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Affinity Equity Partners agreed to acquire Sidney-based Medical Director (formerly Health Communication Network or HCN) from Australia’s Primary Health Care Limited (ASX: PRY) for $A155 million (USD $117 million). The deal is expected to close prior to the end of FY 2016, subject to customary closing conditions. “The successful sale of Medical Director, at an attractive multiple, delivers on one of the key capital recycling initiatives from the Strategic Review,” said Primary’s managing director and CEO, Peter Gregg. “Through the progressive execution of these initiatives, we are creating the flexibility to strengthen our balance sheet and to fund future growth from the existing capital base. This sale, together with the proceeds from the Barangaroo property, reduces our 31 December 2015 net debt position to approximately $A900 million, ” Gregg added. “Primary will continue its partnership with Medical Director, as a long‐term customer utilizing its existing products and services. Importantly, Primary has also secured in principle agreement with Medical Director for the development of, and access to, next generation clinical and practice management software solutions.” he “Medical Director is positioned to capitalize on the growth in the global healthcare technology industry,” said Sam Johnson, managing director of Australia and New Zealand at Affinity. “The business has a highly experienced and entrepreneurial management team led by Matt Bardsley and Phil Offer and has a track record of developing market‐leading software products. We are excited about partnering with the team to accelerate Medical Director’s growth and to extend on its reputation for delivering new and innovative products and services to its customers.” Medical Director has been supporting healthcare professionals and improving health outcomes for more than 20 years. A leading provider of clinical and enterprise software solutions to general practitioners, medical specialists and allied health professionals, Medical Director captures over 60 million patient consultations per annum. The company is focused on developing state‐of‐the‐art technology and cutting edge tools tailored specifically for the healthcare sector. It is supported by dedicated software development and customer service teams who are committed to delivering outstanding service and products. Medical Director also provides clinical knowledge solutions to governments, hospital and community pharmacies and other healthcare providers. Primary Health Care Limited is one of Australia’s leading listed healthcare companies. Primary is a service company to medical and allied health professionals. A broad range of medical and health related services are offered in Primary’s network of medical and pathology centers across Australia. Primary is also a leading provider of healthcare technology solutions to medical practitioners, medical practices and hospitals. Affinity Equity Partners is an independently-owned buyout fund manager comprising primarily the former investment professionals of UBS Capital Asia Pacific – the private equity arm of UBS AG. It was spun out of UBS Capital Asia Pacific in March 2004. Affinity has approximately US$8 billion of assets under management, making it one of the largest private equity firms in the region, with offices in Sydney, Hong Kong, Singapore, Seoul, Beijing and Jakarta. Affinity’s co-founder, chairman and managing partner is Kok-Yew Tang, who previously served as chairman of UBS Capital (Asia Pacific) Limited since 1999. Affinity seeks to create value by partnering with strong management teams and businesses with significant growth prospects which can be accelerated and enhanced through Affinity’s unique operational expertise and experience. Affinity’s other Australian investments include a 35% stake in Virgin Australia’s Velocity Frequent Flyer program and TEG, Australasia’s leading ticketing, live entertainment and data analytics company.]]>