Audiology and Dental Acquisitions Continue Growth of Abano Businesses in New Zealand
Abano Healthcare Group has today announced further acquisitions in its dental and audiology businesses extending the networks of both Bay Audiology and Lumino The Dentists in New Zealand.
Abano has today acquired Dunedin Hearing, a long standing and respected South Island audiology chain with six clinics across Dunedin and Central Otago.
In line with Abano’s partnership philosophy, the Principal Audiologist in Dunedin Hearing, Anthony Rowcroft, will continue to hold a minority shareholding of a new entity, Bay Audiology South Ltd, with merged operations throughout the lower South Island.
Peter Hutson executive Chairman of Bay said; “Dunedin Hearing is one of the largest practices in the lower South Island and we are delighted that Anthony has chosen to join Bay through a merger with our existing South Island clinics to offer a comprehensive and integrated audiology service through nine clinics in South Canterbury, Otago and Southland
Today’s acquisition follows the acquisition of Access Audiology, a three clinic audiology practice based in Auckland, which completed at the end of April 2008. Together Dunedin Hearing and Access Audiology are expected to add over $3.5 million of annualised revenue to Bay Audiology.
Also today, Lumino The Dentists settled two further acquisitions, bringing the number of acquisitions since 1 June 2008 to four and the total number of practices within the Lumino The Dentists group to 38. The acquisitions include Lumino’s largest purchase to date – ProudMouth Caring Dentistry, which consists of two practices located in the Auckland CBD and Takapuna. ProudMouth’s Albert Street premises is the largest single site dental practice in New Zealand with 18 clinicians and has plans for further expansion.
The other three dental acquisitions are all in the greater Auckland area – Manly Dental Care in Whangaparoa; Torbay Dental Care in Torbay; and a dental laboratory, Dental Designs in Remuera. The combined practices, whose clinicians are all continuing under Lumino ownership, are expected to contribute annualised revenues to Lumino of close to $10 million.
Andy Tapper, managing director of Lumino The Dentists, said:
“I am very pleased that we have strengthened our position in the Auckland region with this group of acquisitions. In particular, ProudMouth gives us a significant presence in the Auckland CBD. The practices contain some of New Zealand’s leading dentists and emphasise our focus on providing quality dental care.”
Abano Healthcare Group has also today confirmed, as a result of the holding of Salvus Strategic Investments , of which Mr Trevor Janes is a Director , being below 5% of Abano’s issued capital (since January 2008) that Mr Janes has been determined to be an independent director as defined in NZSX Listing Rule 1.1.2.