Last month, we reported that European private equity firm EQT had made a $1.5 billion takeover bid for 100% of Metlifecare and its 25 New Zealand villages with its board unanimously recommending that shareholders accept the offer.
Now EQT has set up an office in Sydney – 18 months after Metlifecare flagged a possible expansion across the ditch.
The office will be led by Ken Wong (pictured), Managing Director and Head of EQT Australia & New Zealand, who was previously based in EQT’s Singapore office and will return home to Sydney as part of the office opening.
“With a local team in Sydney, EQT is well-positioned to stay close to both its portfolio companies and to capture new investment opportunities in the region,” Thomas von Koch, Deputy Managing Partner and Chairperson of Asia-Pacific at EQT, said.
Australia has proved fertile ground for NZ operators with Ryman now up to 11 sites in Victoria, plus Summerset buying land in Melbourne for its first village here.
Watch this space then.