Opal HealthCare closes in on 150 aged care homes
Australia’s largest residential aged care provider has made a further acquistion as consolidation continues to reshape the sector.
Opal HealthCare has acquired Melbourne-based private operator Bethel Aged Care and its two Victorian homes, adding a further 242 residential aged care places to its portfolio.
The transaction includes the 121-bed Bethel Aged Care home in Mill Park, 18km northeast of the Melbourne CBD, and the 121-bed Anzac Lodge facility in Coburg North, 6km north of the city, and is expected to settle on 1 July, subject to regulatory approvals.
The acquisition, which includes both the operating businesses and associated freehold interests, was facilitated by specialist aged care and retirement living advisory firm Amicum.
Amicum also brokered the sale of Victorian family-owned operator Norsan’s three homes to Estia Health this week.
Founded and operated by a medical doctor, Bethel provides permanent residential care, respite care and palliative care services.
The acquisition, which is currently being assessed by the Australian Competition and Consumer Commission (ACCC), further strengthens Opal’s Victorian footprint and continues one of the sector’s most aggressive growth strategies.
Scale and consolidation
An Opal HealthCare spokesperson said the provider would continue pursuing both acquisitions and greenfield developments as part of its expansion plans.
“Opal HealthCare is always looking to serve communities in Australia that are currently under-resourced, and that could be through the acquisition of existing care communities or in the creation of new ones,” the spokesperson said.
“This two-pronged strategy has seen the number of communities we serve increase from 100 three years ago to almost 150 today.”
Following the transaction, Opal HealthCare will operate 148 residential aged care homes across New South Wales, Victoria, Queensland, Western Australia and South Australia.
This latest acquisition comes as consolidation continues across the aged care sector, with increasing compliance requirements, workforce pressures and regulatory obligations driving many smaller operators to seek scale or exit the market.
According to Opal, the number of aged care providers has fallen from around 873 five years ago to approximately 500 today.
“Providers need economies of scale to survive,” said the spokesperson.
“How far that trend continues remains to be seen but Opal HealthCare will continue to look at new communities to service through the acquisition of existing aged care residences or the development of new ones.”
Acquisition trail continues
The latest deal adds to a string of acquisitions completed by Opal over the past two years.
In March 2024, the provider acquired BlueCross and its 31 Victorian homes, marking Opal’s entry into home care. It followed that transaction with the acquisition of Cranbrook Care’s five aged care homes in Sydney and Australian Aged Care Group’s three Victorian homes in 2025.
The group also acquired luxury Sydney provider Greenwich Place earlier this year.
Opal’s growth is not limited to acquisitions. The provider currently has four aged care developments in its pipeline, including projects in western Sydney, Brisbane and Sydney’s Northern Beaches that will collectively deliver more than 620 additional aged care beds.
Opal is 50% owned by Singapore-based investment firm G.K. Goh Holdings, with 50% acquired by Sydney equity investors, Pacific Equity Partners, last year.
