11 Oct 2010

Allied Work Force buys healthcare provider

1:19 pm on 11 October 2010

Casual labour provider Allied Work Force has bought specialist healthcare provider Panacea Healthcare for an undisclosed amount.

Panacea has 400 staff who provide ACC-funded home and community support services for disabled and elderly across the Auckland and central North Island.

Allied Work Force managing director Simon Hull says the group's move into healthcare recognises the sector's growth potential.

The company will operate a separate governance structure for Panacea and Mr Hull says it will operate in partnership with the existing management.

Panacea's major shareholder and current managing director, Trish Neal, will become executive director during the next year, and current executive director, Jan Hilder, will become managing director.

No purchase price has been given, but Allied Work Force says it will buy the company using cash and bank debt.