Metlifecare
{{Short description|Retirement village provider}}
{{Use New Zealand English|date=November 2024}}
{{Use dmy dates|date=July 2019}}
{{Infobox company
| name = Metlifecare Ltd
| logo = Metlifecare Logo.png
| logo_size =
| caption =
| type = Private{{Cite web |date=2020-10-20 |title=Metlifecare takeover: High Court approves $1.3bn offer despite opposition |url=https://www.rnz.co.nz/news/business/428798/metlifecare-takeover-high-court-approves-1-point-3bn-offer-despite-opposition |access-date=2024-05-08 |website=RNZ |language=en-nz}}
| traded_as ={{nzx|MET}} (1994 – 2020)
| genre =
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| successor =
| foundation = 1994 (IPO)
| founder = Cliff Cook
| defunct =
| location_city = Auckland
| location_country = New Zealand
| locations =
| areas_served = NZ
| key_people = CEO - Earl Gasparich,
Chairman - Paul McClintock,
CFO - Jonathan Wilde{{Cite web |title=New Chief Financial Officer Appointed - NZX, New Zealand's Exchange |url=https://www.nzx.com/announcements/373879 |access-date=2024-05-08 |website=www.nzx.com}}
| industry = Retirement Village Operator and Aged Residential Care
| products = Retirement villages
| production =
| services =
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| num_employees = 2000+ (2024){{Cite web |title=Careers |url=https://careers.metlifecare.co.nz/home |access-date=2024-05-08 |website=Metlifecare}}
| parent =
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| homepage = {{URL|http://www.metlifecare.co.nz}}
| footnotes =
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Metlifecare is one of New Zealand's largest retirement village providers. They currently own and operate 43 retirement villages throughout the North Island of New Zealand.
They have been listed on the NZX since 1994,{{cite news| url=http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10860095| title=Five-year listings drought set to break| first=Brian| last=Gaynor| date=19 January 2013| publisher=NZ Herald}} and the Australian ASX main board since October 2013,{{cite news| url=http://www.stuff.co.nz/business/industries/9311084/Big-players-tipped-for-Metlifecare| title=Big players tipped for Metlifecare| first=Laura| last=Walters| date=22 October 2013| publisher=Fairfax Media}} until 2020, when the company was acquired by EQT Infrastructure Fund.{{Cite web |date=2019-12-29 |title=EQT Infrastructure enters into a Scheme Implementation Agreement with Metlifecare |url=https://eqtgroup.com/news/2019/eqt-infrastructure-enters-into-a-scheme-implementation-agreement-with-metlifecare/ |access-date=2024-08-16 |website=eqtgroup.com |language=en}}{{Cite web |title=Metlifecare agrees to be acquired by EQT for NZ$1.3B |url=https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/metlifecare-agrees-to-be-acquired-by-eqt-for-nz-1-3b-59384681 |access-date=2024-08-16 |website=www.spglobal.com |language=en-us}}
Competitors of Metlifecare include BUPA, Ryman Healthcare and Summerset Holdings.
History
Metlifecare was founded and first listed on the NZX in 1994 by NZ businessman Cliff Cook. Cook is no longer involved with the company but is now developing other retirement village projects in the UK.{{cite news| url=http://www.nbr.co.nz/cliff-cook| title=COOK Cliff| publisher=The National Business Review| accessdate=13 July 2016}}
Metlifecare acquired the Private Life Care assets of Retirement Villages New Zealand Limited and Vision Senior Living Limited in May 2012 as part of a three way merger.{{cite news| url=http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10804041| title=Metlifecare announces $216m retirement village merger| first=Jamie| last=Gray| date=7 May 2012| publisher=NZ Herald}}{{cite news| url=http://www.stuff.co.nz/business/industries/6872139/Metlifecare-to-merge-with-Vision-Snr-Living| title=Metlifecare to merge with Vision Snr Living| first=Jason| last=Krupp| date=7 May 2012| publisher=stuff.co.nz| work=businessday}} This grew Metlifecare to a village portfolio of 25 as at December 2015.{{cite news| url=http://www.radionz.co.nz/news/national/282487/ground-breaking-pay-rise-for-metlifecare-staff| title=Ground-breaking pay rise for Metlifecare staff| date=26 August 2015| publisher=Radio NZ}}
Major investors in Metlifecare now include Infratil, one of New Zealand's largest infrastructure investor, in partnership with the New Zealand Superannuation Fund.{{cite news| url=http://www.nbr.co.nz/article/infratil-nz-super-fund-nab-nearly-40-percent-metlifecare-bd-147667| title=Infratil, NZ Super Fund nab nearly 40% of Metlifecare| first=Paul| last=McBeth| date=25 October 2013| publisher=The National Business Review}}
In December 2019, Metlifecare received an unsolicited buyout offer from EQT Management, a Swedish funds manager.{{Cite web|url=https://www.stuff.co.nz/business/118512210/metlifecare-board-backs-new-takeover-offer-by-swedish-fund-manager|title=Metlifecare board backs new takeover offer by Swedish fund manager|website=Stuff|language=en|access-date=2020-01-28}} In 2020 Metlifecare entered a Scheme Implementation Agreement with Asia Pacific Village Group (APVG), owned by Swedish equity firm EQT, to acquire 100% of Metlifecare’s shares. The company was subsequently delisted from the NZX (New Zealand Stock Exchange).
In 2021 a new CEO, Earl Gasparich, was appointed.{{Cite web |title=NZX, New Zealand's Exchange |url=https://www.nzx.com/announcements/368721 |access-date=2024-08-16 |website=www.nzx.com}}
References
{{reflist}}
{{NZX 50 companies}}
Category:Housing for the elderly
Category:Companies listed on the New Zealand Exchange
Category:Service companies of New Zealand
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