PEP eyes up rest home operator

Monday 4 October 2004

A Sydney private equity firm is expected to buy Guardian Healthcare Group - a rest home operator that had been touted as a likely sharemarket listing.

By The Landlord

The Business Herald was told by one source yesterday that Pacific Equity Partners was the preferred bidder and by another that PEP was on the verge of signing a deal to buy the Wellington company.

Guardian Healthcare describes itself as the country's largest private owner and operator of rest homes and hospitals.

Investment bank Goldman Sachs JBWere is running the sales process.

A Goldman Sachs private equity fund last year put $5 million into the expansion of Guardian, previously known as Harbourside Group Holdings.

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