Abano increases orthotics ownership to 100 percent
ABANO INCREASES ORTHOTIC OWNERSHIP TO 100 PERCENT
Abano Healthcare Group has today announced the acquisition of the remaining 30 percent shareholding in Orthotic Centre NZ for $2.3 million, taking ownership to 100 percent of the business.
Abano invested $4.5million in October 2005 for a 70 percent share of Orthotic Centre NZ, and is acquiring the remaining 30 percent to enable growth and development of the business, particularly in the private revenue side.
Managing director of Abano, Mr Alan Clarke, said: “The Orthotic business is a clinical specialty that tends to operate under the radar, and serves the needs of hospitals, ACC and a growing private market. Over 30% of income is currently derived from the private payment of fees and we see this area as a very attractive place to expand our services.
“Following discussion with the business founder, John Clark, we have agreed to acquire the remaining 30 percent of the equity. John will remain an active director and consultant to the Orthotic’s board as we move to widen our private sector involvement”.
For more information, please contact:
Managing Director, Abano Healthcare Group Limited
Tel: 09 300 1412 Mob: 021 368 818.
Abano Healthcare Group is New Zealand’s leading listed specialist healthcare investor and operator, with businesses in four sectors – audiology, rehabilitation, diagnostics and dental.
Existing subsidiary entities include:
- Abano Audiology – Bay Audiology (70 percent), Dilworth Hearing (40% owned by Bay Audiology)
- Abano Rehabilitation – Burtons Healthcare, Health Partners, Ranworth Healthcare (100 percent), Orthotic
- Centre (70 percent)
- Abano Diagnostics – Aotea Pathology (55 percent), Ascot Radiology (40 percent)
- Abano Dental – Lumino Care Dental (100 percent)