Applicant
Crescent Capital Partners Limited
Case number(s)
200810005
Decision date
Type
Decision
Decision number200810005
Application number200720135
Date11 January 2008
Offeror/applicantCrescent Capital Partners Limited
Ultimate applicant beneficial ownership76.7 percent - Australia, Australian Public
18.8 percent - United States of America, United States Public
4.5 percent - Various, Various overseas persons
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current10.89 percent
- Share proposed100 percent
Offeree(s)/seller(s)Existing shareholders in Abano Healthcare Group Limited other than Crescent Capital Partners Limited
100 percent - New Zealand, New Zealand Public
Business activitiesHealth & Community Services - Community Services
Details of land involvedNone
Regions involvedVarious
Total consideration$106,705,716
Consent soughtTo acquire up to 100 percent of the ordinary shares of Abano Healthcare Group Limited.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

Background and Outline of the Investment:
Crescent Capital Partners Limited (Crescent) proposes to acquire 100 percent of the ordinary shares of Abano Healthcare Group Limited (Abano), pursuant to an offer made in accordance with the Takeovers Code.

Abano, which is listed on the New Zealand Stock Exchange, is a specialist medical and healthcare organisation which was established in 1999. Abano operates in the Audiology, Dental, Diagnostics and Rehabilitation sectors. Abano's operations extend across a range of residential, medical and community facilities throughout New Zealand and in Australia, offering high quality healthcare and medical services.

Rationale for the Investment:
The proposed investment is consistent with Crescent's investment philosophy of assisting companies increase their value through the provision of capital and by providing advice at a strategic and board level. Crescent invests in companies which demonstrate certain factors including profitability, and strong and sustainable market positions.

ContactBrynn Gilbertson
Bell Gully
P O Box 4199
AUCKLAND