Abano Healthcare Group Limited is one of the leading investors in the $11-billion trans-Tasman dental market.
Abano is listed on the NZX under the code ABA.
Company established in its current form as ElderCare New Zealand Limited. Initially, the Group was focused on the development of retirement village properties and aged care services.
New positioning strategy introduced. Began to move away from property development and towards the grouping and ownership of successful medical and healthcare service businesses.
Opened the Rehabilitation sector through the acquisition of Ranworth Healthcare, the largest national provider of brain injury rehabilitation services in New Zealand.
Opened the Diagnostic sector by acquiring Medical Laboratory Wellington and Nelson Diagnostic Laboratory in early 2002.
Opened the Dental Sector in late 2002, with the acquisition of Geddes Dental Group.
The name of the Group was changed in August 2003, to Abano Healthcare Group Limited, to reflect the move away from purely aged care and towards a multi-discipline approach in healthcare and medical services.
Continued growth of Rehabilitation sector with the acquisition of Burtons Healthcare and Health Partners.
Acquisition of two dental practices and rebranding of Geddes Dental to Lumino Dental.
1 for 10 share consolidation and institutional share placement made to strengthen the balance sheet.
Expansion of Diagnostics sector with the acquisition of 40% of Ascot Radiology.
Continued growth of the Lumino Dental network.
Divestment of Aged Care Sector through the sale of ElderCare, in July 2005 to the Macquarie Group. This resulted in a gain on sale of $13.1m
Returned $10 million to shareholders through share buyback and cancellation
Acquisition of 70 percent shareholding in Orthotics Centre (NZ) Limited in October 2005, providing a second market opportunity in the rehabilitation sector
Entered the audiology sector with the acquisition of 70% of Bay Audiology, the country’s largest and only national service provider, which in turn owned 40 percent of Dilworth Audiology
In June 2006, formed a new joint venture through merger and created Aotea Pathology, 55% owned by Abano and 45% owned by listed Australian multinational, Sonic Healthcare. Aotea Pathology won the contract for all community pathology in the Wellington, Hutt Valley and Kapiti regions. In October 2006, Nelson Diagnostic was sold to Medlab South, a Sonic owned company.
Continued growth of Lumino Dental network
Acquired the remaining 30 percent of Orthotics Centre (NZ), taking ownership to 100 percent
A further 40 percent of Ascot Radiology was acquired, as well as 80 percent of Greenlane Imaging, expanding the Group’s radiology sector.
Entered the Australian audiology market, creating a Bay Group subsidiary, Bay Audio, and opening seed greenfield sites in Queensland
Continued national rollout of Lumino Dental, taking total network to 24 clinics
Expanded Bay Audio Australia network to 30 permanent and satellite clinics; grew New Zealand network to 52 permanent and satellite clinics
Continued rollout of Lumino Dental taking total network to 33 dental practices
Grew Abano’s radiology sector, with the acquisition of Insight Radiology, a specialist obstetric ultrasound practice. Opened second Ascot Radiology clinic, specialising in breast imaging
Continued growth of Lumino Dental network to 42 dental practices nationwide
In June 2008, entered the Australian dental market through a partnership with a start up dental consolidator Dental Partners, in which Abano held 70 percent. Acquired nine initial seed practices and grew the network to 19 practices at year end
Grew Lumino Dental network to 42 clinics nationwide
Continued growth of Bay Audiology networks – New Zealand 64 clinics, Australia 48 clinics
Entered the Asian audiology market though small seed acquisitions in Hong Kong and Singapore
Abano wins Best Growth Strategy Award at Deloitte/Management Magazine Top 200 Awards
Sold Abano’s interest in Bay Audiology New Zealand to National Hearing Care, and acquired a share in the new merged Australasian audiology business of Bay New Zealand and National Hearing Care. This sale resulted in a gain of sale of over $77m
Retained the Australian and Asian audiology businesses and formed a 50:50 joint venture with our long standing partners through Bay International Limited for the Australian and Asian businesses
Acquisition of Orthotics South Island
Continued growth of dental networks – Lumino the Dentists 50 practices, Dental Partners in Australia 26 practices
Entered the Malaysian audiology market and grew Bay Audio Asia network to 11 stores. Expanded Bay Audio Australia to 59 permanent and visiting stores/clinics
Introduced Dividend Reinvestment Plan
Returned $29.5 million to shareholders through a special dividend and a voluntary share buyback and cancellation offer
Abano wins Company of the Year Award at Deloitte/Management Magazine Top 200 Awards
Entered the NZX 50 in June 2010
Sale of Abano’s shareholding in National Hearing Care (NHC), resulting in a gain of sale of $12.3m. This followed an investment of $15m just over 12 months prior
Returned $27.3 million to shareholders through a compulsory share buyback and cancellation
Continued growth of dental networks – Lumino the Dentists 56 practices, Dental Partners 36 practices
Entered the Taiwanese audiology market
Aotea Pathology awarded a three year, $75 million extension of the existing community pathology contract it holds with the Hutt Valley and Capital & Coast District Health Boards (DHBs)
Orthotics Centre wins three year orthotics contract for Southland and Otago DHBs
Ascot Radiology opens $5 million world class PET CT scanning centre
Abano’s Chair, Alison Paterson, wins the Deloitte/Management Magazine Top 200 Award as Chairman of the Year. Alan Clarke nominated as a finalist for the Deloitte/Management Magazine Top 200 Award CEO of the year
Announced sale of brain injury rehabilitation business, Abano Rehabilitation, to Bupa Care Services
Announced the opening of a new $4 million radiology clinic at the AUT Millennium Campus in Auckland
Continued growth of dental networks in Australia and New Zealand – Lumino the Dentists 64 practices, Dental Partners 53 practices
Settled sale of brain injury rehabilitation business in June 2012 for gain on sale of $1.6 million
Acquired the minority 30% shareholding in Dental Partners, taking ownership to 100%
Merged radiology businesses into one entity – Insight+Ascot Radiology
Opened new radiology clinic at the AUT Millennium Campus on Auckland’s North Shore
Continued growth of dental networks in Australia and New Zealand –
Lumino the Dentists 76 practices, Dental Partners 62 practices
Successful oversubscribed $18.5 million capital raising through placement and Share Purchase Plan
Aotea Pathology signed $26m contract extension
Finalist at 2014 INFINZ Awards for Emerging Leader Best Corporate Communicator Award and M&A Transaction of the Year.
Continued growth of dental networks in Australia and New Zealand – Lumino the Dentists 80 practices, Dental Partners 74 practices
Completed sale of Orthotics business in January 2015
Completed sale of pathology business on 1 May 2015
Winner 2015 INFINZ Awards for Emerging Leader Best Corporate Communicator Award
Continued dental growth: Lumino the Dentist 91 practices; Dental Partners 82 practices
Renamed Dental Partners as Maven Dental Group
Richard Keys steps up as CEO following the retirement of Alan Clarke in November 2015
Sale of audiology shareholding for one off gain on book value of approximately $20 million
Increased focus on trans-Tasman dental sector
Sale of 71% shareholding in Ascot Radiology and move to focus solely on the $11-billion trans-Tasman dental market