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In The News: IPN makes $32m Gemini purchase

INDEPENDENT Practitioner Network Ltd has completed its $32 million acquisition of Fremantle-based medical services company Gemini Administration Services Pty Ltd. Gemini provides services to more than 100 doctors and operates from 35-plus clinic locations, with its main operations in Western Australia and smaller operations in Queensland, Tasmania and Victoria. Sydney-based IPN expects the Gemini business to contribute between $27 million and $29 million in revenue in the 2009 financial year, and expects the EBITDA (earnings before interest, tax and depreciation) contribution to be between $4.7 million and $5 million. The transaction has been funded by a $32.5 million limited-recourse loan with IPN’s parent company, Sonic Healthcare Ltd. The Gemini group operates three key businesses. It has 10 stand-alone medical centres in a similar model to IPN’s medical centres. A number of the centres are new developments in outer metropolitan Perth or regional WA, where strong population growth has occurred. Gemini has entered into over 25 contracts to facilitate the provision of medical services at mine sites and rural towns, where the local mine operator or council agrees to supply facilities and funding for the centre in exchange for Gemini operating the practice. Gemini has experienced recent success in winning tenders for mine site operations and expects to continue this strong growth activity under IPN’s ownership. Its occupational health division provides services to corporate clients who require medical services for their staff. Clients such as BHP Billiton and Newcrest Mining use Gemini’s services for pre-employment medicals or annual health assessments. Services are booked and managed through Gemini’s central administration facility and serviced in part by Gemini’s medical centres, along with a network of external centres. “Gemini have built not only a strong network of medical centres to add to IPN’s network, but they have also created very strong systems and a high quality reputation in their Occupational Health business,” IPN managing director Malcolm Parmenter said.

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