The Melbourne-based family-owned operator has acquired Cheltenham Manor, in the suburb 18km southeast of Melbourne's CBD, and Greenwood Manor in Dingley Village, 23km southeast of the state capital.
The purchase adds 207 beds to its portfolio. The 33-year-old business now has 11 care homes with 850 beds and 1,200 employees.
Medical and Aged Care Group (MACG) said the acquisition was at a net cost of $200,000 per bed, with the resident liability for Refundable Accommodation Deposits at approximately $80 million. The latter is a lump sum payment that a client makes upon entering a facility, and which must be refunded at their death.
Boutique corporate adviser Amicum, which specialises in retirement and aged care assets, advised on the deal. Both aged care homes had been owned by the McMahon family.
“This acquisition is a landmark moment for Medical & Aged Care Group. We competed with major industry providers to acquire these new homes, our success represents the trust and respect we have earned for our vision to champion a model of aged care that places residents, their families and our teams at the heart of everything we do,” said MACG’s Chief Executive Officer, Cameron McPherson, whose family founded the business in 1993.
MACG also owns and operates the following aged care homes Boronia, Grand Cedar, Carrum Downs, Casey Aged Care, Casey Manor, Northern Gardens, Oaklea Hall Hostel. Parkdale Aged Care, and Traralgon Aged Care.
