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Māori investment fund Te Pūia Tāpapa has bought into Asia Pacific Health Group.
The group, which provides laboratory testing services to approximately 75 percent of New Zealand’s population, was acquired by NZ Super Fund and Ontario Teachers’ Pension Plan Board in November.
Te Pūia Tāpapa has purchased about 4 percent of the shares, with NZ Super and Ontario Teachers each retaining 48 percent.
Chair Paul Majurey says investing in a business that cares for the health of New Zealanders fits perfectly with the world view of his $115.5 million fund, which was established in 2018 by 28 Iwi and Māori entities to create intergenerational wealth consistent with te ao Māori values.
He says there are enormous changes happening in the health sector, with a focus on improving Māori health outcomes.
As co-investors, Te Pūia Tāpapa believe they can add significant value to APHG by deepening its understanding and ability to deliver for Māori communities across Aotearoa.
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.
APHG 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.
This is the second co-investment made by TPT and NZ Super Fund, following an investment into New Zealand’s largest heavy vehicle rental and lease company TR Group made last July.
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