| Decision | Consent granted Sections 12(b) and 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 15 June 2021 |
| Pathway(s) | Benefit to New Zealand Significant business assets |
| Investment | A 12.55% ownership interest in HLL Holdco Limited, which has interests in approximately 11.64 hectares of sensitive land across New Zealand |
| Consideration | $17,787,010 |
| Applicant | Adamantem Capital Management Pty Limited Australia (43%) United States (22%) Cayman Islands (21%) Luxembourg (5%) New Zealand (3%) British Virgin Islands (2%) United Kingdom (1%) Canada (1%) Germany (1%) Other (1%) |
| Vendor | Harbourside Holdings Limited New Zealand (100%) |
| Background | The Applicant manages several private equity funds that together own 87.45% of the shares in HLL Holdco Limited (HLL), the holding company for aged care provider Heritage Group. The Applicant is acquiring the remaining shares in HLL. The OIO determined that the individuals with control over the Applicant had business acumen relevant to the investment, had demonstrated financial commitment to the investment, and were of good character. Since the Applicant acquired its interest in HLL, the Heritage Group has increased its number of aged care facilities from 9 to 47 and its number of aged care beds from 600 to 2,600. The OIO determined that the Applicant’s previous investments in New Zealand have been of benefit to New Zealand. |
| More information | Michael Pollard Simpson Grierson (Auckland) Private Bag 92518 Auckland 1141 |