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Herbert Smith Freehills advises IFM on sale of Genie Solutions to Pacific Equity Partners’ owned Citadel

11 October 2021 | Australia, Asia Pacific
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Herbert Smith Freehills has advised IFM Investors’ private equity arm on the sale of its majority owned medical practice management software business, Genie Solutions, to Pacific Equity Partners-owned software and services company, The Citadel Group.

IFM pursued an exit from its investment in Genie Solutions by IPO and also received interest from trade buyers, which culminated in the sale to The Citadel Group.

Founded in 1995, Genie Solutions is a HealthTech SaaS business and is a market leader in the Australian medical specialist practice management solutions market. Genie Solutions’ software delivers end-to-end practice management solutions across patient engagement and management, practice administration, patient billing and clinical workflows.

IFM acquired a majority stake in Genie Solutions in 2017 in a transaction in relation to which Herbert Smith Freehills also advised IFM Investors.

The Herbert Smith Freehills team was led by partner Nicole Pedler and comprised corporate partner Adam Charles and solicitors Hudson Archer, Henry Simpson, Raul Vellani and Tatsuaki Tomiyama; IT partner Kwok Tang and solicitor Raymond Sun; Healthcare Sector Lead and partner Natalie Bryce and solicitor Lauren Woo; Head Office Advisory partner Timothy Stutt; IP special counsel Amalia Stone; Insurance special counsel Guy Narburgh and employment partner Michael Gonski, senior associates Rommo Pandit and Lisa Soo, and solicitor Nikhil Mishra.

The Herbert Smith Freehills team worked closely with the Genie Solutions team and the IFM team, including IFM’s legal team led by Commercial Director Samantha Robson, and Genie Solutions’ Head of Legal Candice O’Neill.

Nicole Pedler said, “We are proud to have acted for IFM on the first major divestment of its new private equity team. We are also delighted to be a part of this important next step in the development of Genie Solutions and are excited about the opportunities that lie ahead for Genie Solutions to further develop its automated patient journey and connected ecosystem.” 

Adam Charles said, “The agility displayed by the IFM and Genie Solutions teams, in pivoting from an IPO to a trade sale enabled a great result for all investors in Genie Solutions to be realised. We are delighted to have supported the IFM and Genie Solutions teams.”

Clayton Utz acted for Pacific Equity Partners.

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