Aged care provider, Apollo Care, has confirmed it will add the portfolio of three regional PresCare facilities to its growing aged care operations despite the Presbyterian Church of Queensland, PresCare’s parent organisation, calling in the receivers, last week.
As we reported here, Apollo was established in 2015 led by former Bethanie CEO, Stephen Becsi OAM (pictured above), and leading equity capital specialist and Principal at KTM Capital, John Young, and offers a new form of investment in residential aged care that allows operators – particularly Not for Profits – to ‘de-risk’ their care and operations by joining Apollo’s care ‘alliance’.
Apollo’s senior management team also includes Barry Ashcroft (former CEO of Domain Aged Care, now Opal) (pictured right) as Chief Operating Officer, and Kylie Radburn (former National Care Governance Manager at Aveo) as Clinical Governance, Quality and Compliance Adviser.
Stephen and Barry tell us that the acquisition of PresCare’s Alexandra Gardens site in Rockhampton plus Yaralla Lodge and Groundwater Place in Maryborough, will be proceeding as planned.
Each facility will continue to operate under the PresCare name, with Apollo investing in the operational and built form of the homes, while partnering with the Church to continue to provide pastoral care and spiritual support.
The acquisition will take Apollo’s aged care portfolio to five communities and over 400 beds – their other facilities are Charingfield in Sydney’s east and Vincent Court in Kempsey.
We will have an exclusive interview with Stephen and Barry about their business model – and why it will be a game-changer for the sector – in this week’s issue of SATURDAY, in your inbox at 6am on Saturday 5 June.