The care sector has been good for the Hurst brothers and their descendants.
Doug and Ian Hurst, in partnership with Geoff McPhail and Terry Pratley, started Hurst Lifecare in the early 1980s.
The company developed retirement facilities in both the North and South islands before selling three of them in 2017 as part of a $106 million share and cash deal. That saw Strathallan Lifecare in Timaru, Mary Doyle Lifecare in Hawke’s Bay and 50% of Village At The Park in Wellington acquired by the NZX-listed listed company Arvida.
Another Hurst property, Rhodes on Cashmere, was sold to Arvida as part of its initial public offering. They still own a facility in Te Awa, Cambridge.
The Hurst brothers still own about 4% of Arvida shares, the value of which have risen 6% in the last year to give the company a market capitalisation of $535 million.
The Hursts have several investments at the other end of the care spectrum through several Little Wonders childcare centres in Oamaru, Timaru, Cromwell, Dunedin and Christchurch. Ian Hurst’s son Ben is a shareholder and director alongside his father and uncle.
He owns Little Wonders Management and is the joint owner of the Auckland Little Wonders facility. Ian and daughter Sarah also own Penny Lane Childcare in Christchurch.
2018: $110 million