Healthbridge
| Sector | Healthcare |
|---|---|
| Industry | Specialist Diagnostics and Day Surgery |
| Location | Australia and New Zealand |
| Investment Date | October 2008 |
| Original Deal Size | A$93.4m |
Company Description
Healthbridge was formed by Ironbridge and a group of senior healthcare executives led by Robert Cooke, formerly of Symbion and Affinity Health. Healthbridge commenced operations in October 2008 when it purchased Repromed, an in-vitro fertilization (“IVF”) business.
In September 2009, the IVF business was expanded significantly in Australia via the acquisition of Monash IVF. The businesses are complimentary and are integrated as Healthbridge IVF.
In March 2010, Healthbridge committed to the purchase and development of a property in Hawthorn, Melbourne, which has become an integrated women’s healthcare facility.
Half of Monash IVF’s Victorian business has moved to this property and the establishment of a new obstetrics group practice (“Cradle”) will use most of the remainder of the facility.
IVF and obstetrics are complimentary businesses and provide referrals to ultrasound a core Healthbridge competency.
Investment Rationale
Ironbridge has previously generated successful returns alongside Robert Cooke and believes there is an opportunity to build a diversified healthcare business that has the potential to grow throughout Australia, New Zealand and Asia.
Ironbridge Value Added
The value added by Ironbridge has been as follows:
- Identifying a number of Monash IVF potential synergies / management cost efficiencies that total approximately $2.5m p.a.
- Introduced common financial reporting across the group and are working with Healthbridge shared services to develop a Healthbridge ESG framework.
- Establishing a new obstetrics group practice “Cradle”. Support from key established obstetricians received with Cradle becoming the cornerstone of the Women’s Health Facility at Healthbridge Hawthorn.
- We have met with several doctor and healthcare management groups to discuss acquisition opportunities that would complement the broader diagnostic and day surgery business vision.
