Expert. Independent. Specialist.

What we do

VCA Partners provides expert investment banking advice with independence, senior focus and niche expertise. We provide corporate advisory services free from conflicts of interest and we hold paramount the interests of our clients.

VCA works with public and private companies of all sizes. VCA has a particular specialisation in the healthcare sector and in transactions involving private equity, although our experience and transaction flow extends to other sectors including consumer, retail, mining services, agriculture, financial services and TMT.

Healthcare

VCA’s healthcare focus is a result of extensive transaction experience. Our team members have covered the healthcare industry since 2006 and have advised on over $14 billion worth of health transactions. The core of our healthcare experience is in Australia but also includes substantial work advising on healthcare opportunities in Asia and Africa.

We have extensive experience in:

• Private hospitals
• Residential aged care
• Pharmacy services
• Cardiology
• Specialty medicine
• Medical devices

• Pathology
• Diagnostic imaging
• Pharmaceuticals
• Radiation oncology
• Biotechnology
• Health insurance

Private Equity

VCA team members have advised on some of the largest private equity transactions completed in Australia including three of the ten largest private equity led acquisitions of ASX listed companies. Our private equity experience includes working with some of the largest private equity firms in the world including most of those with significant operations in Australia.

VCA team member private equity experience includes:

• 2013 Acquisition of Ingham Enterprises by TPG – A$0.9 billion

• 2012 Acquisition of Spotless Limited by Pacific Equity Partners – A$1.1 billion

• 2010 Acquisition of Healthscope by TPG – A$2.6 billion

• 2006 Acquisition of DCA Group by CVC Capital Partners – A$2.7 billion

APPROACH

VCA works in a manner that is collaborative, flexible and discreet. We deliver advice constructively and with a respect for different views grounded in an understanding that complex strategic problems rarely have just one correct solution.

We work on a collaborative basis with management, owners and directors. We understand that best advice is delivered when we work as an integral but independent part of your team and we recognise this level of trust is a privilege which is earned over time. As a result, many of our clients are long standing.

Our measure of success is our clients’ view of our advice as high quality and ultimately our impact on their long-term profitable growth.

Highlights of our team members’ track record of successfully closing transactions can be found here but a more comprehensive means for prospective clients to evaluate our value add is in conversation with one of our referees. These details are provided upon request. Please contact us.

SERVICES

Transaction Specific M&A Advisory

Our core business is direct execution of targeted transactions on behalf of our clients. We assist in target identification, valuation, approach, negotiation, funding, assistance with transaction documentation and media communications.

Our core product set includes:
• Mergers and Acquisitions
• Sale of Companies
• Business Divestments
• Management Buy-Outs
• Joint Ventures

Fees are typically charged as a percentage of transaction enterprise value weighted to incentivise a completed transaction and include a nominal minimum retainer. This structure gives clients confidence we remain focussed on completing a transaction but not overly prejudiced toward closing a deal at the expense of an appropriate overall client outcome.

M&A Consulting

VCA consults as an independent advisor on complex transactions where clients need an advisor free from conflicts to protect their interests when working with bulge bracket product-oriented investment banks. Our independence and knowledge gained from a decade working within a bulge bracket firm ensures client interests are protected throughout the transaction life cycle.

VCA also selectively consults to management and/or owners to assist in market reviews and target identification and with early stage high-level strategic conversations. We also independently evaluate ideas brought by bulge bracket investment banks.

