Financial conglomerate launches digital marketing health channel
A $25 million capital raise and acquisition led by Wingate Private Equity and Sandbar Investments has seen Medical Channel acquire Community Network to create Australia's largest point-of-case digital marketing channel.
Medical Channel now operates close to 3,500 digital screens across Australian GP clinics which provide national and local 'heavy' advertisements around health, banking and insurance products to fill the approximate 30-minute wait time at the doctors.
Wingate director David Jackson said; "The transaction is compelling with the business combination creating a clear market leader with a national presence."
"The growth opportunity is underpinned by a continued focus on innovation and exceptional service delivery for our customers and partners."
Jackson said that the acquisition was significant for the health industry, coming at a time when digital media was experiencing rapid growth across industries.
The partnership between Wingate and Sandbar Investments will now be the majority shareholder of Medical Channel. "This presents a unique platform for advertisers to reach consumers in a targeted manner and measure good returns," he said.
"[The] opportunity is underpinned by a continued focus on innovation."
AUTHOR
Hope William-Smith
Recommended for you
Rising bearishness among investors has led to a retreat into defensive assets, according to the latest quarterly manager and intelligence trends report from Bfinance.
Cbus Super, the superannuation fund for blue-collar workers, has announced it paid out almost $300m in insurance claims over the last financial year, a rise of $40m from the year before.
The $700 million not-for-profit fund Lutheran Super has announced it is to merge into Mercer Super, with the transfer set to take place in the fourth quarter this year.
Superannuation assets fell 0.5% in value over the 12 months to the end of June, according to the latest quarterly figures from the Australian Prudential Regulation Authority (APRA).
