EQT explores NZX and ASX float for Metlifecare
The New Zealand retirement village operator was previously listed on both stock exchanges when the company was acquired by EQT’s Infrastructure Fund in 2020.
Now the Swedish funds manager has hired brokers from Macquarie Capital, Jarden and New Zealand’s Forsyth Barr to lead the inital public offering. This is the second time that Macquarie Capital has taken a look at Melifecare’s future.
The Australian Financial Review reported “people briefed on the discussions who requested anonymity given the sensitive nature of the talks stressed that all options were still on the table for the Auckland-headquartered company, including a trade sale.”
“However, should a float be the chosen exit route, as expected, the IPO would likely take place in the first half of this year.”
Metlifecare, which EQT privatised in October 2020 for around $NZ1.3 billion (AUD$1.1 billion), is expected to fetch an equity valuation of as much as $NZ2.5 billion.
New Zealand businessman Murray Jordan, a long-time director, is in line to be appointed chairman. The current chair is Paul McClintock.
Metlifecare, whose Chief Executive Officer is Earl Gasparich, is the third-largest retirement village operator by market share in New Zealand.
The operator has been in growth mode under EQT and is expected to have 39 villages, 25 co-located care homes within villages, 7,400 residents and 2,400 staff by the middle of this year.
