Metlifecare
 | |
| Company type | Private[1] |
|---|---|
| NZX: MET (1994 – 2020) | |
| Industry | Retirement Village Operator and Aged Residential Care[1] |
| Founded | 1994 (IPO) |
| Founder | Cliff Cook |
| Headquarters | , |
Areas served | NZ |
Key people | CEO - Earl Gasparich, Chairman - Paul McClintock, CFO - Jonathan Wilde[2] |
| Products | Retirement villages |
| Owner | EQT Infrastructure[1] |
Number of employees | 2000+ (2024)[3] |
| Website | www |
Metlifecare is one of New Zealand's largest retirement village providers. They currently own and operate 43 retirement villages throughout the North Island of New Zealand.
They have been listed on the NZX since 1994,[4] and the Australian ASX main board since October 2013,[5] until 2020, when the company was acquired by EQT Infrastructure Fund.[6][7]
Competitors of Metlifecare include BUPA, Ryman Healthcare and Summerset Holdings.
History
[edit]Metlifecare was founded and first listed on the NZX in 1994 by NZ businessman Cliff Cook. Cook is no longer involved with the company but is now developing other retirement village projects in the UK.[8]
Metlifecare acquired the Private Life Care assets of Retirement Villages New Zealand Limited and Vision Senior Living Limited in May 2012 as part of a three way merger.[9][10] This grew Metlifecare to a village portfolio of 25 as at December 2015.[11]
Major investors in Metlifecare now include Infratil, one of New Zealand's largest infrastructure investor, in partnership with the New Zealand Superannuation Fund.[12]
In December 2019, Metlifecare received an unsolicited buyout offer from EQT Management, a Swedish funds manager.[13] In 2020 Metlifecare entered a Scheme Implementation Agreement with Asia Pacific Village Group (APVG), owned by Swedish equity firm EQT, to acquire 100% of Metlifecare’s shares. The company was subsequently delisted from the NZX (New Zealand Stock Exchange).[7]
In 2021 a new CEO, Earl Gasparich, was appointed.[14]
References
[edit]- ^ a b c "Metlifecare takeover: High Court approves $1.3bn offer despite opposition". RNZ. 20 October 2020. Retrieved 8 May 2024.
- ^ "New Chief Financial Officer Appointed - NZX, New Zealand's Exchange". www.nzx.com. Retrieved 8 May 2024.
- ^ "Careers". Metlifecare. Retrieved 8 May 2024.
- ^ Gaynor, Brian (19 January 2013). "Five-year listings drought set to break". NZ Herald.
- ^ Walters, Laura (22 October 2013). "Big players tipped for Metlifecare". Fairfax Media.
- ^ "EQT Infrastructure enters into a Scheme Implementation Agreement with Metlifecare". eqtgroup.com. 29 December 2019. Retrieved 16 August 2024.
- ^ a b "Metlifecare agrees to be acquired by EQT for NZ$1.3B". www.spglobal.com. Retrieved 16 August 2024.
- ^ "COOK Cliff". The National Business Review. Retrieved 13 July 2016.
- ^ Gray, Jamie (7 May 2012). "Metlifecare announces $216m retirement village merger". NZ Herald.
- ^ Krupp, Jason (7 May 2012). "Metlifecare to merge with Vision Snr Living". businessday. stuff.co.nz.
- ^ "Ground-breaking pay rise for Metlifecare staff". Radio NZ. 26 August 2015.
- ^ McBeth, Paul (25 October 2013). "Infratil, NZ Super Fund nab nearly 40% of Metlifecare". The National Business Review.
- ^ "Metlifecare board backs new takeover offer by Swedish fund manager". Stuff. Retrieved 28 January 2020.
- ^ "NZX, New Zealand's Exchange". www.nzx.com. Retrieved 16 August 2024.
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