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Allens advises PEP on acquisition of LifeHealthcare

25 May 2018

Allens has advised private equity fund manager Pacific Equity Partners (PEP) in relation to the acquisition of ASX-listed LifeHealthcare Group Limited (LifeHealthcare) by Pacific Health Supplies Bidco Pty Limited (BidCo), an entity owned by funds managed or advised by PEP. BidCo acquired 100 per cent of the share capital in LifeHealthcare for $3.75 per share, inclusive of an interim dividend of $0.075 per share and a special dividend of $0.18 per share, via a members’ scheme of arrangement.

The transaction was implemented on 25 May 2018, following receipt of court, shareholder and regulatory approvals. LifeHealthcare is a leading independent distributor of medical devices, operating in Australia and New Zealand.

PEP was founded in 1998 and is a leading Australian-based private equity advisory firm, which focuses on buyouts and late-stage expansion capital in Australia and New Zealand. Since 1998, PEP has managed or advised funds with more than $8 billion in committed capital and has advised funds on more than 25 completed transactions across a broad range of industries.

The Allens team was led by M&A Partner and Co-Head of Private Equity Tom Story (view CV) and leveraged finance Partner Mark Kidston (view CV). The team also included M&A Partner and Healthcare Sector Head Jeremy Low, leveraged finance Managing Associate Rita Pang, M&A Senior Associates Apoorva Suryaprakash and Noah Obradovic, and Associate Tom Hall.

Commenting on the deal, Tom Story said: 'We are pleased to have assisted our long-standing client PEP on its successful acquisition of LifeHealthcare. The transaction represents a further acquisition for PEP Fund V in the attractive and heavily competed-for Australian healthcare sector.'

Allens legal team M&A Partner Tom Story; leveraged finance Partner Mark Kidston; M&A Partner Jeremy Low; leveraged finance Managing Associate Rita Pang; M&A Senior Associates Apoorva Suryaprakash and Noah Obradovic; Associate Tom Hall; and Lawyers Jewel Zhu and Zac Thompson.

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Notes for editors.

Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.