Brien Cree has gone from being a broke property developer to the managing director of the country’s largest privately-owned aged care provider.
In 2003, Radius Care had one rest home but now it has 22 properties across the country that employ more than 1500 staff and provide professional aged care to 1700 residents.
Radius is 55% owned by Cree through trustee company Wave Rider Holdings and 45% owned by Knox Investment Partners.
Cree’s share is thought to be worth about $70 million.
The company had been looking at an IPO for the past several years but put it off until there was a project that required capital.
He was a broker in the aged-care sector for a decade after he “crashed and burned” as a property developer. Cree also cared for his mother after she had a severe stroke before expanding Radius Care in 2003.
Cree lives with his family in a Mission Bay home worth $2.7m and also owns properties in Omaha Beach and Tauranga.
Photo: NewsPixNZ
2018: $70 million