Bryan Dorman and Ian Roberts founded Regis aged care in 1992 in Mildura. Today they own 45 facilities with about 4,700 beds. Along the way they sold 44% of the company to part of Macquarie Bank but last year bought it back when the company was valued at $550M. Now they have appointed Macquarie to help them prepare to list the company which is due to occur next month. The valuation between $1B and $1.2B, or close to 23 times future earnings. (In July Regis was sounding out the market to value the company at $800M. Since then they have purchased ECH care facility in Darwin).
Dorman and Roberts are said to be selling up to 45% with the intention to raise about $490M to fund further growth. They are aiming to double the number of beds to 10,000.
Mergers & Acquisitions
Brookfield sells retirement village operator Aveo for $3.85B
Brookfield Asset Management, a leading global alternative asset manager headquartered in New York with over US$1 trillion of assets under management, has agreed to sell its retirement living platform, Aveo, to The Living Company for A$3.85 billion...
