Sale introduces new independent player to health services market

6 April 2006

Recovre, one of the top four players in occupational rehabilitation and CTP services, is to become an independent company, following a decision by Allianz Australia Limited to sell the business to Hawkesbridge Private Equity.

Nicholas Scofield, General Manager Corporate Affairs Allianz Australia, said that the sale was in the long-term interest of both Recovre and Allianz because it allows each company to focus on what it does best, healthcare and insurance respectively.

Joshua Rowe, Investment Director of Hawkesbridge, said that the sale of Recovre would open a whole raft of new business opportunities for the company, which is led by an impressive and cohesive management team.

Recovre CEO, Ross Baker, said Hawkesbridge had purchased Recovre with the full support of the existing senior management team who were excited about the potential for future growth and opportunity to expand healthcare services.

“The new company will offer our staff the chance to be an even more successful, growing business,” Mr Baker said.

Established in 1987 and with 21 offices nationwide, Recovre provides and co-ordinates medical, rehabilitation and other services to people who have been injured at work, in a motor vehicle accident or through other means.

The company also provides a range of independent medical assessments and occupational health and safety advice and services to clients.

Mr Baker said that while Allianz would continue to be a major customer, the new ownership structure meant Recovre could now compete in the broader market, offering its services to other insurance companies.

“Recovre can now grow its business more rapidly, for the benefit of staff, customers, and the whole industry,” he said.

Mr Scofield said: “Allianz remains committed to the Australian market and is always on the look out for opportunities that enable us to grow our core insurance business. For example, Allianz is currently in the process of obtaining approval for a licence to sell life insurance products. “

Hawkesbridge is a leading Australian private equity firm that invests in management buyout and expansion capital opportunities on behalf of institutional investors.

Allianz Australia is one of the country’s largest general insurers with over two million customers. The company is a subsidiary of the Allianz Group which operates in over 70 countries.

Completion of the sale of Recovre will occur in May 2006.

Hawkesbridge media contact: Michelle Parker, MacGregor Public Relations 0412 044 471
Allianz Australia media contact: Nicholas Scofield, General Manager Corporate Affairs (02) 9390 6596 or 0416 088 414

Allianz Australia offers a wide range of insurance products and services including car insurance, home insurance and Life insurance.