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Quadrant-backed Virtus Health targets A$500m IPO

4 Feb 2013

pregnant_lrgAustralian buyout house Quadrant Private Equity is reportedly eyeing an A$500m IPO for portfolio company Virtus Health Group – four months after refinancing the business.

IVF company Virtus has held preliminary talks with US healthcare funds about investing in the company according to the Australian Financial Review, which said Morgan Stanley had been retained as an advisor.

Quadrant was believed to be eyeing an A$500m sale of Virtus in August last year, but its $225m debt refinancing of the company a month later paved the way for a potential public listing.

The firm took a dividend prior to the recapitalisation, the Wall Street Journal said, adding that nine institutions took part.

Quadrant has $1.5bn of funds under management and has invested in 51 businesses since inception. In August last year, the firm reached a deal for embattled furniture retailer Super A-Mart and Barbeques Galore.

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