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Goldman JBWere invests in retirement

The private equity arm of Goldman Sachs JBWere is making its second transaction in two weeks, investing NZ$20m in a New Zealand retirement home.

Goldman Sachs JBWere Private Equity, with bases in Auckland and Sydney, has invested NZ$20 million ($12.8 million; €10 million) for a 28.5 percent stake in retirement home operator Vision Senior Living.

The Vision Senior Living deal comes just a few weeks after GSJBW completed a joint investment with Australia’s Quadrant Private Equity in outdoor and travel clothing and equipment company Kathmandu Group.

Following completion of the current transaction, majority shareholder Arrow International, a construction and development group, will hold a 50.5 percent stake in Vision Senior Living, while founder and managing director Peter Bourke will retain 18 percent, according to New Zealand’s The National Business Review. Another founder, Sandy Forster, will hold the remaining 3 percent.

GSJBW invested in Vision Senior Living from Hauraki Private Equity Fund 2, which closed on NZ$76 million in 2004. The transaction was the last investment from the vehicle, Paul Chrystall, head of private equity at GSJBW’s Auckland office, told PEO.

GSJBW Private Equity is now planning to raise a new fund, but fund size and launch of marketing are still being worked out, according to Chrystall.

GSJBW Private Equity is the result of a tie-up in 2003 between investment bank Goldman Sachs and Australian financial services group JBWere to invest in leveraged buyouts, management buyouts and buy-ins, as well as provision of expansion and development capital.