The acquisition brings together the two largest operators in the home care sector to create the largest provider in Australia with over 9,000 Home Care Packages and more than 18,000 clients.
myHomecare is a partnership between Sydney-based private equity firm Quadrant, the Royal Automobile Club (RAC) of Western Australia and the Sue Mann family.
The myHomecare umbrella was built out of Sue Mann and has since acquired a number of providers in the industry including Enrich Living Services in 2016, Bromilow Community Care, Oxley Homecare, Hills Nursing and most recently, PresCare’s home care service.
The group now has over 2,500 staff and more than 11,000 clients under its various brands.
“At myHomecare, we developed a simple strategy to bring together the pioneering providers of the home care industry to build the leading player in the industry,” Executive Director of myHomecare, Andrew Mann (pictured above left), said.
Let’s Get Care is a Melbourne-based but national self-managed operator – with four separate brands Let’s Get Care, Happy Living, Just Home Care Packages and Better Living – that was founded in 2014 by husband and wife team, Michael Argent (pictured above right) and Jenny Ho and has seen significant growth.
“We’re thrilled that a group of the calibre of myHomecare has purchased the business,” Mr Argent said. “Its vast experience, commitment to quality and depth of expertise will allow the business to further enhance the range of services and deliver even more choice to the large number of elderly Australians.”
myHomecare says they will be able to leverage their experience and resources to support the rapid growth of Let’s Get Care as consumer demand for self-managed home care increases.
“Today, marks the beginning of an exciting next chapter for the myHomecare Group, one where we will be able to accelerate our mission to offer older Australians more choice and flexibility in how they want to be supported and cared for at home,” CEO Stuart Miller (pictured right) said.
“Combining Australia’s leading self-managed platform with the strength and resources of the myHomecare Group will benefit our customers directly and the industry more generally as it prepares for further anticipated growth following the Royal Commission’s recommendations to move to an entitled based homecare system and reduce the waitlist for home care packages.”
Let’s Get Care will continue to be operated independently from its Melbourne headquarters under its existing brands with a locally based CEO recruited to lead the current team.
But the acquisition signals the growing trend towards consolidation in the sector – and the increasing profits for operators.