Medical & Aged Care Group announces sale of their Medical Practices to fund future residential care acquisitions

Published on

The family-owned health and aged care operator will sell its 16 medical practices across Victoria as it looks to acquire more aged care homes across Melbourne and Victoria.

The sale of the practices – which employ over 115 general practitioners – comes after the two doctors who founded the group were close to retirement with no succession plan in place.

A private medical group based in Melbourne has now been engaged to purchase the entire network through a share sale agreement with all cash proceeds from the sale directed to the Group’s future aged care expansion.

Established in 1995, MACG currently has eight aged care homes across Melbourne and regional Victoria.

Cameron McPherson (pictured above), Chief Executive Officer of MACG, said:

“The medical group was founded by my father and I’m very proud of him for that. However, it is now time to focus the overall business and its capital and resources on what we can truly be the best at, that is residential aged care.”

“We are well-positioned to continue to grow the business, with future investments in health care and residential aged care. The brand name awareness and equity in the brand are both very strong nationally, therefore, the name ‘Medical & Aged Care Group’ will remain long into the future.”

The Group tells us they now hope to grow their portfolio within the next 12 months.

Watch this space then.

Share.

About Author

The Weekly SOURCE is the leading media for retirement living and aged care businesses, delivering sector-specific news through four mastheads. Operating as part of The DCM Group, The Weekly SOURCE also provides a directory of proven sector specialists and an insights exchange.