Russell Kennedy has advised Apollo Care Alliance (Apollo Care) on the acquisition of three residential aged care facilities from the Receivers & Managers of Presbyterian Church of Queensland (PresCare).
Aged care provider, Apollo Care, has added three regional PresCare facilities to its expanding aged care operations with a unique promise to preserve the important role PresCare plays in each of its local communities. The sites, Alexandra Gardens in Rockhampton plus Yaralla Place and Groundwater Lodge in Maryborough, will take Apollo Care’s aged-care portfolio to five communities and over 400 beds. Each facility will continue to operate under the PresCare name.
The transaction also included the acquisition and transition of NRAS funding arrangements for 60 affordable housing tenancies at Alexandra Gardens and Groundwater Lodge.
The acquisition illustrates investor confidence in the residential Aged Care sector and a unique acquisition model that is likely to be attractive to other not-for-profit providers who may be considering exit strategies.
The Russell Kennedy team was co-led by Principal Rohan Harris and Senior Associate Kate Littlewood from the firm’s Aged Care/ Corporate Advisory & M&A team, with assistance from; Ellen O’Neill, Senior Associate (Corporate Advisory / M&A); Mary-Anne Flores, Lawyer (Corporate Advisory / M/A); Sara Hatcher, Principal (Property); Abbey Burns, Senior Associate (Employment) & Johanna Heaven, Lawyer (Aged Care).
Russell Kennedy Principal and transaction lead, Rohan Harris, commented on the success, saying:
“We were thrilled to assist the leaders of Apollo Care with the successful acquisition. The Apollo Care acquisition model is addressing a long standing problem for not-for-profit providers who are challenged by the clinical and financial risk of running residential aged care operations but who wish to maintain their care and community purposes.”
Apollo Care CEO, Stephen Becsi, said:
“We believe this is a win-win solution, and another example of how Apollo Care can help struggling not-for-profit organisations maintain their purpose without the clinical and financial risk and responsibility that comes with running an aged care business."
This deal has been covered by Lawyers Weekly here.
Further assistance:
For assistance regarding mergers and acquisitions, please contact Rohan Harris, Kate Littlewood or a member of our Corporate & Commercial Advisory team.
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