Srdjan Dangubic and Adrian MacKenzie’s Five V Capital has inked a deal to acquire Habit Health., one of New Zealand’s biggest occupational health, personal welfare and physiotherapy rehabilitation providers.
Now, Street Talk can report the deal is signed, sealed and delivered with Five V picking up the company for a mid-$200 million figure. When we last put pen to paper on Habit Health in mid-2022, it was making $NZ25 million in earnings and London-based mid-market private equity firm Livingbridge had appointed Stanton Road Partners to explore an exit. The company specialises in physiotherapy, pain management, massage, sports injuries and the like.
Five V lobbed a non-binding offer but was outbid by MedHealth, a subsidiary of United States-based ExamWorks, which is backed by CVC Capital Partners. Then, when MedHealth pulled out, the auction was put on ice.Habit Health was founded in 2002 and has pursued a handful of acquisitions to increase scale, significantly. Livingbridgerun by PwC. At the time, the deal was expected to be worth as much as $100 million.
The exit represents Livingbridge’s third divestment since entering the Australia/New Zealand deals scene in 2016. The firm