of the separation from Healthscope (APHG’s Australian parent company). The transaction is subject to approvals, including from New Zealand’s Overseas Investment Office.

© 2020 KPMG, a New Zealand partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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