Major Canadian Fertility (IVF) Group raises CAD$90M led by Australian HEAL Partners Fund

Serial Australian Founders Mark Evans and Chris Chambers from Normanby Capital and Pete Chapman from Asia Principal Capital (APC) have again joined forces with Canadian founder Dr Andrew Meikle to help launch The Fertility Partners (TFP).

TFP announced today that it has closed a raising securing approximately CAD$90 million in equity and debt financing to establish a Canada-wide corporate network of fertility clinics, the first of its kind in Canada. 

In 2007, Normanby Capital (advised by APC) established Dental Corporation in Australia and New Zealand (DCA) which was eventually sold to Bupa for approximately AUD$600 million in 2013. At the time of its sale, DCA had 184 practices and A$330m in revenue.

In 2010, DCA founders and APC  together with Dr Meikle and  Graham Rosenberg, established Dental Corporation Canada which grew quickly to become Canada’s largest dental group.  It was sold to US based private equity group L Catterton for CAD$1.6 billion EV in 2018 with over 235 practices and CAD$500 in revenue.

Dr Meikle founded TFP in 2019. TFP is advised by APC who also led the fundraising. Peter Chapman and Mark Evans will join the TFP board.

TFP has initially acquired more than ten clinics with a strong pipeline of further acquisitions.  Similar to Dental Corporation Canada, TFP represents the only IVF corporate player of scale, providing national coverage of Canada. 

This investment has been supported by bellwether Australian investors, including Regal Funds Management, Chris Rex (ex CEO of Ramsay Health Care) and Cathie Reid and Stuart Giles (co-founders of the ICON group and Epic Pharmacy) as well as Peloton Capital Management - a Canadian Private equity firm founded by the key members of Toronto Teachers Pension Plan private equity team.

A significant portion of the Australian related investment was made through a new Australian Health, Education And Lifestyle Fund, HEAL Partners, founded by Asia Principal Capital, Normanby Capital and Martin Robinson and which also has participation from Chris Rex, Cathie Reid and Stuart Giles as investors and advisors.     

The target fund size for HEAL Partners is A$100M, with first close expected in the coming weeks. Initial funds will be immediately deployed into businesses founded by the HEAL team including Fertility Partners, Edge Early Learning Centers (Australia) and Removery (tattoo removal, USA). HEAL Partners also recently invested in Indonesia’s leading telehealth and pharmaceutical delivery healthtech platform, Halodoc.

HEAL’s Investment and Advisory Committees have collectively created more than $19bn of shareholder value in the HEAL sectors.

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NOTES:

 

About Asia Principal Capital: 

  

Asia Principal Capital (APC) is a principal investor and fund manager of strategic capital who also provide deep sectorial experience and strategic counsel for growth-stage acceleration. APC works actively alongside founders in emerging technology, healthcare, education and disruption assets, who value the APC team’s collective experience, relationships and insights.   

  

Visit www.apcl.com 

  

About Normanby Capital: 

  

Founded in 2007, Normanby creates businesses in exciting, high growth, multi-site markets by combining management teams, capital and strategic advice built on the skills and experience of its principals. 

  

Visit https://www.normanbycapital.com.au 

 

About HEAL Partners: 

 

HEAL is an early/mid-stage growth acceleration investment vehicle focused on revenue generating growth businesses in the health, education and lifestyle sectors with the potential for global scale or industry disruption.  Led by a team of proven founders, investors, portfolio managers and operators, we are focused on capitalising on opportunities created by new specialties in developed markets. 

 

Visit https://www.healpartners.com