Stonepeak, a New York City-based alternative investment firm specializing in infrastructure and real assets, is acquiring Arvida Group Limited, one of New Zealand’s largest retirement and aged care providers, in an all-cash transaction valued at approximately $1.25 billion.
According to the companies, Arvida is a retirement village operator that offers a range of living options including independent living and hospital-level care, with 35 villages throughout New Zealand and the ability to develop upwards of 2,100 additional residences.
Subject to and upon completion of the transaction, Arvida’s common stock will no longer be listed on New Zealand’s Exchange.
“As a private entity under Stonepeak’s ownership, Arvida would be able to further strengthen the execution of the company’s multi-faceted strategy: to sustain and enhance Arvida’s core business; to develop quality communities; to acquire complementary properties; and to deliver quality services to aging communities,” said Anthony Beverley, chairman of the board at Arvida. “We believe Stonepeak has a sound understanding of Arvida and the New Zealand retirement village market, and Stonepeak’s strategy is aligned with Arvida’s values and vision. Stonepeak intends to bring significant capital and operational expertise to support Arvida’s senior management team and business plan.”
Darren Keogh, senior managing director at Stonepeak, added, “The quality of care and range of services Arvida provides through its retirement villages are increasingly essential as New Zealand’s aging population continues to grow in the coming years. Arvida has earned a top reputation amongst peers in the region, and we believe – with its established portfolio, attractive development pipeline, and long-term demand tailwinds – that Arvida represents a compelling investment opportunity for our Asia infrastructure strategy.”
Photo: Waimea Plains, an Arvida Group retirement village.
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