Private equity firm takes over VSL

Goldman Sachs JB Were has made the second major investment its Trans-Tasman Equity Fund, by taking a stake in Vision Senior Living (VSL).

Thursday, November 22nd 2007, 6:59AM
The fund has invested $54 million into VSL, which is one of New Zealand's leading retirement village operators.

Combined with its previous investment in VSL though another of its private equity funds GSJBW now has a majority stake in the business.

Goldman Sachs JB Were head of private equity Mark Wilson says the firm was attracted to VSL because of its strong growth prospects and a favourable demographic outlook.

VSL is one of New Zealand's leading retirement village operators, owning and operating five villages which currently accommodate more than 700 people.

"The growth prospects for the business are vary favourable given the quality of the brand and the existing village portfolio, the experienced management team and their proven performance record and the services offered to clients," he says.

"Our majority holding in VSL will allow us to proactively work with the management team and board to realise the considerable growth prospects within the existing villages and identifying and developing new sites."

The Trans-Tasman Private Equity fund kicked off in April and has commitments of A$415 million. Its earlier investment was the acquisition of the Kathmandu Group.

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