Masonic Homes [SA] appoints ex-Ernst & Young Managing Partner, Mark Butcher, as Chairman plus considers abandoning its Not For Profit [NFP] status
Masonic Homes CEO, Doug Strain, continues to shape the organization for expansion in the retirement village space by enticing leading South Australain businessmen Mark Butcher (pictured) as Non Executive Chairman. Masonic Homes plans to invest $200+...
Masonic Homes CEO, Doug Strain, continues to shape the organization for expansion in the retirement village space by enticing leading South Australain businessmen Mark Butcher (pictured) as Non Executive Chairman. Masonic Homes plans to invest $200+ million over the next five years on seniors lifestyle developments on top of the 1,000 ILUs they currently operate [value $300 million]. Mr. Butcher was managing partner of Ernst & Young SA for six years and had previously been with Macquarie Bank Sydney for 10 years.
He advised Masonic Homes on its strategic disposal of its aged care business to ECH last year in a $60 million transaction.
Mr. Strain says their business strategy is to achieve a Top 20 position in retirement living nationally, requiring a 200%-300% growth by developing large-scale existing projects and potentially acquiring selected villages. To build the capital required, Masonic Homes has openly discussed privatizing so it can have greater access to bank and other finance. The NFP sector will be very concerned about this move given the ongoing conversations with government about whether its business operations should be separated from its charitable operations and their tax structures.
