Listed healthcare investor and operator, Abano Healthcare Group, is celebrating a double 50th with the expansion of its Lumino the Dentists network in New Zealand to 50 clinics and the announcement that it will enter the NZX 50 Index from 21 June 2010.
Lumino The Dentists is New Zealand’s largest private dental network, and a strong growth strategy has been in place for the past six years. The acquisition of Queenstown Dental Centre this month has allowed Lumino to reach a milestone 50 practices across the country, with eight of those acquisitions in the past twelve months.
Managing Director of Abano, Mr Alan Clarke, commented: “The New Zealand dental market is worth an estimated $550 million and there is significant potential for continued growth for our New Zealand dental business. Reaching a milestone 50 practices is a wonderful achievement for the team and we are very proud of the unfolding success story which is Lumino The Dentists.
“In Australia, our Dental Partners Group has now expanded to 28 practices. Abano’s combined Dental Sector will be a strong contributor to the company’s consolidated result over the next few years.”
On 9 June 2010, it was announced that Abano would be added to the headline NZX 50 Index from 21 June 2010.
Alan said: “We were very pleased to be told we would be included in the NZX 50 Index and we look forward to meeting a wider pool of interested investors.”
He continued: “I would like to take this opportunity to congratulate our Chairman, Alison Paterson, who has been made a Companion of the New Zealand Order of Merit for her services to business, in the recent Queen’s Birthday Honour list.
“Alison is the consummate director. As Chairman, Alison has helped steer Abano through several major events in the past three years, with the most recent being the successful sale of our New Zealand audiology business in late 2009 for $157.8 million. We are delighted that her dedication and service to the business sector over the past decades has been recognised with this Honour.”