Oriens Capital Invests in Healthcare & Professional Services IT
Cooney Lees Morgan has played a key role in advising Oriens Capital ‘Fund 2’ on its recently completed fourth investment, an acquisition of 53% of the equity in TMG Cloudland Group, an entity formed for the merger of the Cloudland and TMG businesses as part of the transaction. The remaining 47% stake was taken up by reinvesting shareholders of the pre-merged Cloudland and TMG entities.
Cloudland and TMG are both leading IT platform and managed service providers in New Zealand, delivering a comprehensive suite of IT services, including private cloud infrastructure to small and medium-sized business operating in the healthcare and professional services sectors. The combined business will operate under the TMG Cloudland brand and will retain their current regional offices in Hamilton, Whangarei and Christchurch. The merger is designed to strengthen IT services across New Zealand and Australia and expand its market share.
James Beale, Oriens Capital Partner, says they were inspired by the vision from the leaders of TMG and Cloudland, along with the high-performance cultures they’ve fostered. “The TMG Cloudland business will be the market leader in the New Zealand primary healthcare platform market, with the best regional coverage by far to service existing and new clients. We see exciting prospects for continued growth in the healthcare and professional services IT markets. Cooney Lees Morgan provided us amazing support and legal advice and played a major part in delivering a successful transaction in a very tight timeframe prior to Christmas.”
Commenting on the transaction, partner Campbell Izzard said “this was a great example of how private equity can play an important role in the evolution of successful New Zealand businesses while offering both exit and reinvestment opportunities to their shareholders”.
CLM’s team was led by partner Campbell Izzard and special counsel Andy Martin, with assistance from subject matter specialists Colleen Bain, Tanya Waikato, Robbie Bennett, Sophia Antonopoulos and Claudia Riddle.
