G+T guides sale of surgical day hospitals group to a global asset manager

The group has one of the largest networks of ophthalmic surgeons in Australia

G+T guides sale of surgical day hospitals group to a global asset manager

Gilbert + Tobin (G+T) has advised Johannesburg Stock Exchange-listed Advanced Health Limited (AVL) on the sale of PresMed Australia to global alternative asset manager ICG through its Asia Pacific Fund IV.

PresMed Australia is a prominent provider of surgical day hospitals with one of the largest networks of ophthalmic surgeons in Australia and specialists in other surgical disciplines. The company was established in 1982 in South Africa by Carl Grillenberger. Three years later, PresMed was listed on the Johannesburg Stock Exchange and grew into the country's top 6 hospital and day surgery groups. In 1997, PresMed set up a separate independent company in Australia and eventually established seven major facilities in Chatswood, Epping, the Central Coast, Hornsby, Blacktown and Tasmania, with more than 150 accredited surgeons associated with the group.

The deal with ICG will enable PresMed’s management and doctors to grow their platform through acquisitions and the development of additional facilities. ICG is known for its deep global healthcare experience and expertise in partnering with doctors and healthcare teams. The company has a track record of over 30 years in global asset management. ICG made the investment through its Asia Pacific Fund IV.

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G+T’s corporate advisory team that advised on the deal was led by partner David Josselsohn, with support from special counsel Lloyd Chater, lawyer Rohit Duggal and graduate Katerina Burtaev. Specialists throughout the firm also supported the corporate advisory team.

“We are pleased to have advised AVL and PresMed on this significant transaction. AVL, management and the doctor-shareholders have built a high-quality business, and we look forward to seeing it go from strength to strength in this next chapter in partnership with ICG,” Josselsohn said.

The firm’s corporate advisory team has also recently advised Sime Darby on its $635m acquisition of OneSite Rental Group Limited, a provider of business-to-business equipment rental solutions to blue-chip customers across various industries in the Australian market, including resources, energy, industrial, and commercial.

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