Experience Selected team member experience

  • July 2017
  • Confidential
  • Corporate advisor to Made by Cow on its strategic partnership and fund raising
  • On-going
  • Corporate advisor to GenesisCare on certain strategic opportunities
  • September 2016
  • Confidential
  • Sale of interest in BBQSAM Holdings Pty Limited (Barbeques Galore and Super A-Mart)
  • On-going
  • Confidential
  • Exclusive corporate advisor to Harris Farm on strategic options (on-going) and recent refinancing (2016)
  • March 2016
  • US$19m
  • Corporate advisor to Clinical Genomics on its Series A financing
  • November 2015
  • A$90m
  • Advised Xenith IP on its restructure, refinancing and IPO
  • August 2014
  • A$1.0bn
  • Advised SCA on the refinancing and IPO of Asaleo Care
  • October 2013
  • Confidential
  • Advised Supre Holdings Pty Ltd on their sale to Cotton On
  • March 2013
  • A$880m
  • Advised Ingham on the sale of Ingham Enterprises to TPG
  • June 2012
  • Confidential
  • Advised a global financial sponsor on a bid for 45% of GenesisCare
  • April 2012
  • A$1.1bn
  • Lead advisor to Pacific Equity Partners on the acquisition of Spotless Limited
  • November 2011
  • A$530m
  • Advised APA Group on the partial sale of APA Gas Networks to Marubeni and Osaka Gas
  • March 2011
  • A$2.8bn
  • Advised the senior lenders to Alinta on the restructure of its debt facilities
  • October 2010
  • A$1.7bn
  • Advised Perpetual on its response to an unsolicited offer from KKR
  • August 2010
  • A$900m
  • Advised Aspen Pharmacare on the acquisition of Sigma Pharmaceuticals
  • June 2010
  • A$2.6bn
  • Advised a global financial sponsor on its bid for Healthscope
  • October 2007
  • A$1.1bn
  • Advised CVC on the sale of DCA AgedCare to BUPA
  • May 2007
  • A$3.6bn
  • Advised Healthscope on its bid for Symbion Health
  • September 2006
  • A$2.7bn
  • Advised CVC on the take-private of DCA Group and associated acquisition financing
  • April 2005
  • A$1.4bn
  • Advised Ramsay Health Care on the acquisition of Affinity Health and associated acquisition financing
  • March 2005
  • A$195m
  • Advised Cochlear on the acquisition of Entific Medical Systems
  • October 2003
  • A$850m
  • Advised Foster’s on the divestment and IPO of Australian Leisure & Hospitality Group
  • February 2002
  • A$850m
  • Advised NTL Inc. on the sale of NTL Australia Broadcast Telecommunications Network

TEAM

Christian Nicks

Christian Nicks is an investment banker with over eighteen years' experience working in Australia, the United States, Japan, Hong Kong, and the United Kingdom. Christian spent over ten years at Goldman Sachs working in the healthcare, telecoms, industrials, financial sponsors and mining sectors. He has advised on some of the largest transactions in the healthcare sector in Australia including the A$2.6 billion private equity takeover battle for Healthscope, the A$2.7 billion leveraged take private of DCA by CVC Capital Partners, Healthscope’s A$3.6 billion joint bid for Symbion Health, the A$1.1 billion sale of DCA Aged Care by CVC Capital Partners and Aspen Pharmacare’s A$900 million acquisition of the pharmaceutical business of Sigma Pharmaceuticals Limited.

In 2010 Christian left Goldman Sachs to become Head of Investment Banking at Investec Australia and led a team of 35 professionals to substantially grow Investec’s advisory business. While at Investec, he initiated and advised on the A$1.1 billion acquisition of Spotless Limited by Pacific Equity Partners. The transaction employed several novel takeover techniques, was remarked to set the “high water mark for hostility in Private Equity takeovers in Australia", and was ultimately successful after a campaign fought with the support of institutional shareholders. He also advised on the A$880 million sale of Ingham Enterprises to TPG, the sale of Supre Holdings to Cotton On, and advised Perpetual on its response to an unsolicited A$1.8 billion takeover approach from KKR.

Christian left Investec in 2014 to establish VCA.

Christian graduated from Stanford University with a Bachelor of Arts in Economics. He is a Member of the Australian Institute of Company Directors, an Advisory Board Member for Human Rights Watch Australia, a dual US/Australian citizen and an avid sailor.


Nick Ekanayake

Nick Ekanayake is an investment banker with over eight years' experience. His experience includes M&A, equity and debt capital markets, and he has covered the financial sponsors, industrials, healthcare and infrastructure sectors.

Nick spent three years advising clients in the Infrastructure, Transport and Utilities sectors, at Macquarie and Rothschild. During this time, he worked on a number of multi-billion-dollar transactions, including APA’s $2.2bn bid for Envestra, RREEF’s $3.0bn bid for Spark Infrastructure, and the $2.8bn restructure of Alinta. He also advised APA Group on its $530m disposal of APA Gas Networks, Broadcast Australia on its $300m refinancing, and Mitsubishi on its $225m acquisition of United Utilities Australia.

From 2013 until he joined VCA, Nick worked with Christian at Investec, in the Investment Banking team. While there, he provided day-to-day execution for a variety of transactions, including the $1.0bn IPO of Asaleo Care (at the time, the largest IPO since 2009), the $90m IPO of Xenith IP, the sale of a stake in TopShop Australia to Myer, and a variety of sponsor-led bids.

Nick holds a Bachelor of Laws from the University of New South Wales and a Bachelor of Finance from the University of Newcastle.

CONTACT

VCA Partners
Level 10, 56 Pitt Street
Sydney, NSW 2000
+61 2 9250 8735
contact@vcapartners.com
Australian Financial Services Licence 492188