The Māori direct investment fund, Te Pūia Tāpapa (TPT) has taken a stake in laboratory testing major Asia Pacific Healthcare Group (APHG).
APHG was acquired by NZ Super Fund and Ontario Teachers’ Pension Plan Board (Ontario Teachers’) in November last year. TPT has purchased a 4% stake, with NZ Super and Ontario Teachers each retaining 48%.
Financial terms have not been disclosed.
“We look forward to working with APHG management to help it provide quality diagnostic services to New Zealanders. There are enormous changes happening in the health sector, with a focus on improving Maori health outcomes. As co-investors, we believe we can add significant value to APHG by deepening its understanding and ability to deliver for Māori communities across Aotearoa,” said TPT chair Paul Majurey.
APHG has more than 2,000 staff operating across its network of 25 laboratories and 150 collection centres around New Zealand. It has been heavily involved in providing testing as part of New Zealand’s response to Covid-19, processing around one-third of all tests – the largest of any single service provider.
It operates as Labtests Auckland, Northland Pathology, Taranaki Pathology Services, Southern Community Laboratories, Wellington SCL, Canterbury SCL, Medlab South & Gribbles Veterinary Pathology. It performs more than 6.7 million pathology patient episodes annually and is also a leading provider of veterinary pathology and analytical testing services in New Zealand.
TPT was established in 2018 by 28 Iwi or tribes, and Māori entities to create intergenerational wealth consistent with Māori values. The NZ$115.5m (US$83.2m) fund is available for co-investment in large-scale Aotearoa-based businesses and assets and is a preferred partner of NZ Super Fund, which introduced it to APHG.