Green Cross Health to sell Community Health division

Green Cross Health Limited has announced an agreement to sell its Community Health division to Australian private equity firm, Anchorage Capital Partners, for an Enterprise Value of NZ$50 million.

This division, which provides in-home nursing, personal care, rehabilitation, social support and household assistance to more than 33,000 people across New Zealand, contributed $192m to Group Revenue and $5.6m to group Operating Profit before Interest and Tax in the last financial year.

The sale is expected to be completed in the current financial year, with Green Cross Health expecting to receive NZ$30 million in net cash sale proceeds.