NZ Super Fund joined a consortium with Pioneer Capital and Comprador Holdings to buy a majority stake in fertility treatment provider Fertility Associates. Meanwhile, Pacific Equity Partners has reduced its holding on Australian smart meters business Intellihub, following a sale on its community energy services business WINconnect.
NZ Super Fund joins consortium to back fertility business
A consortium comprising NZ Super Fund, Pioneer Capital and Comprador Holdings has acquired a majority stake in New Zealand’s fertility treatment provider Fertility Associates, according to a statement.
The consortium bought around 70% of the business while the rest will be owned by Fertility Associates’ doctors and management team.
Fertility Associates provides reproductive support, diagnostic services, and fertility treatments in New Zealand and Malaysia. It has helped bring 25,000 babies into the world in New Zealand and 5,000 babies in Malaysia to date.
“Our investment in Fertility Associates gives us exposure to the New Zealand healthcare sector and fits with our focus of identifying local businesses where we can add value by investing to help them grow and develop,” NZ Super Fund Head of External Investments and Partnerships Del Hart said in a statement.
The consortium plans to support Fertility Associates’ expansion plan in selective Asia-Pacific countries, expanding its operations beyond Malaysia. The increased investment will allow Fertility Associates to serve its patients better with new technology adaptation and a bigger scientific research team.
Brookfield to buy stake in Australia’s Intellihub
Canada’s Brookfield has finalised an agreement to buy a 50% stake in Australian smart meters business Intellihub from Pacific Equity Partners (PEP) and Landis-Gyr for about $1 billion.
According to a Financial Review report, the giant Canadian infrastructure investor is buying a 20% Intellihub stake held by Landis-Gyr and a 30% stake from PEP’s Secure Assets Fund.
PEP is also selling its community energy services business WINconnect to Origin Energy in a related deal that will add 87,000 embedded electricity and hot water customers to Origin.
The transactions involved an agreement where Intellihub will buy some of Origin’s embedded network meters and some network meters held by WINConnect.