Aged care and retirement living are in the middle of a deal-making frenzy. From Regis’ $339 million Rockpool acquisition to Not For Profits quietly trading villages, mergers and acquisitions are no longer the exception – they’re the rule.

The question is no longer whether operators will be touched by M&A. It’s whether they can survive without it.

Behind the headlines lies a brutal reality. Demand for beds is soaring, but the pipeline isn’t. Apart from a handful of metro projects, very few new aged care homes are being built thanks to rising construction costs and risk-averse lenders.

“We’re at the limit of what is feasible,” Rockpool CEO M