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Chapman Tripp is pleased to announce that it has assisted Arvida Group Limited (Arvida) on the conditional sale of all outstanding shares to Stonepeak Alps BidCo Limited, an affiliate of leading US based alternative investment firm Stonepeak which specialises in infrastructure and real estate assets.
The market capitalisation implied by the transaction is $1.243b, and with debt assumed (and with core debt to be refinanced) derives a deal enterprise value of ~$2b.
Arvida is a leading New Zealand-based retirement village operator that offers a range of living and aged care options. The Company has grown rapidly since its formation in 2014 and is now the fourth largest operator of retirement villages in New Zealand, with 35 villages throughout the country.
Chapman Tripp has acted for Arvida on all aspects of the transaction. Led by Partner Roger Wallis, the team has included to date Partner, Nick Letham, Senior Solicitor, Stephanie Knowler, Solicitor, Matt Lake and Law Clerk, Elin Harris. Partners, Laura Fraser and Roger Wallis, and Senior Associate, Liora Bercovitch, will be responsible for the application for the High Court approval.
Chapman Tripp has a longstanding relationship with Arvida, having acted as its primary corporate lawyers since the company’s formation in 2014, advising on its $80m IPO, resulting in initial market capitalisation of $215m on listing. Since then, Chapman Tripp has advised Arvida on multiple acquisitions and funding arrangements, including its $107m acquisition of Mary Doyle Lifecare, Strathallan Lifecare and 50% of Village at the Park Lifecare in 2017, its $180m acquisition of Bethlehem Country Club, Bethlehem Shores and Queenstown Country Club in 2019, and its $345m acquisition of Arena Living in 2021. The firm has also assisted with Arvida’s 2021 retail bond issue and several equity capital market raisings, including most recently a $155m placement and $175m rights issue to part fund Arvida’s completion of the Arena Living acquisition.
Jeremy Nicoll, Arvida CEO, said, “This is an exciting milestone in Arvida’s growth strategy. Stonepeak’s ownership (if approved by shareholders at an upcoming meeting of shareholders) enhances Arvida’s ability to develop quality communities and to continue delivering quality services to aging communities. Chapman Tripp’s expertise and deep knowledge of our company has been a great asset in our success.”
Bell Gully provided legal counsel to Stonepeak. Cameron Partners Limited and Forsyth Barr Limited are Arvida’s joint financial advisers on the transaction. Goldman Sachs is Stonepeak’s financial adviser.
